IFSB admits new member organisations

The Council of the Islamic Financial Services Board (IFSB) has approved the admission of seven new member organisations. These include five supervisory authorities as full and associate members, plus a financial institution and an industry association as observer members.

There are three categories of membership at the IFSB, 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 new members from the Asia Pacific and Middle East regions are:

Full members
Central Bank of Iraq

Associate members
Undersecretariat of Treasury, The Republic of Turkey

Observer members
Turkish Capital Markets Association, The Republic of Turkey

To date, the 188 members of the IFSB consist of 70 supervisory and regulatory authorities from the banking, capital markets and Islamic insurance (takāful) sectors from 57 jurisdictions, as well as eight international intergovernmental organisations, and 110 market players (financial institutions, professional firms and industry associations).