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IFSB Admits Two Organisations into its Membership

Date posted: 16 August 2023

16 August 2023, Riyadh, Saudi Arabia – The Council of the Islamic Financial Services Board (IFSB) today has resolved to approve the admission of two organisations into the IFSB membership. One is a regulator as an Associate Member, and another is a market player as an Observer Member.

The newly admitted members are:

Associate Member
Central Bank of the Russian Federation (Russian Federation)

Observer Member
Karafarin Bank (Iran)

The membership of the IFSB is divided into three categories, namely Full Member, Associate Member and Observer Member. 

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.

The Observer membership will be available to:

1. any 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)

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 42^nd meeting of the IFSB Council, hosted by Saudi Central Bank (SAMA), was held on 16 August 2023 in Riyadh, Saudi Arabia. The Council Meeting was chaired by H.E. Ayman Al Sayari, Governor of SAMA and Chairman of the IFSB for 2023, 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 19 countries and Islamic Development Bank.