Global: IFSB admits 7 new members
Source: Middle East Insurance Review | Feb 2017
Malaysia-based Council of the Islamic Financial Services Board (IFSB) has approved the admission of seven organisations into its membership. These include five supervisory authorities as full and associate members, one financial institution and one industry association as observer members.
The newly admitted members are the Central Bank of Iraq and the Central Bank of Mauritania (full members); Capital Market Authority, Kenya, Undersecretariat of Treasury, Turkey, and Regional Council for Public Savings and Financial Markets (CREPMF), West African Monetary Union (associate members); and Dahabshil Bank International, Somalia and Turkish Capital Markets Association, Turkey (observer members).
The full membership, which is the sole membership with voting rights, is available to the financial sector supervisory authorities of each sovereign country, said the IFSB statement.
To date, the 188 members of the IFSB consist of 70 supervisory and regulatory authorities from the banking, capital markets and Islamic insurance (takaful) sectors from 57 jurisdictions, as well as eight international inter-governmental organisations, and 110 market players (financial institutions, professional firms and industry associations).