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The IFSB Admits New Organisation into Its Membership

Date posted: 9 June 2022

9 June 2022, Kuala Lumpur, MALAYSIA - The Council of the Islamic Financial Services Board (IFSB) has resolved to approve the admission of one market player into the IFSB membership in its 40^th Meeting held virtually on 9 June 2022.

The newly admitted member is: 

1. Algbra Group Limited

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 188 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 97 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 40^th Council Meeting was chaired by the State Bank of Pakistan and attended by Central Bank Governors and Deputy Governors, Executive Presidents, Managing Directors, Chairmen, top senior officials and Heads of Regulatory and Supervisory Authorities as well as senior representatives from among the Council and Full members of the IFSB, representing 20 countries and the Islamic Development Bank.