H.E. Hamad Al Sayari assumes Chairmanship of the Council of the IFSB for 2009

Kuala Lumpur, January 28, 2009 – H.E. Hamad Al Sayari, Governor of the Saudi Arabian Monetary Agency (SAMA), assumed Chairmanship of the Council and General Assembly of the Islamic Financial Services Board (IFSB) for the term 1st January – 31st December 2009. H.E. Dr. Sabir Mohamed Hassan, Governor of the Central Bank of Sudan assumed the Deputy Chairmanship for the same period.
Chairmanship of the IFSB is on an annual rotational basis from among the Full members as specified in the IFSB Articles of Agreement.

Mr. Al Sayari is the 7th Chairman of the Council and General Assembly of the IFSB and the Saudi Arabian Monetary Agency will host the IFSB Annual Meetings on 31st March 2009.

Mr. Al Sayari has been the Chairman, Board of Directors and the Governor of SAMA since 1983. He has recently been ranked 17 among 50 of the most influential people in the financial community worldwide by Institutional Investor magazine, which describes Al Sayari, citing his 27 year career in charge of monetary policy, as "a rock upon which Saudi Arabia's oil-based economy has been built." Prior to his joining SAMA in 1980, he was the Director General of the Saudi Industrial Development Fund and has also served as the Secretary General of the Public Investment Fund. He is currently a member of the Supreme Economic Council, as well as a Board Member of the Public Investment Fund. Mr. Al Sayari holds a M.A. (Economics) from the University of Maryland, USA

Dr. Sabir Mohammed Hassan, Governor of the Central Bank of Sudan is the Deputy Chairperson.

Dr. Sabir has been Governor of the Central Bank of Sudan since 1998. He was previously in the same position in 1993 to 1996, before leaving to serve the Government of Sudan as a State Minister for the Ministry of Finance and National Economy for one term. He served as Adviser to the Executive Director of the International Monetary Fund during the period 1983 to 1990. Dr. Sabir received his Ph.D. in Economics, Trade and Development Financing from Syracuse University, USA in 1982. He has published research on different economic and banking subjects.

The Islamic Financial Services Board (IFSB), which is based in Kuala Lumpur, was officially inaugurated on 3rd November 2002 and started operations on 10th March 2003. It serves as an international standard-setting body of regulatory and supervisory agencies that have vested interest in ensuring the soundness and stability of the Islamic financial services industry, which is defined broadly to include banking, capital market and insurance. In advancing this mission, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing international standards consistent with Shari'ah principles, and recommend them for adoption.

To this end, the work of the IFSB complements that of the Basel Committee on Banking Supervision, International Organisation of Securities Commissions and the International Association of Insurance Supervisors.

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

Siham Ismail
Islamic Financial Services Board
Malaysia
Email: siham@ifsb.org
Tel: + 603 2698 4248 ext.119

This release was published on openPR.