IFSB announces new members

The Council of the Islamic Financial Services Board (IFSB) has approved the admission of six organisations into the IFSB membership. These include one supervisory authority as an Associate Member, and two supervisory authorities as well as three financial institutions as Observer Members.

IFSB membership is available in three categories: 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 new members are the Bank of England as an Associate Member, as well as the following Observer Members:

National Bank of the Kyrgyz Republic
Securities and Exchange Commission of Pakistan
Abu Dhabi Islamic Bank, Egypt
Amana Bank, Sri Lanka
Ziraat Katilim, Turkey

The Council has also upgraded the National Bank of Kazakhstan from an Associate to a Full Member. This brings the membership of the IFSB Council to 23, consisting of central bank Governors from 22 countries, plus the President of the IDB. 

To date, the 189 members of the IFSB consist of 65 supervisory and regulatory authorities from the banking, capital markets and Islamic insurance (takāful) sectors from 47 jurisdictions, as well as eight international intergovernmental organisations, and 116 market players (financial institutions, professional firms and industry associations).

Interested?

The full list of IFSB members is available on the IFSB website