KARACHI, Oct 25: Dr. Shamshad Akhtar will chair the Islamic Financial Services Board (IFSB) meeting as first Pakistani Central Bank Governor, and the meeting is expected to take some vital decisions for promotion of Islamic banking.

“The meeting is very important as IFSB is responsible for regulations and promotion of Islamic banking as it provides guidelines for Islamic products,” Irfan Siddiqui, President, Meezan Islamic Bank, told Dawn.

The meeting, to be held in Pakistan from March 25 to 27 next, will be attended by 100 delegates from the world over while 13 central bank governors from Muslim countries are also expected to share their experiences, observations and suggestions to promote banking.

A joint meeting of State Bank of Pakistan and leading Islamic banks was held at the Meezan Bank head office on Thursday. The meeting was presided over by Pervez Said, Head of Islamic Banking Department in the State Bank and was attended by representatives of Meezan Bank, Emirates Global Islamic Bank, Bank Albarka, Bank Islami Pakistan and Dawood Islamic Bank.

“IFSB is effectively contributing towards promotion and development of a prudent and transparent Islamic financial services industry by introducing new or adapting existing international standards consistent with the Islamic Shariah,” said Siddiqui.Dr. Shamshad Akhtar, who has recently been awarded with the “best Central Bank Governor for Asia 2007” was appointed chairperson of the IFSB council, for one-year beginning January to December 2008.