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IFSB Admits Seven Organisations Into Its Membership

Date posted: 8 April 2013

IFSB Admits Seven Organisations Into Its Membership

Doha, 8 April 2013 – The Council of the Islamic Financial Services Board (IFSB) has yesterday resolved to admit seven organisations into the IFSB membership. Three supervisory authorities, one financial institution and three professional firms have been admitted as Associate and Observer Members. Three members from the Republic of Turkey, which are currently Associate Members, have been upgraded to Full Members, namely the Central Bank of the Republic of Turkey, Banking Regulation and Supervision Agency and Capital Markets Board of Turkey.

The 22nd meeting of the IFSB Council, hosted by Qatar Central Bank, was held on 7 April 2013 at the Grand Hyatt Doha in Qatar. It was chaired by the Governor of Qatar Central Bank, H.E. Sheikh Abdulla Saoud Al-Thani, and attended by 10 Governors, 6 governors' representatives from among the IFSB Council members, as well as the President of the Islamic Development Bank.

The newly admitted members are:

Associate Members

1. Indonesia Deposit Insurance Corporation, Indonesia
2. BanqueCentrale Des Etats de L'afrique de L'ouest, Senegal
    (Central Bank of West African States)
3. Central Bank of Tunisia, Tunisia

Observer Members

4. SAB, France
5. Finance Accreditation Agency Berhad, Malaysia
6. RAM Rating Services Berhad, Malaysia
7. Fajr Capital Limited, UAE

The 187 members of the IFSB comprise 57 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 122 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.

 


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