EghtesadOnline: Islamic Financial Services Board, the international body setting standards and offering guidance for Islamic banking and finance, has a new director at its helm.
Dr. Bello Lawal Danbatt of Malaysia is now secretary-general of the organization and started his term from Jan. 29, IFSB’s website reported.
Danbatt previously served as the director of the Center of Consultancy and Executive Programs at the International Center for Education in Islamic Finance and has over 25 years of experience in the private, academic and financial sectors across Africa, Europe, Asia and the Middle East.
Well-versed in drafting standards, guidelines and frameworks for capital adequacy, accounting, as well as supervision and regulation of Islamic finance, Danbatt is also a member of the accounting and auditing board of Accounting and Auditing Organization for Islamic Financial Institutions, and has chaired various working groups for the issuance of financial accounting standards for Islamic financial institutions, Financial Tribune reported.
His two predecessors held their posts for significant amounts of time. Professor Rifaat Ahmed Abdel Karim was IFSB chief from March 2003 until April 2011 while Jaseem Ahmeh led the organization from May 2011 to April 2017. In the interim period of April 2017-January 2018, Zahid ur Rehman Khokher served as acting secretary-general.
According to the Central Bank of Iran that also reported his appointment on its website, Danbatt was selected as the new leader of the Islamic organization in the 31st meeting of the IFSB council held on Dec. 11, 2017, in Kuala Lumpur.
CBI has an active participation with the IFSB and has held the title of its chairman several times with the latest example dating back to as recently as 2017.
In Dec. 2016, CBI Governor Valiollah Seif was chosen to steer the chairmanship of the organization and take over from Tarek Amer, Governor of the Central Bank of Egypt. His appointment took effect from Jan. 1, 2017, and Fazle Kabir, Governor of the Bangladesh Bank, the central bank of Bangladesh, was appointed as his deputy chairman.