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IFSB Admits Six Organisations into Its Membership

Date posted: 2 April 2015

Jakarta, 2 April 2015 – The Council of the Islamic Financial Services Board (IFSB) has today resolved to approve the admission of six organisations into the IFSB membership which include one supervisory authority as a Full Member, another supervisory authority as an Associate Member as well as three financial institutions and one professional firm as Observer Members.

The 26th meeting of the IFSB Council, hosted by Bank Indonesia, was held on 2 April 2015 at the Hotel Indonesia Kempinski, Jakarta in Indonesia. It was chaired by the Governor, Bank Indonesia, H.E. Agus D.W. Martowardojo and attended by seven central bank governors and heads of regulatory and supervisory authorities, as well as 13 senior representatives from among the Council and Full members of the IFSB, representing 17 countries. The meeting was also attended by the President of the Islamic Development Bank.

The newly admitted members are:

Full Members

1. Securities and Exchange Commission, Nigeria

Associate Members

2. Banco de Mocambique, Mozambique

Observer Members

3. Gulf International Bank, Bahrain
4. First Community Bank, Kenya
5. Tamweel Africa Holding, Senegal
6. Islamic Finance Council, United Kingdom

The membership of the IFSB is divided into three categories, namely Full Member, Associate Member and Observer Member. The Full Membership, which is the sole membership with voting rights, is available to the financial sector supervisory authorities of each sovereign country.

To date, the 188 members of the IFSB consist of 61 supervisory and regulatory authorities from the banking, capital markets and Islamic insurance (Takāful) sectors hail from 45 jurisdictions, as well as eight international inter-governmental organisations, and 119 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 that can be downloaded from the website.

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