The IFSB Admits Four Organisations into Its Membership
Date posted: 6 December 2018
6 December 2018, Jeddah, Kingdom of Saudi Arabia – The Council of the Islamic Financial Services Board (IFSB) has today resolved to approve the admission of four organisations into the IFSB membership. These include three supervisory authorities as Full, Associate and Observer Members and one professional firm as an Observer Member.
The newly admitted members are:
1. Nigeria Deposit Insurance Corporation
2. Central Bank of Kenya
3. Financial Services Commission, Mauritius
4. Islamic International Rating Agency, Bahrain
The Council also resolved to approve the upgrade of the Central Bank of Oman (CBO) from an Observer to a Full Member. With this upgrade, the CBO becomes a Member of the IFSB Council, which is the highest governing body of the IFSB. This brings the membership of the IFSB Council to 25 members who are the central bank Governors from 23 countries, as well as the President of the Islamic Development Bank Group (IsDB), and the Chairman of Banking Regulation and Supervision Agency, Republic of Turkey.
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 180 members of the IFSB consist of 78 supervisory and regulatory authorities from the banking, capital markets and Islamic insurance (takāful) sectors representing 57 jurisdictions, as well as 8 international inter-governmental organisations, and 94 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 IFSB website.
The 33rd meeting of the IFSB Council, hosted by the Islamic Development Bank Group (IsDB), was held on 6 December 2018 in Jeddah, Kingdom of Saudi Arabia. The Council Meeting was chaired by H.E. Dr. Mohammad Y. Al Hashel, the Governor of the Central Bank of Kuwait and Chairman of the IFSB for 2018, attended by the President of the IsDB, H.E. Dr. Bandar Mohammed Hajjar, 12 central bank Governors and Commissioners of regulatory and supervisory authorities, and 10 senior representatives from among the Council and Full members of the IFSB, representing 19 countries.
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