The IFSB Admits Two Organisations into Its Membership
Date posted: 29 April 2019
29 April 2019, Kuala Lumpur, Malaysia – The Council of the Islamic Financial Services Board (IFSB) has today resolved to approve the admission of two organisations into the IFSB membership. These include one supervisory authority as an Associate and one market player as an Observer Member.
The newly admitted members are:
- Qatar Financial Centre Authority
- HLC Foundation Limited
The Council also resolved to approve the upgrade of the Central Bank of Libya (CBL) from an Associate to a Full Member. With this upgrade, the CBL becomes a Member of the IFSB Council, which is the highest governing body of the IFSB. This brings the membership of the IFSB Council to 25 members who are the central bank Governors from 24 countries, as well as the President of the IsDB and the Chairman of Banking Regulation and Supervision Agency, Republic of Turkey.
The membership of the IFSB is divided into three categories, namely Full Member, Associate Member and Observer Member. The Full Membership, which is the sole membership with voting rights, is available to the financial sector supervisory authorities of each sovereign country.
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 IFSB website.
The 34th meeting of the IFSB Council, hosted by Bangladesh Bank and Bank Negara Malaysia, was held on 29 April 2019 in Kuala Lumpur, Malaysia. The Council Meeting was chaired by H.E. Datuk Nor Shamsiah Mohd Yunus, the Governor of Bank Negara Malaysia and Deputy Chairman of the IFSB for 2019, attended by thirteen central bank Governors and Deputy Governors of regulatory and supervisory authorities, and fifteen senior representatives from among the Council and Full members of the IFSB, representing 18 countries and the Islamic Development Bank.
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