IFSB Admits New Members
Date posted: 18 March 2004
The Council of Islamic Financial Services Board (IFSB) has today admitted 13 new members. This brings the number of IFSB members to a total of 49 members. With the admittance of Bangko Sentral ng Pilipinas as an Associate Member, the number of regulatory and supervisory authorities who are member of the IFSB has increased to 15.
The remaining 12 new members admitted as Observer Members are as follows:
- BNP Paribas Islamic Banking Unit, Bahrain
- Egyptian Saudi Finance Bank, Egypt
- A’ayan Leasing & Investment Co., Kuwait
- AmBank Group, Malaysia
- Bank Kerjasama Rakyat Berhad, Malaysia
- Bank Muamalat Malaysia Berhad, Malaysia
- RHB Bank Berhad, Malaysia
- Qatar International Islamic Bank, Qatar
- Qatar Islamic Bank, Qatar
- Omdurman National Bank, Sudan
- Sudanese Banks Association
- HSBC Amanah Finance, United Arab Emirates
“Such an increase in the size of its membership in less than 1 (one) year reflects the considerable recognition which the IFSB has gained since it become operational in March 2003” said Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB.
The IFSB will be holding its 4th Meeting of the Council and 2nd Meeting of the General Assembly in Bali, Indonesia on 31 March 2004 followed by a two-day International Seminar on Challenges Facing the Islamic Financial Services on 01 and 02 April 2004 jointly organized by the Islamic Development Bank (IDB) and International Monetary Fund (IMF).
*Notes to Editors :
The Islamic Financial Services Board (IFSB) is an association of central banks, monetary agencies and inter-governmental international organizations that have an explicit mandate for promoting Islamic finance. The IFSB was inaugurated on 3 November 2002 and is based in Kuala Lumpur, Malaysia. At present, the Council of the IFSB comprises the following Full Members: Bahrain Monetary Agency, Ministry of Finance Brunei Darussalam, Central Bank of Egypt, Bank Indonesia, Bank Markazi Jomhouri Islami Iran, the Islamic Development Bank, Central Bank of Jordan, Central Bank Of Kuwait, Bank Negara Malaysia, State Bank of Pakistan, Qatar Central Bank, Saudi Arabian Monetary Agency and Bank of Sudan. The IFSB sets and disseminates prudential and supervisory standards and core principles that are in compliance with Shari’a rules and principles for the regulation and supervision of the Islamic financial services industry.
Islamic Financial Services Board
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