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The IFSB Admits New Regulator into Its Membership

Date posted: 9 June 2021

9 June 2021, Kuala Lumpur, Malaysia – The Council of the Islamic Financial Services Board (IFSB) has today during its 38th meeting resolved to approve the admission of another regulatory and supervisory authority into the IFSB membership. 

The newly admitted member as a Full member, is the Insurance and Private Pension Regulation and Supervision Agency of Turkey (IPRSA), 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 more membership rights and privileges, 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 38th meeting of the IFSB Council, hosted by the Central Bank of the United Arab Emirates was held on 9 June 2021 via online as part of the 2021 Annual meetings of the IFSB. The meeting was chaired by H.E. Khaled Mohamed Balama, Governor of the Central Bank of the United Arab Emirates, and Chairman of the IFSB Council 2021. The meeting was 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.

The 38th Meeting of the IFSB Council was followed by the 19th IFSB General Assembly.

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