Malaysia: IFSB admits 3 Gulf organisations as members
Source: Middle East Insurance Review | Jan 2018
Malaysia-based Islamic Financial Services Board (IFSB) has approved the admission of eight organisations from across the globe, including two from the UAE and one from Saudi Arabia, into the IFSB membership.
The list includes five supervisory authorities as Full and Associate Members, one international inter-governmental organisation and two market players as Observer Members.
The newly admitted Full and Associate members are: Capital Market Authority, Saudi Arabia and Astana Financial Services Authority, Kazakhstan (Full Member); as well as the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin), Germany, Bank of Uganda and Abu Dhabi Global Market (ADGM) – Financial Services Regulatory Authority, UAE (Associate Member). The three new Observer Members include: West African Development Bank (Banque Ouest Africaine de Développement - BOAD), West Africa Monetary Union, United Insurance, Sudan, and Tiybr Payments, UAE.
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.
To date, the 185 members of the IFSB consist of 75 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 102 market players (financial institutions, professional firms, industry associations and stock exchanges). M