Islamic Financial Services Board admits 13 new members

  • Business
  • Friday, 19 Mar 2004

THE Council of Islamic Financial Services Board (IFSB) yesterday admitted 13 new members, bringing the number to 49.  

With the admittance of Bangko Sentral ng Pilipinas as an associate member, the number of regulatory and supervisory authorities who are members of the IFSB has increased to 15. 

The 12 admitted as observer members are BNP Paribas Islamic Banking Unit, Egyptian Saudi Finance Bank, A'ayan Leasing & Investment Co, AmBank group, Bank Kerjasama Rakyat Bhd, Bank Muamalat Malaysia Bhd, RHB Bank Bhd, Qatar International Islamic Bank, Qatar Islamic Bank, Omdurman National Bank, Sudanese Banks Association and HSBC Amanah Finance. 

“Such an increase in the size of its membership in less than one year reflects the considerable recognition which the IFSB has gained since it became operational in March 2003,” IFSB secretary general Professor Rifaat Ahmed Abdel Karimsaid in a statement.  

The statement also said IFSB would be holding its 4th Meeting of the Council and 2nd Meeting of the General Assembly in Bali, Indonesia, on March 31, followed by a two-day International Seminar on Challenges Facing the Islamic Financial Services on April 1 and 2. 

The meeting and seminar are jointly organised by the Islamic Development Bank (IDB) and International Monetary Fund (IMF). 

The IFSB is an association of central banks, monetary agencies and intergovernmental international organisations that have an explicit mandate for promoting Islamic finance. 

Inaugurated on Nov 3, 2002, IFSB is based in Kuala Lumpur.  

At present, the IFSB council comprises the following full members – Bahrain Monetary Agency, Ministry of Finance Brunei Darussalam, Central Bank of Egypt, Bank Indonesia, Bank Markazi Jomhouri Islami Iran, the IDB, Central Bank of Jordan, Central Bank Of Kuwait, Bank Negara, State Bank of Pakistan, Qatar Central Bank, Saudi Arabian Monetary Agency and Bank of Sudan. 

The IFSB sets and disseminates prudential and supervisory standards and core principles that are in compliance with syariah rules and principles for the regulation and supervision of the Islamic financial services industry. – Bernama 

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