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The IFSB Admits Five Organisations into Its Membership

Date posted: 11 December 2014

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Kuala Lumpur, 11 December 2014 – The Council of the Islamic Financial Services Board (IFSB) has today resolved to approve the applications of five financial institutions as Observer Members of the IFSB.

The 25th Meeting of the IFSB Council was chaired by H.E. Yusof Abd Rahman, Managing Director, Autoriti Monetari Brunei Darussalam and attended by 15 governors and governors’ representatives from among the members of the Council, the President of the Islamic Development Bank and senior representatives of seven Full Members of the IFSB. The Meeting was hosted by Bank Negara Malaysia.

The newly admitted Observer Members are:

  • Bank Muamalat Indonesia, Indonesia
  • Mellat Investment Bank, The Islamic Republic of Iran
  • Qatar First Bank, Qatar
  • Turkiey Finans Katilim Bankasi, Turkey
  • Al Masraf – Arab Bank for Investment & Foreign Trade, United Arab Emirates

The 184 members of the IFSB comprise 59 supervisory and regulatory authorities from the banking, capital markets and Islamic insurance (Takāful) sectors in 44 jurisdictions, as well as eight international inter-governmental organisations, and 117 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.

The Meeting is followed by the 10th Islamic Financial Stability Forum.

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