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IFSB Membership > Requirements & Benefits

Requirements & Benefits

The IFSB is an international standard-setting organisation with the objective to promote and enhance the soundness and stability of the Islamic financial services industry (IFSI) by developing global prudential standards and guiding principles for the IFSI, broadly defined to include banking, capital markets and insurance segments. The IFSB also conducts research and coordinates initiatives on industry related issues, as well as organises roundtables, workshops, seminars and conferences. The IFSB has membership of international, regional and national organisations and market players who share its objectives. The IFSB welcomes organisations with similar aspirations to contribute their knowledge, expertise and resources as IFSB Members. The IFSB has three categories of membership: Full, Associate and Observer.

Full membership is available to the supervisory authority responsible for the supervision of the banking industry, securities and/or insurance/Takâful industries of each sovereign country that recognises Islamic financial services, whether by legislation or regulation or by established practice, and international inter-governmental organisations that have an explicit mandate for promoting Islamic finance.

Associate membership is available to any central bank, monetary authority or financial supervisory or regulatory organisation or international organisation involved in setting or promoting standards for the stability and soundness of international and national monetary and financial systems which does not qualify or does not seek to become IFSB Full member.

Observer membership will be available to any:

  1. national, regional or international professional or industry association;
  2. institution that offers Islamic financial services; or
  3. firm or organisation that provides professional services, including accounting, legal, rating, research or training services to any aforementioned institutions in (a) and (b)

However, notwithstanding anything to the contrary, the Council of the IFSB may, in such special circumstances as it may determine, admit any applicant as a member in the specific category of membership which the Council deems fit.

Benefits for IFSB members

Members of the IFSB enjoy the following benefits:

  1. Be part of a prestigious international organisation with the broadest stakeholders membership representation in the Islamic financial services industry;
  2. Attend the IFSB General Assembly;
  3. Vote at the General Assembly (Full members only);
  4. Receive technical assistance (Full and Associate members only);
  5. Participate (by invitation) in the development of the IFSB prudential standards in the working groups and closed door discussions;
  6. Participate in the IFSB awareness programmes (such as workshops, roundtables, seminars and conferences) on a priority basis and  at special members’ rates;
  7. Receive complimentary first hand copies of the IFSB exposure drafts and be invited to comment on them;
  8. Participate in the IFSB workshops and public hearings on exposure drafts at no charge;
  9. Receive complimentary printed copies of the IFSB publications (such as standards, guidelines, surveys etc.); and
  10. Exclusive access to materials of the IFSB events and meetings and other web based services at the members’ zone of the IFSB website.

For membership application form, please click here.

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