The Islamic Financial Services Board (IFSB) convened its 3rd General Assembly and the 6th Meeting of the Council of the IFSB in Tehran, The Islamic Republic of Iran on 5 April 2005. The meetings were hosted by the Central Bank of the Islamic Republic of Iran. The Governor of the Central Bank of the Islamic Republic of Iran who is the present Chairman of the IFSB General Assembly and the Council, chaired the meetings which were attended by the President of the Islamic Development Bank as well as the Governors of the Central Banks of Indonesia, Kuwait, Malaysia, Qatar, Sudan, the United Arab Emirates (UAE) and Saudi Arabian Monetary Agency. The Deputy Governor of Pakistan and the Executive Director of Bahrain Monetary Agency represented their Governors in the meetings. The Permanent Secretary represented Brunei Finance Ministry.
The Council approved the application of the Monetary Authority of Singapore to be upgraded to a Full Member. The Council also admitted Banque du Liban as an Associate Member and 7 new observer members, namely: Abu Dhabi Islamic Bank; Boubyan Bank, Kuwait; Al-Muthanna Investment Co., Kuwait; Rusd Investment Bank, Labuan, Amlak Finance, UAE; Sharjah Islamic Bank, UAE; and Kuwait Turkish Evkaf Finance House, Turkey. The current total of the IFSB members is 73.
In the General Assembly, the Annual Financial Statements for the financial year ended 31 December 2004 was approved. The 3rd General Assembly also elected the Governor of the Central Bank of Kuwait as its Chairman-elect for year 2006. Other than the Governors and representatives of the central banks and monetary agencies, the 3rd General Assembly was also attended by representatives of the Associate Members and Observer Members.
*Note to Editor
The IFSB was officially inaugurated on 3 November 2002. It serves as an international standard setting body of regulatory and supervisory agencies with vested interest to ensure the soundness and stability of the Islamic financial services industry, defined broadly to include banking, capital market and insurance. In advancing its mission, the IFSB will promote the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing international standards consistent with Sharī`ah rules and principles, and recommend them for adoption.
