January 26, 2018 / 7:19 AM / 3 months ago

Islamic finance body IFSB appoints new secretary general

SYDNEY, Jan 26 (Reuters) - The Islamic Financial Services Board (IFSB), one of the main standard-setting bodies for Islamic finance, has named Bello Lawal Danbatta as its new secretary general, the Malaysia-based body said on Friday.

Danbatta takes over from Jaseem Ahmed, who retired last year after six years at the helm of the IFSB, which has more than 180 members, including 75 regulatory and supervisory authorities.

Danbatta is a board member of the Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), and was previously a director of the International Centre for Education in Islamic Finance (INCEIF).

Founded in 2002, the IFSB’s work is focused on prudential standards for Islamic finance institutions, the latest covering disclosure requirements for Islamic capital market products and governance for Islamic reinsurance firms.

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 Clarence Fernandez)

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