Saturday, 20 April 2024

Ghiath Shabsigh appointed IFSB secretary-general

5 min read

The Islamic Financial Services Board (IFSB) - an international standard-setting organisation for the global Islamic financial services industry - announces the appointment of Ghiath Shabsigh as fourth secretary-general, effective 1  April 2024.

Shabsigh succeeds Bello Lawal Danbatta, whose tenure concluded on 28 January 2024. Prior to his recent appointment as the secretary general of the IFSB, Shabsigh served as assistant director at the International Monetary Fund (IMF)’s Monetary and Capital Markets Department where he played a pivotal role in driving IMF’s central banking and fintech initiatives.

His illustrious career includes 25 years of experience in the area of Islamic finance, where he has been instrumental in shaping international institutions, formulating policies and standards, conducting analytical work, and providing technical assistance in Islamic banking regulatory frameworks, central banking operations, and sukuk markets for IMF member countries.

Shabsigh holds a PhD in Monetary and International Economics, an MA in Economic Development, a BSc. in Economics and Business, and several professional qualifications in banking and securities market operations.

His appointment as the secretary general of the IFSB was endorsed by the council of the IFSB during its 43rd meeting in Jeddah, Saudi Arabia last December 2023. During this transitional period, Suhail Issa Al Zadjali has been appointed as the acting secretary-general.

Under the guidance of Shabsigh, the IFSB will continue to solidify its role as a pivotal standard-setting body. It remains resolute in its dedication to strengthening the Islamic finance sector and advancing its initiatives, in line with the shifting needs and aspirations of its members.

IFSB recently celebrated its 20-year mark and has a global membership base of 191 entities spanning 58 jurisdictions as of December 2023. This includes the Islamic Development Bank, the Asian Development Bank,  Bank for International Settlements, International Monetary Fund, World Bank, and West African Development Bank.

Re-disseminated by The Asian Banker

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