The Council of the Islamic Financial Services Board (IFSB) held its 3rd meeting on 6 December 2003 in Kingdom of Bahrain chaired by H.E. Shaikh Ahmed bin Mohammed Al Khalifa, the Governor of Bahrain Monetary Agency who is also the present Chairman of the IFSB Council. The meeting was attended by the Governors of Bank Indonesia, Bank Negara Malaysia, State Bank of Pakistan, Qatar Central Bank, Bank of Sudan and the Saudi Arabian Monetary Agency.
The President of the Islamic Development Bank and the representatives of the Central Bank of the Islamic Republic of Iran, Central Bank of Kuwait, and the Central Bank of Jordan also attended the meeting.
The Council approved the applications of the Bank for International Settlements to join the IFSB as an associate member and the Monetary Authority of Singapore, Noriba Bank, Gulf Investment House, Al-Baraka Banking Group and National Commercial Bank as the observer members. The number of IFSB members now has increased to13 full members and 21 observer members. In addition, it has 3 associate members including The World Bank and the International Monetary Fund. The meeting also discussed and approved the work plan and the income and expenditure budget for the financial year 2004. The work plan included commencing preparation of a new standard on corporate governance and continuing the preparation of the standards on capital adequacy and risk management. The IFSB is looking forward to liaising and cooperating with other international organizations currently setting standards for the stability and soundness of the international monetary and financial systems and those of the member countries and plans to hold seminars and conferences relating to the scope of activities of the IFSB.
*Notes to Editors :
The Islamic Financial Services Board (IFSB) is an association of central banks, monetary agencies and inter-governmental international organizations that have an explicit mandate for promoting Islamic finance. The IFSB was established 3 November 2002 and is based in Kuala Lumpur, Malaysia. At present, the Council of the IFSB comprises the following Full Members: Bahrain Monetary Agency, The Finance Ministry Of Negara Brunei Darussalam, Central Bank of Egypt, Bank Indonesia, Islamic Development Bank, Central Bank of Jordan, Central Bank of Kuwait, Bank Negara Malaysia, State Bank of Pakistan, Qatar Central Bank, Saudi Arabian Monetary Agency and Bank of Sudan. The IFSB sets and disseminates prudential and supervisory standards and core principles that are in compliance with Shari’a rules and principles for the regulation and supervision of the Islamic financial services industry.
Islamic Financial Services Board
Kuala Lumpur
