KARACHI, Nov 23: The Council of Islamic Financial Services Board (IFSB) has endorsed the appointment of Dr Shamshad Akhtar, Governor State Bank of Pakistan, as chairperson of the IFSB council for one-year term beginning from January 1, 2008.

Dr Akhtar, who is currently the deputy chairperson, will be the fifth chairperson of the IFSB council.

The council in its 11th meeting held in Jeddah on Friday also endorsed the appointment of Mr Hamad Al-Sayari, Governor, Saudi Arabian Monetary Agency, as deputy chairperson of the council.

With Pakistan in the chair, IFSB and SBP plan to hold the IFSB general assembly and council meetings in Karachi from March 25 to 29, 2008.

The meetings will be preceded by a two-day seminar of the third international conference on “Islamic Banking and Finance: Risk Management, Regulation and Supervision” in association with Islamic Research and Training Institute (IRTI) and IFSB on March 24 and 25, 2008.

The meetings will be followed by a public lecture with representatives from leading financial sector organisations on themes of financial stability.

The Islamic Financial Services Board (IFSB) is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors.

The IFSB is effectively contributing towards the promotion and development of a prudent and transparent Islamic financial services industry through introduction of a new or adapting existing international standards consistent with Islamic Shariah principles.

The IFSB also conducts researches and coordinates initiatives on industry-related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders.

The 11th council meeting has resolved to admit 13 new members to the IFSB, bringing the total members to 150.

The newly-admitted members include Bank of Mauritius and Hong Kong Securities and Futures Commission, which joined as associate member and observer member, respectively.

The council also admitted 11 other new observer members from among the financial market players.

The IFSB members now total 150, comprising 37 regulatory and supervisory authorities, five international inter-governmental organisations and 108 market players and professional firms operating in 31 jurisdictions.