The Council of the IFSB admits new members

Kuala Lumpur, November 23, 2009 – The Council of the Islamic Financial Services Board (IFSB) admits eight new organisations into its membership. The admission of the new organisations was approved in the 15th Meeting of the Council of the IFSB held this morning in Kuala Lumpur.

The meeting, chaired by H.E. Dr. Muhammad Sulaiman Al-Jasser, Governor of the Saudi Arabian Monetary Agency, approved the admission of eight new organisations to the IFSB membership (one full member, two associate members and five observer members).

The members of the IFSB comprise regulators and supervisors of the banking, capital markets and Islamic insurance (Takāful) sectors, as well as international inter-governmental organisations, and market players (financial institutions, professional firms and industry associations).

The newly admitted members are:

Regulatory and supervisory authorities:

• Insurance Authority, United Arab Emirates – Full Member
• Banque centrale du Luxembourg – Associate Member
• Central Bank of the Republic of Turkey – Associate Member

Industry association:

• The Arab Chamber of Commerce and Industry, Hong Kong – Observer Member

Financial institutions and professional firms:

• Al-Aqeelah Takaful, Syria – Observer Member
• Amsar Partner LLP, Singapore – Observer Member
• IFC Linova LLC, Republic of Tartarstan, Russia – Observer Member
• West Services Inc, United States of America – Observer Member

The full list of the IFSB members can be seen on www.ifsb.org. Their roles and responsibilities (by category) are detailed in the IFSB Articles of Agreement which is downloadable from the website.