Jordan’s cabinet appointed Faris Sharaf as Governor of the Central Bank of Jordan (CBJ) to replace Ummaya Toukan, officials said on Friday.
Sharaf’s last post was CEO and chairman of the investment arm of the government’s multi-billion dollar pension fund and he was widely tipped to replace Toukan, who completed two five-year terms in a row as governor.
As vice governor and deputy governor of the Central Bank of Jordan from 2003 until March 2008, Sharaf played a key role in strengthening bank regulation and supervision credited with improving the health of the banking system.
Sharaf has held several senior posts in the banking and financial industry, including a stint in a private equity Dubai based firm and in the World Bank’s investment arm, the International Finance Corporation (IFC).
