Dr Shamshad Akhtar, Governor State Bank of Pakistan today chaired the 12th meeting of
the Islamic Financial Services Board (IFSB) Council and its Annual General Assembly meeting
held in Jeddah.
She was earlier appointed Chairperson of the IFSB Council for a one-year term that
began January 1, 2008 after serving its Deputy Chairperson last year. She is the fifth Chairperson
of the Council.
The IFSB Council in its 12th meeting covered an exhaustive agenda. IFSB presented to
the General Assembly the Council’s Report and the Financial Statements of the IFSB for the
financial year ended 31st December, 2007. In addition, the Council approved a work plan for
2008 that included issuance of additional guidance on the determination of the capital adequacy
ratio of the institutions offering Islamic financial services, etc. The Council also adopted the
technical note on issues in strengthening liquidity management of Islamic Financial Institutions
and the development of Islamic money and foreign exchange markets. The Council also gave
approval to hold 27 workshops in 14 different locations during the course of the year.
The IFSB is an international standard-setting organization 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 introducing
new or adapting existing international standards consistent with Islamic Shariah principles. The
IFSB also conducts research and coordinates initiatives on industry related issues, as well as
organizes roundtables, seminars and conferences for regulators and industry stakeholders.