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Press Release > 2017

The IFSB Secretary-General retires after 6 years at the helm of the IFSB

Date posted: 6 April 2017

Kuala Lumpur, 6 April 2017The Islamic Financial Services Board (IFSB) today announced the retirement of its Secretary-General, Mr Jaseem Ahmed, effective 14 April 2017, after a six-year term at the helm of the international standard-setting organisation for the Islamic financial services industry.

Mr Jaseem Ahmed, who assumed the position in May 2011, led the stewardship of the IFSB with the introduction of the second generation of the IFSB Standards and Guidelines (SAGs) in enhancing the soundness and stability of Islamic financial services industry (IFSI), within the mandate given to the IFSB. He also spearheaded the formulation of the IFSB’s Strategic Performance Plans, the inaugural one was introduced for the term 2012 – 2015, followed by the second in 2016 – 2018. The Strategic Performance Plan framework provides for greater oversight by the Council, through the streamlining of all the organisation’s activities and a sharpening of the focus of the mission, goals and objectives of the IFSB.

The IFSB also initiated during Mr. Ahmed’s tenure as Secretary-General the IFSB’s flagship publication, the annual Islamic Financial Stability Report (from 2013); the IFSB’s annual Standards Implementation Survey, and the preparation of Core Principles for Islamic Finance Regulation (CPIFR or IFSB-17) which aim to facilitate greater integration of Islamic finance into the international economy and global financial architecture. In addition, Mr. Ahmed oversaw the dissemination of the Prudential and Structural Islamic Financial Indicators (PSIFIs) (2015), a longstanding goal of the IFSB.

The Council of the IFSB in its 30th meeting on 6 April 2017, held in Kuala Lumpur, launched measures for the appointment of a new Secretary-General, while appointing the Assistant Secretary-General (Technical & Research) Mr. Zahid ur Rehman Khokher as the Acting Secretary-General of the IFSB effective 15 April 2017.

The 30th meeting of the IFSB Council is hosted by the Central Bank of Islamic Republic of Iran and Bank Negara Malaysia in Kuala Lumpur, Malaysia. It was attended by 13 Governors and Deputy Governors of regulatory and supervisory authorities, and 8 senior representatives from among the Council and Full members of the IFSB, representing 15 countries. The meeting was also attended by the H.E. Dr. Bandar Hajjar, President of the Islamic Development Bank, and was chaired by H.E. Fazle Kabir, Deputy Chairman of the Council of the IFSB and Governor of Bangladesh Bank.

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