SBP Governor Reza Baqir Set For New Venture as IFSB Chairman
Reza Baqir is the 20th individual serving as the SBP Governor since 2019
In the 19th meeting of the Islamic Financial Services Board (IFSB), Governor State Bank of Pakistan (SBP) Dr. Reza Baqir has been elected as the chairman of the General Assembly for the year 2022.
Reza Baqir is the 20th individual serving as the SBP Governor since 2019.
Working as the Deputy Chairman of the Council of IFSB, Reza will be responsible to improve the standards developed by the board and regulate Islamic finance globally.
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IFSB, established in 2003 in Malaysia, is an international standard-setting organization for policymaking by supervisory authorities on Islamic finance.
The assembly comprises 87 members including 81 regulatory and supervisory authorities, 10 international intergovernmental organizations, and 96 market players.
Moreover, the assembly covers financial institutions, professional firms, industry associations, and stock exchanges.
Being the 20th Chairman, SBP Governor Reza Baqir thanked IFSB Council and General Assembly members for their extended support.
Governor SBP Dr Reza Baqir has been appointed as Chairman of General Assembly of Islamic Financial Services Board #IFSB for 2022. IFSB is an international standard-setting organization that promotes soundness of global Islamic financial services industry. https://t.co/72vP09GteA
— SBP (@StateBank_Pak) June 17, 2021
He added that SBP has always taken progressive measures to strengthen the regulatory and supervisory infrastructure for the Islamic banking industry.
So far, Pakistan has 5 full-fledged Islamic banks and 17 conventional banks offering financial solutions.
SBP’s strategic plan for the next five years is to achieve a market share of 30% from Islamic banking and emphasis will be turned towards improving financing, agriculture, and SME sectors.
