Reza Baqir named deputy chair of IFSB council

KARACHI: The Islamic Financial Services Board (IFSB) council has appointed Reza Baqir, governor State Bank of Pakistan, as the deputy chairman of the council for the year 2021.

IFSB council is the highest level policy making body comprising of the central bank governors and heads of the leading regulatory and supervisory authorities.

An announcement to this effect was made in the IFSB’s 37th meeting, held on Thursday, and chaired by Datuk Nor Shamsiah Mohd Yunus, the governor Bank Negara Malaysia.

During the meeting, governor Reza also participated in a tour de table discussion on economic and financial stability under COVID-19 pandemic.

Baqir, during the meeting shared with the council members the measures taken by SBP in combating COVID-19 challenges by providing required liquidity support to banks through various regulatory interventions and concessionary refinance schemes to businesses through banks to avoid layoffs, direct support for hospitals and for new investments.

The IFSB, established in 2003 at Kuala Lumpur, Malaysia, is the international standard-setting organisation that promotes the soundness and

stability of global Islamic financial services by issuing prudential standards and guiding principles for the industry.

Since its inception, IFSB has issued 22 standards, seven guidance notes and three technical notes for Islamic financial services industry covering areas such as risk management, capital adequacy, transparency and disclosure, Shariah governance, corporate governance etc.

To strengthen regulatory and supervisory infrastructure for Islamic banking industry in Pakistan, the SBP has adopted various IFSB prudential standards and guidelines after necessary customisation in the light of prevailing local legal and regulatory environment.