KARACHI – The Islamic Financial Services Board (IFSB) Council in its 37thmeeting, held on 10th December 2020, appointed Governor State Bank ofPakistan, Dr. Reza Baqir, as the Deputy Chairman of the Council for theyear 2021.

IFSB Council is the highest level policy making body comprising of theCentral Bank Governors and heads of the leading regulatory and supervisoryauthorities.

The announcement was made in the Council meeting chaired by Datuk NorShamsiah Mohd Yunus, the Governor Bank Negara Malaysia, and was attended bythe Central Bank Governors and heads of Regulatory and SupervisoryAuthorities of more than 20 countries.

During the meeting, Governor Dr. Reza also participated in a tour de tablediscussion on economic and financial stability under COVID-19 pandemic. Heshared with the Council members the measures taken by State Bank incombating COVID-19 challenges by providing required liquidity support tobanks through various regulatory interventions and concessionary refinanceschemes to businesses through banks to avoid layoffs, direct support forhospitals and for new investments.

The IFSB, established in 2003 at Kuala Lumpur, Malaysia, is theinternational standard-setting organization that promotes the soundness andstability of global Islamic financial services by issuing prudentialstandards and guiding principles for the industry. Since its inception,IFSB has issued 22 Standards, 7 Guidance Notes and 3 Technical Notes forIslamic financial services industry covering areas such as risk management,capital adequacy, transparency and disclosure, Shariah governance,corporate governance etc.