New Members Admitted Into The Islamic Financial Services Board
Date posted: 20 September 2004
The Islamic Financial Services Board (IFSB) has today admitted eight new members, bringing its total membership to 60. The admittance of two new Full Members, the Central Bank of the U.A.E and Bangladesh Bank, as well as an Associate Member, People's Bank of China increased the number of regulatory and supervisory bodies who are member of the IFSB to 18.
The remaining five organisations admitted as Observer Members are as follows:
- Kuwait Finance House, Bahrain
- Bank Saderat Iran
- Hong Leong Bank Berhad, Malaysia
- The National Pensions Fund, Sudan
- Guidance Residential LLC, USA
"The size of the membership of the IFSB has increased from the nine founding members, who signed the Articles of Agreement of the IFSB at the launching ceremony, to reach 60 members currently. This is another milestone for the IFSB in its stride towards achieving the soundness and stability of Islamic financial services industry. The recognition we received from regulatory and supervisory bodies as well as financial institutions worldwide reflects the continuing growth of this industry as well as the optimism on the prospects of the Islamic financial system," said Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB.
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 lead financial supervisory authority of each sovereign country.
To date, the IFSB members include five international inter-governmental agencies (International Monetary Fund, World Bank, Islamic Development Bank, Bank for International Settlements and Asian Development Bank) as well as 37 financial institutions.
Islamic Financial Services Board
20 September 2004
The IFSB serves as an international standard setting body of the regulatory and supervisory agencies that have vested interest in ensuring the soundness and stability of the Islamic financial services industry.
The establishment of the IFSB was the culmination of an extensive two-year consultative process initiated by a group of governors and senior officials of central banks and monetary authorities of various countries, together with the support from the Islamic Development Bank, the International Monetary Fund, and the Accounting and Auditing Organization for Islamic Financial Institutions.
The IFSB was officially inaugurated on 3 November 2002, and has been in operation since March 2003. As the host country of the IFSB, Malaysia has enacted a law known as the Islamic Financial Services Board Act 2002, which gives the IFSB the immunities and privileges that are usually granted to international organizations and diplomatic missions.
For more information, please contact: Ms. Sadna Saifuddin, +603-2698 4248.
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