Ms Nor Shamsiah Mohd Yunus, governor of Bank Negara Malaysia will take over the chair of the Islamic Financial Services Board (IFSB) while Mr Mubarak Rashed Khamis Al Mansoori, governor of the Central Bank of the UAE will be the deputy chairperson, according to the IFSB council.
The new appointments will take effect on 1 January 2020.
Ms Nor Shamsiah takes over the chair from Mr Fazle Kabir, the governor of the Bangladesh Bank.
Nor Shamsiah Mohd Yunus is the 9th governor of Bank Negara Malaysia, who assumed office on 1 July 2018. Prior to her appointment as BNM governor, she served as assistant director of the Monetary and Capital Markets Division of the International Monetary Fund.
She joined BNM in 1987 and has served in various areas including prudential regulations, legislation, policies and guidelines for the financial sector and supervision. She was involved in the financial sector resolution initiatives during the 1997-98 Asian financial crisis. She was instrumental in the formulation and implementation of the Financial Sector Masterplan (2001-2010) and Financial Sector Blueprint (2011-2020) that charted the development of the Malaysian financial system.
She has also represented BNM on the Basel Committee on Banking Supervision and in the Financial Action Task Force.
Nor Shamsiah graduated from the University of South Australia with a Bachelor of Arts in Accountancy and is a certified practising accountant (CPA).
Mubarak Rashed Khamis Al Mansoori has been the governor of the Central Bank of the UAE since 22 September 2014.
He started his career at Abu Dhabi Investment Authority where he served from 1991 – 2000 in the Equities Department. He then served as the director general of Abu Dhabi Retirement Pensions & Benefits Fund when it was established in 2000. He had also held directorships in a number of organisations including the Central Bank of United Arab Emirates, Securities & Commodities Authority of UAE (SCA), Etisalat Misr in Egypt, The Arab International Bank (AIB) in Egypt, Arab Banking Corporation (ABC) in Bahrain, Egypt and Jordan, Banco Atlantico in Spain, Tabreed and Abu Dhabi Holding Company.
He has also served as the CEO of Emirates Investment Authority.
He holds a Bachelor's degree in Finance and a Master's degree in Business Administration.
The IFSB is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors. The IFSB also conducts research and coordinates initiatives on industry-related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders. The IFSB works closely with relevant international, regional and national organisations, research/educational institutions and market players.
The members of the IFSB comprise regulatory and supervisory authorities, international inter-governmental organisations and market players, professional firms and industry associations.