April 7 The secretary general of the Islamic
Financial Services Board (IFSB), one of the main
standard-setting bodies for Islamic finance, will retire next
week, the Malaysia-based body said in a statement.
Jaseem Ahmed will step down on April 17 after six years at
the helm of the IFSB, during which he oversaw an expansion of
activities and placed greater emphasis on implementation of its
standards with regulators.
The IFSB said it had started a process for the selection of
a new secretary general and in the interim appointed Zahid ur
Rehman Khokher as acting secretary general.
Founded in 2002, the IFSB's initial efforts focused on
winning a wide membership base, leaving implementation and
enforcement to national regulators.
Under Ahmed, however, the IFSB has sought to develop more
concrete guidance for its 183 member institutions.
This includes a standard on disclosure requirements for
Islamic capital market products, which the IFSB finalised this
week, that is mainly focused on Islamic bonds, or sukuk.
In February, the International Monetary Fund said it would
formally include Islamic finance into its surveillance
framework, incorporating a standard on regulations issued by the
Islamic finance has its core markets in the Middle East and
Southeast Asia, but its expansion into new jurisdictions has
meant the IFSB has expanded its activities with regulators
across Africa, Central Asia and Europe.
(Reporting by Bernardo Vizcaino; Editing by Eric Meijer)