March 27 2006, Kuwait City – The Islamic Financial Services Board (IFSB) Council agreed to admit five new institutions to its membership, bringing the total to 88 members comprising regulatory and supervisory bodies, international inter-governmental organisations and market players. Qatar Financial Centre Regulatory Authority was admitted as an Associate Member, while Kuwait Finance House ( Malaysia ) Berhad, Industrial Development Bank of Sudan, First Investment Company Kuwait and The Securities House Kuwait as Observer Members.
Commenting on the Council decision, the Secretary General of the IFSB, Professor Rifaat Ahmed Abdel Karim said “This increase in membership reflects the appreciation of both the regulatory bodies and market players of the IFSB’s role in developing prudential standards for the Islamic financial industry.”
The Islamic Financial Services Board (IFSB) held its 8 th Council meeting and 4 th General Assembly on 27 March 2006 in the State of Kuwait. H.E. Sheikh Salem Abdul Aziz Al-Sabah, Governor of the Central Bank of Kuwait chaired both the Council and the General Assembly, which were attended by the Governors and representatives of central banks and monetary agencies.
The IFSB Council members comprise Bahrain , Brunei Darussalam, Egypt , Indonesia , the Islamic Republic of Iran, Jordan , Malaysia , Pakistan , Qatar , Saudi Arabia , Sudan , the United Arab Emirates , as well as the Islamic Development Bank (IDB).
