The IFSB Admits Seven Organisations into Its Membership
Date posted: 14 December 2016
Cairo, 14 December 2016 – The Council of the Islamic Financial Services Board (IFSB) has today resolved to approve the admission of seven organisations into the IFSB membership. These include five supervisory authorities as Full and Associate Members, one financial institution and one industry association as Observer Members.
The 29th meeting of the IFSB Council, hosted by the Central Bank of Egypt, was held on 14 December 2016 in Cairo. Egypt. It was attended by ten central bank Governors and Deputy Governors of regulatory and supervisory authorities, and ten senior representatives from among the Council and Full members of the IFSB, representing 14 countries, and the Islamic Development Bank. The meeting was chaired by the Governor of the Central Bank of Egypt, H.E. Tarek Amer.
The newly admitted members are:
1. Central Bank of Iraq
2. Central Bank of Mauritania
3. Capital Markets Authority, Kenya
4. Undersecretariat of Treasury, The Republic of Turkey
5. Regional Council for Public Savings and Financial Markets (CREPMF), West African Monetary Union
6. Dahabshil Bank International, Somalia
7. Turkish Capital Markets Association, The 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.
To date, the 188 members of the IFSB consist of 70 supervisory and regulatory authorities from the banking, capital markets and Islamic insurance (takāful) sectors from 57 jurisdictions, as well as eight international inter-governmental organisations, and 110 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 IFSB website.
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