Kuala Lumpur, Malaysia – The Council of the Islamic Financial Services Board (IFSB) has resolved to approve the admission of two organisations into the IFSB membership yesterday. These include one supervisory authority as an Associate and one market player as an Observer Member.
The newly admitted members are:
Associate Member
- Qatar Financial Centre Authority
Observer Member
- HLC Foundation Limited
The Council also resolved to approve the upgrade of the Central Bank of Libya (CBL) from an Associate to a Full Member. With this upgrade, the CBL becomes a Member of the IFSB Council, which is the highest governing body of the IFSB. This brings the membership of the IFSB Council to 25 members who are the central bank Governors from 24 countries, as well as the President of the IsDB and the Chairman of Banking Regulation and Supervision Agency, Republic of 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 voting rights, is available to the financial sector supervisory authorities of each sovereign country.
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 34th meeting of the IFSB Council, hosted by Bangladesh Bank and Bank Negara Malaysia, was held on 29 April 2019 in Kuala Lumpur, Malaysia. The Council Meeting was chaired by H.E. Datuk Nor Shamsiah Mohd Yunus, the Governor of Bank Nagara Malaysia and Deputy Chairman of the IFSB for 2019, attended by thirteen central bank Governors and Deputy Governors of regulatory and supervisory authorities, and fifteen senior representatives from among the Council and Full members of the IFSB, representing 18 countries and the Islamic Development Bank.
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 members of the IFSB comprise 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.
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