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Press Release > 2017

The IFSB Admits One Organisation into Its Membership

Date posted: 6 April 2017

Kuala Lumpur, 6 April 2017The Council of the Islamic Financial Services Board (IFSB) has today resolved to approve the admission of one organisation into the IFSB membership, an industry association as an Observer Member.

The 30th meeting of the IFSB Council, hosted by the Central Bank of Islamic Republic of Iran and Bank Negara Malaysia, was held on 6 April 2017 in Kuala Lumpur, Malaysia. It was attended by 13 Governors and Deputy Governors of regulatory and supervisory authorities, and 8 senior representatives from among the Council and Full members of the IFSB, representing 15 countries. The meeting was also attended by the H.E. Dr. Bandar Hajjar, President of the Islamic Development Bank, and was chaired by H.E. Fazle Kabir, Deputy Chairman of the Council of the IFSB and Governor of Bangladesh Bank.

The newly admitted Observer member is the Association for Development of Islamic Finance (ADIF), Kazakhstan.

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 183 members of the IFSB consist of 70 supervisory and regulatory authorities from the banking, capital markets and Islamic insurance (takāful) sectors, as well as seven international inter-governmental organisations and 106 market players (financial institutions, professional firms, industry associations and stock exchanges) from 57 jurisdictions.

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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