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Press Release > 2017

The IFSB Admits Eight Organisations into Its Membership

Date posted: 11 December 2017

Kuala Lumpur, 11 December 2017 – The Council of the Islamic Financial Services Board (IFSB) has today resolved to approve the admission of eight organisations into the IFSB membership. These include five supervisory authorities as Full and Associate Members, one international inter-governmental organisation and two market players as Observer Members.

The newly admitted members are:

Full Member

  1. Capital Market Authority, Saudi Arabia
  2. Astana Financial Services Authority (AFSA), Kazakhstan

Associate Member

  1. The Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin), Germany
  2. Bank of Uganda
  3. Abu Dhabi Global Market (ADGM) – Financial Services Regulatory Authority, United Arab Emirates

Observer Member

  1. West African Development Bank (Banque Ouest Africaine de Développement - BOAD), West Africa Monetary Union
  2. United Insurance, Sudan
  3. Tiybr Payments, United Arab Emirates

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 185 members of the IFSB consist of 75 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 102 market players (financial institutions, professional firms, industry associations and stock exchanges).

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.

The 31st meeting of the IFSB Council, jointly hosted by the Central Bank of the Islamic Republic of Iran and Bank Negara Malaysia, was held on 11 December 2017 in Kuala Lumpur, Malaysia. It was attended by 14 Governors and Deputy Governors of regulatory and supervisory authorities, and 11 senior representatives from among the Council and Full members of the IFSB, representing 18 countries, and the Islamic Development Bank. The meeting was chaired by the Governor of Bangladesh Bank, H.E. Fazle Kabir. 

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