KARACHI – The Governor State Bank of Pakistan (SBP), Dr Reza Baqir has been appointed as the Chairman of the General Assembly of Islamic Financial Services Board (IFSB) for the year 2022.
The IFSB General Assembly is an apex representative body with 87 members including 81 regulatory and supervisory authorities, 10 international intergovernmental organisations and 96 market players which include financial institutions, professional firms, industry associations and stock exchanges operating in 57 jurisdictions.
According to a statement issued here on Friday, Dr Baqir’s appointment was approved by the IFSB General Assembly in its 19th meeting held on June 09- 2021. Dr Reza Baqir is currently serving as the Deputy Chairman of the Council of IFSB, a senior executive and policy making body comprising heads of the regulatory and supervisory authorities on Islamic finance.
On the appointment as Chairman for the 20th General Assembly, Governor SBP expressed his gratitude to IFSB Council and General Assembly members for their expression of confidence on him to steer this august forum and resolved that IFSB would continue to serve as one of the leading standard setting bodies in Islamic finance at global level.
To strengthen the regulatory and supervisory infrastructure for the Islamic banking industry, the State Bank of Pakistan has over the years adopted various IFSB prudential standards and guidelines after necessary customisation in light of the prevailing local legal and regulatory environment.
There are currently 5 full-fledged Islamic banks, in Pakistan and 17 conventional banks operating with standalone Islamic banking branches offering a wide array of Shariah compliant financial solutions.
The SBP in its 3rd five years strategic plan 2020-25 has set a target of 30 per cent market share of Islamic banking in overall banking industry with special emphasis on increasing financing to agriculture and SME sectors.