The IFSB admits five new organisations into its membership

Jeddah, 14th December 2010 – The Council of the Islamic Financial Services Board (IFSB) has today resolved to admit two new regulatory and supervisory authorities, one as a Full Member and the other as an Associate Member. Three new financial institutions were admitted as Observer Members. The Islamic Corporation for the Development of the Private Sector, which is already an Associate Member, was upgraded to a Full Member.

The Council meeting, which was held at the Islamic Development Bank headquarters in Jeddah, Kingdom of Saudi Arabia, was chaired by H.E. Dr. Sabir Mohamed Hassan, Governor of the Central Bank of Sudan.

The newly admitted members are:

Full Member

1. Securities and Exchange Organization, Islamic Republic of Iran

Associate Member

1. Banking Regulation and Supervision Agency, Republic of Turkey

Observer Member

1. First Energy Bank, Kingdom of Bahrain
2. Bank Eghtesad Novin, Islamic Republic of Iran
3. Yusr Islamic Investment Bank Limited, United Arab Emirates

The 195 members of the IFSB comprise 53 supervisory and regulatory authorities from the banking, capital markets and Islamic insurance (Takāful) sectors in 41 jurisdiction, as well as 6 international inter-governmental organisations, and 136 market players (financial institutions, professional firms and industry associations).
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, which can be downloaded from the IFSB website.