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The IFSB Admits Five Organisations into Its Membership during its First Ever Online IFSB Annual Meetings 2020

Date posted: 6 June 2020

6 June 2020, Kuala Lumpur, Malaysia – The Islamic Financial Services Board (IFSB) held the IFSB Annual Meetings 2020: 36th Meeting of the Council and 18th General Assembly on 04 June 2020 in Kuala Lumpur. In light of the current global situation due to the Covid-19 pandemic, the IFSB had decided to adopt a virtual format. This was the first ever IFSB Annual Meetings and General Assembly conducted fully online. The 36th Meeting of the Council and 18th General Assembly was hosted by Bank Negara Malaysia (BNM), chaired by H.E Nor Shamsiah Mohd Yunus, Governor of Bank Negara Malaysia and Chairperson of the IFSB for 2020. The Council of the Islamic Financial Services Board (IFSB) had resolved to approve the admission of five organisations into the IFSB membership. These included two supervisory authorities as Full and Associate Members and three market players as Observer Members.
The newly admitted members are:
Full Member
  1. The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market, Kazakhstan
Associate Member
  1. The Securities and Exchange Commission, Nigeria
Observer Member
  1. Capital Shield Insurance Brokers L.L.C, United Arab Emiratis
  2. PT Bank Syariah Mandiri, Indonesia
  3. Fitch Ratings Singapore Pte Ltd, Singapore
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 Council Meeting was attended by Central Bank Governors, Executive Presidents, Chairmen, Managing Directors, Vice Presidents and Deputy Governors of regulatory and supervisory authorities, senior representatives from among the Council and Full members of the IFSB, representing 19 countries and the Islamic Development Bank.
The IFSB would like to thank all its Members for attending and participating in the first ever online IFSB Annual Meetings 2020: 36th Meeting of the Council and 18th General Assembly.

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