Wathra appointed Pakistan governor

State Bank of Pakistan acting governor Ashraf Mahmood Wathra was handed the role on a permanent basis today, making him the fifth governor in the past six years.

Wathra takes over from Yaseen Anwar, who resigned for "personal reasons" earlier this year. The past three governors have all stood down before the end of their terms, though the departure of Anwar's predecessors – Shahid Kardar and Syed Salim Raza – followed political disputes.

Wathra is a relatively new face at the central bank. He was appointed as deputy governor with responsibility for the ‘banking cluster' of the central bank's operations. This included banking regulation, inspection and consumer protection.

He was made acting governor at the end of January following Anwar's departure. The president of Pakistan appointed him as the permanent successor today, handing him a three-year term.

Before joining the State Bank of Pakistan, Wathra accumulated a great deal of experience in the private sector. His previous role was as chief of the National Bank of Pakistan's credit management group.

"Wathra holds extensive experience in restructuring and reorganising business units, according to the central bank. "He has extensive knowledge of investment banking and commercial banking operations… [and is] well conversant with Islamic modes of finance".

Islamic finance is a growing priority for the State Bank of Pakistan. Anwar called for a "‘concerted effort" to promote the sector last year, and Wathra appears to have taken up the mantle.

The central bank launched a five-year strategic plan to develop Islamic finance domestically and abroad in February. Currently it accounts for around 10% of Pakistan's banking system.

The plans have won government approval, which saw fit to appoint an additional deputy governor, Saeed Ahmad, charged with promoting the sector earlier this year. The appointments of Wathra and Ahmad – with Wathra's replacement as deputy still to come – mean the senior leadership at the central bank will take on a very different identity in 2014.