The Council of the Islamic Financial Services Board (IFSB) has admitted six new members to the IFSB, bringing the total IFSB members to 94. These include 22 regulatory & supervisory authorities as well as the International Monetary Fund, the World Bank, Bank for International Settlements, the Islamic Development Bank, the Asian Development Bank, and 67 financial institutions from 17 countries.

The newly admitted members are:
Associate Member
1.    Malaysia Deposit Insurance Corporation, Malaysia
Observer Members:
2.    Ahli United Bank, Bahrain
3.    Perbadanan Tabung Amanah Islam Brunei, Brunei Darusaalam
4.    The Islamic Insurance Co. Plc, Jordan
5.    Osoul Leasing and Finance Company, Kuwait and
6.    Al Baraka Bank Lebanon.

The Council of the IFSB has recently amended its Articles of Agreement to enable the insurance and securities regulatory authorities to join IFSB as Full Members. With this amendment, Full Membership is now available to:
i)    Supervisory authorities responsible for the supervision of banking, securities and insurance or takaful industry of each sovereign that recognises Islamic financial services, whether by legislation or by established practice, and
ii)    inter-governmental organisations that have an explicit mandate for promoting Islamic finance markets.

The inclusion of the securities and insurance/takaful industry players in the IFSB’s scope has broadened the focus of IFSB – allowing it to initiate the development of industry standards encompassing the whole spectrum of Islamic financial services. The IFSB is expected to issue its Guiding Principles of Corporate Governance in November this year and has recently established a working group to develop standards for Corporate Governance in Takaful Operations.

For more information on IFSB activities, visit www.ifsb.org

Note to the Editor:
The Islamic Financial Services Board (IFSB), which is based in Malaysia, was officially inaugurated on 3rd November 2002. It serves as an international-standard setting body of regulatory and supervisory agencies that have vested interest in ensuring the soundness and stability of the Islamic financial services industry, which is defined broadly to include banking, capital market and insurance. In advancing this mission, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing international standards consistent with Islamic Shari’a principles, and recommend them for adoption. To this end, the work of the IFSB complements that of the Basel Committee on Banking Supervision, International Organization of Securities Commissions and the International Association of Insurance Supervisors.

Released by the ISLAMIC FINANCIAL SERVICES BOARD (IFSB), 3rd Floor, Block A, Bank Negara Malaysia Building, Jalan Dato’ Onn, 50480 Kuala Lumpur, Malaysia.

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