Khalid Ibrahim Humaidan has been appointed the next governor of the central bank in a decree issued by the King of Bahrain on October 5.

Humaidan’s term as governor will begin on February 1. He will succeed Rasheed Mohammed Al Maraj, who has served as the head of the central bank since January 2005.

At the time Al Maraj was first appointed, Bahrain had a monetary authority, which a 2006 law renamed the Central Bank of Bahrain. Al Maraj had previously been head of the Arab Petroleum Investments