Jakarta, 2 April 2015

The Council of the Islamic Financial Services Board (IFSB) has today resolved to approve the admission of six organisations into the IFSB membership which include one supervisory authority as a Full Member, another supervisory authority as an Associate Member as well as three financial institutions and one professional firm as Observer Members.

The 26th meeting of the IFSB Council, hosted by Bank Indonesia, was held on 2 April 2015 at the Hotel Indonesia Kempinski, Jakarta in Indonesia. It was chaired by the Governor, Bank Indonesia, H.E. Agus D.W. Martowardojo and attended by seven central bank governors and heads of regulatory and supervisory authorities, as well as 13 senior representatives from among the Council and Full members of the IFSB, representing 17 countries. The meeting was also attended by the President of the Islamic Development Bank.

The newly admitted members are:

Full Members

1. Securities and Exchange Commission, Nigeria

Associate Members

2. Banco de Mocambique, Mozambique

Observer Members

3. Gulf International Bank, Bahrain

4. First Community Bank, Kenya

5. Tamweel Africa Bank, Senegal

6. Islamic Finance Council, United Kingdom

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 61 supervisory and regulatory authorities from the banking, capital markets and Islamic insurance (Tak?ful) sectors hail from 45 jurisdictions, as well as eight international inter-governmental organisations, and 119 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 website.

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About the Islamic Financial Services Board (IFSB)
The IFSB is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors. The IFSB also conducts research and coordinates initiatives on industry-related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders. Towards this end, the IFSB works closely with relevant international, regional and national organisations, research/educational institutions and market players.

The IFSB comprises members representing regulatory and supervisory authorities, international inter-governmental organisations and market players, professional firms and industry associations.

For more information about the IFSB, please visit www.ifsb.org.

© Press Release 2015