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The IFSB Admits Five Organisations into Its Membership

Date posted: 11 December 2019

11 December 2019, Dhaka, Bangladesh – The Council of the Islamic Financial Services Board (IFSB) has today resolved to approve the admission of five organisations into the IFSB membership. These include one international inter-governmental organisation and four market players as Observer Members.
 
The newly admitted members are:
  1. United Nations Development Programme - UNDP
  2. Dubai Islamic Economy Development Centre – DIEDC, United Arab Emirates 
  3. Jaiz Bank Plc, Nigeria 
  4. PT Bank BNI Syariah, Indonesia
  5. Sarmad Insurance, Iran
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.
 
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 35th meeting of the IFSB Council, hosted by Bangladesh Bank, was held on 11 December 2019 in Dhaka, Bangladesh. The Council Meeting was chaired by H.E. Fazle Kabir, the Governor of Bangladesh Bank and Chairman of the IFSB Council for 2019, attended by central bank Governors and Deputy Governors of regulatory and supervisory authorities, and  senior representatives from among the Council and Full members of the IFSB.


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