The Islamic Financial Services Board admits five new organisations into its Membership

The Islamic Financial Services Board admits five new organisations into its Membership

Manama/Kuala Lumpur, 29 March 2012 – The Council of the Islamic Financial Services Board (IFSB) has today resolved to admit two new regulatory and supervisory authorities into the IFSB membership – one as a Full Member and the other as an Associate Member. Three new market players (financial and educational institutions) have been admitted as Observer Members.

The 20th meeting of the Council of the IFSB, hosted by the Central Bank of Bahrain, was held on 29 March 2012 at the Ritz-Carlton Bahrain, Hotel & Spa in Manama. It was chaired by the Governor of the Central Bank of Bahrain, H.E. Rasheed M. Al Maraj, and attended by the President of the Islamic Development Bank and 17 governors and governors’ representatives from among the IFSB Council members.

The newly admitted members are:

Full Member

1. Capital Market Authority, Oman

Associate Members

1. Agency of the Republic of Kazakhstan on Regulation and Supervision of Financial Market and Financial Organisations, Kazakhstan

Observer Members

1. Amin Investment Bank, Islamic Republic of Iran
2. Lotus Capital Limited, Nigeria
3. International Centre for Education in Islamic Finance

The 187 members of the IFSB comprise 53 supervisory and regulatory authorities from the banking, capital markets and Islamic insurance (Takāful) sectors in 43 jurisdictions, as well as eight international inter-governmental organisations, and 126 market players (financial institutions, professional firms and industry associations).

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 website.