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. 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.
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..—Agencies