IFSB Concludes 47th Council Meeting in Marrakesh, Welcomes Bahrain to 2026 Leadership

Marrakesh, 10 December 2025: The Islamic Financial Services Board (IFSB) concluded its 47^th Council Meeting today in Marrakesh, Morocco, hosted by Bank Al-Maghrib (BAM).

Chaired by H.E. Abdellatif Jouahri, Governor of BAM who is also the IFSB Chairman for 2025, the meeting approved the "Guidance Note on Climate-Related Financial Risks for Institutions Offering Islamic Financial Services (Banking Segment)" and a new structure for the IFSB Technical Committee to enhance sectoral representation. The Council also endorsed support for the IFSB Technical Assistance programme in 2026 as well as the ongoing governance reforms at the Secretariat.

Two new Associate members joined the IFSB, namely the West African Monetary Agency (WAMA) and Bank of Ghana.

Making the transition to 2026 leadership, H.E. Khalid Ebrahim Humaidan, Governor of the Central Bank of Bahrain, assumes the Chairmanship, with H.E. Olayemi Cardoso, Governor of the Central Bank of Nigeria, as Deputy Chairman, effective 1 January 2026.

IFSB Secretary-General, Dr. Ghiath Shabsigh remarked, "Islamic finance is at a pivotal moment. Our role at the Secretariat is to support members to navigate the complexities and stay ahead. The 47^th IFSB Council's deliberations reflect strong progress under the Strategic Plan 2025-27, including enhanced technical capacity development activities, strengthened stability monitoring, advanced policy and research work, institutional reforms, and deeper engagement with key stakeholders,"

Mr. Abdellatif Jouahri, Governor of Bank Al-Maghrib, emphasised, "Several structural issues were examined during the IFSB Council Meeting. These include strengthening the organisation's governance and securing its financial resources to enable it to carry out its new mandates successfully. And thus, to address the challenges facing Islamic finance."

Dr. Ghiath Shabsigh added, "As we prepare for the 17^th IFSB Summit in Oman in February 2026, our focus remains on areas of highest impact: building resilient Sukuk markets, supporting non-bank financial institutions, and integrating financial inclusion, technology, and climate considerations into Islamic finance regulatory frameworks."

Visit https://www.ifsb.org for more information on IFSB and follow our social media for the latest updates.