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The IFSB Announces the Appointment of the Chairman and Deputy Chairman of its Council for 2012

Kuala Lumpur, 17 November 2011 - The Council of the Islamic Financial Services Board (IFSB) today resolved to appoint its Chairman and Deputy Chairman for the year 2012. The Governor of the Central Bank of Bahrain (CBB), H.E. Rasheed Mohammed Al Maraj will resume the Chairmanship of the Council of the IFSB from the current Chairman H.E. Mohammed Said Shahin of the Central Bank of Jordan . The Governor of the Qatar Central Bank , H.E. Sheikh Abdullah Saoud Al-Thani will be Deputy Chairman. The new appointments will be effective in January 2012. The 10th General Assembly of the IFSB will therefore be held in Bahrain in March 2012.

H.E. Rasheed Mohammed Al Maraj was appointed as the Governor of the CBB in January 2005. As Governor, Mr. Al Maraj carries ministerial ranking and is the chief executive of the CBB, which is responsible for ensuring monetary and financial stability in Bahrain. Prior to his appointment as CBB Governor, Mr. Al Maraj was General Manager and Chief Executive Officer of the Arab Petroleum Investments Corporation (Apicorp), based in Dammam, Saudi Arabia.

H.E. Sheikh Abdullah Saoud Al-Thani was appointed as the Governor of Qatar Central Bank in May 2006. He was Deputy Governor during 1990-2001 and was the Chairman of the State Audit Bureau from 2001-2006, prior to assuming the leadership of the central bank . He is also Chairman of the Board of Directors of Qatar Development Bank as well as a member of the Board of Directors of Qatar Investment Authority.

The Chairmanship of the IFSB Council is on an annual rotational basis. From 2003 to 2010, the rotation was amongst the Founding Members of the IFSB who signed the Articles of Agreement when the IFSB was established in November 2002. Thereafter, the Chairmanship alternates between Founding and Non-Founding Members within the IFSB Council.

The nine founding members of the IFSB are Bahrain Monetary Authority (now known as the Central Bank of Bahrain ), Bank Indonesia, Central Bank of the Islamic Republic of Iran, Central Bank of Kuwait , Bank Negara Malaysia, State Bank of Pakistan, Saudi Arabian Monetary Agency, Bank of Sudan (now known as Central Bank of Sudan) and the Islamic Development Bank.

This is therefore, the second time the chair is with Bahrain. H.E Sheikh Ahmad Al Khalifa, then Governor of Bahrain Monetary Agency was the inaugural Chairman of the IFSB Council for 2003.

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About the Islamic Financial Services Board (IFSB)
The IFSB is an international standard-setting organisation 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 also conducts research and coordinates initiatives on industry-related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders. Towards this end, the IFSB works closely with relevant international, regional and national organisations, research/educational institutions and market players.

The members of the IFSB comprise regulatory and supervisory authorities, international inter-governmental organisations and market players, professional firms and industry associations.

For more information about the IFSB, please visit www.ifsb.org.

© Press Release 2011