The IFSB Admits New Organisations into Its Membership
Date posted: 10 December 2021
10 December 2021, Kuala Lumpur, Malaysia – The Council of the Islamic Financial Services Board (IFSB) has during its 39th Meeting held on 9 December in Abu Dhabi resolved to approve the admission of one supervisory authority, and one market player into the IFSB membership.
The newly admitted members are:
- Insurance Regulatory Unit, Kuwait
- Lotus Bank Limited, Nigeria
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 187 members of the IFSB consist of 81 supervisory and regulatory authorities from the banking, capital markets and Islamic insurance (takāful) sectors representing 57 jurisdictions, as well as 10 international inter-governmental organisations, and 96 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.
The 39th meeting of the IFSB Council, hosted by the Central Bank of the United Arab Emirates was held on 9 December 2021 in Abu Dhabi, United Arab Emirates (physical and online). The Council Meeting was chaired by H.E. Khaled Mohamed Balama, Governor of Central Bank of the United Arab Emirates and Chairman of the IFSB for 2021, attended by the Central Bank Governors, Deputy Governors, Heads of regulatory and supervisory authorities, senior representatives from among the Council and Full members of the IFSB, representing 22 countries.
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