The IFSB Admits Eight Organisations into Its Membership

Jeddah, 13 December 2012 – The Council of the Islamic Financial Services Board (IFSB) has yesterday resolved to approve the application of Bank Al-Maghrib, Morocco to be upgraded to a Full member. The Council has also admitted three supervisory authorities, two as Full members and one as an Observer member of the IFSB. Another two self-regulatory organisations, two professional firms and one financial institution have also been admitted as Observer Members.

The 21^st meeting of the IFSB Council, hosted by H.E. Dr. Ahmad Mohamed Ali AlMadani, President of the Islamic Development Bank (IDB), was held on 12 December 2012 at the IDB Headquarter Offices in Jeddah, Kingdom of Saudi Arabia. It was chaired by the Governor of the Central Bank of Bahrain, H.E. Rasheed Al-Maraj, and attended by the President of IDB as well as ten governors and five governors’ representatives from among the IFSB Council members.

The newly admitted members are:

Full Members

1. Capital Markets Authority, Kuwait
2. National Insurance Commission, Nigeria

Observer Members

1. Financial Reporting Foundation, Malaysia
2. Prudential BSN Takaful Berhad, Malaysia
3. Safran Stratejik Yonetim ve Teknolojik Danismanlik Hizmetleri Ltd. Sti., Turkey
4. Central Bank of the Turkish Republic of Northern Cyprus
5. Standard & Poor’s, Singapore
6. The Gulf Bond and Sukuk Association, United Arab Emirates

The 184 members of the IFSB comprise 55 supervisory and regulatory authorities from the banking, capital markets and Islamic insurance (Takāful) sectors in 41 jurisdictions, as well as eight international inter-governmental organisations, and 121 market players (financial institutions, professional firms and self-regulatory organisations).

The full list of the IFSB members is available on the IFSB website www.ifsb.org. The roles and responsibilities of the members (by category) are detailed in the IFSB Articles of Agreement that can be downloaded from the website.