Islamic Financial Services Board appoints new Chairperson and Deputy Chairperson for 2008

The Council also appointed H.E. Hamad Al Sayari, Governor of the Saudi Arabian Monetary Agency as Deputy Chairperson of the Council for the same period.

Dr. Shamshad is the 5th Chairperson of the IFSB Council, and Karachi is hosting the IFSB General Assembly and Council Meetings in March 2008.

The IFSB membership has continued to attract interest from international regulatory and supervisory institutions. In the same meeting, the Council also 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 (see list below).

The IFSB members now total 150 comprising 37 regulatory and supervisory authorities, 5 international inter-governmental organisations and 108 market players and professional firms operating in 31 jurisdictions.

Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB said "The IFSB is mandated to provide guidance on effective supervision and regulation that assist in enhancing the soundness and stability of the Islamic financial services industry. The continuous growth of the IFSB membership from organisations across multiple jurisdictions demonstrates the interest and appreciation of the industry in the work of the IFSB."

He added that the IFSB looks forward to its member to participating in the working groups, responding to surveys, providing feedback on exposure drafts, and attending and participating in the various workshops and seminars.

The newly admitted members are:
Associate Member (1)
Bank of Mauritius, Mauritius

Observer Members (12)
Venture Capital Bank B.S.C (c), Bahrain
UM Financial Inc., Canada
Hong Kong Securities and Futures Commission, Hong Kong SAR
Sumitomo Mitsui Banking Corporation, Japan
Al Rajhi Banking and Investment Corporation (Malaysia) Bhd, Malaysia
First Habib Modaraba, Pakistan
Dubai Islamic Bank Pakistan Limited, Pakistan
The Islamic Bank of Asia, Singapore
Al Rowad Financial Services Co., Sudan
Bank Asya, Republic of Turkey
Dubai International Financial Exchange, United Arab Emirates
Dow Jones Indexes, United States of America