Nov 2019

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Global: IFSB admits a supervisory authority and one market player into its membership

Source: Middle East Insurance Review | Jun 2019

The Council of the Islamic Financial Services Board (IFSB) has resolved to approve the admission of Qatar Financial Centre (QFC) Authority and HLC Foundation Limited into the IFSB membership. QFC Authority will be an associate member, while HLC Foundation will join as observer member. 
The Council has also resolved to approve the upgrade of the Central Bank of Libya (CBL) from an associate to a full member. With this upgrade, the CBL becomes a member of the IFBS Council, which is the highest governing body of the IFSB. This brings the membership of the IFSB Council to 25 members, comprising central bank governors from 24 countries, as well as the president of the IsDB and the chairman of banking regulation and supervision agency, Turkey. 
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. M 
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