Islamic Financial Services Board (IFSB) - The IFSB associates continues to allure absorption from all-embracing authoritative and authoritative institutions

The IFSB admits 14 new organsiations to its’ associates and upgrades one affiliate from eyewitness to accessory status.

- The IFSB associates now absolute 164 organisations absolute 41 authoritative and authoritative authorities, six all-embracing inter-governmental organisations and 117 bazaar players and able firms operating in 33 jurisdictions.

Jeddah, March 26, 2008 – The Islamic Financial Services Board (IFSB) associates has connected to allure absorption from all-embracing authoritative and authoritative institutions. In its’ 12th affair captivated at the Islamic Development Bank’s (IDB) address in Jeddah, the Council of the IFSB bound to accept 14 new associates to the IFSB bringing the absolute associates to 164.

The affair was chaired by H.E. Dr. Shamshad Akhtar, Governor of the State Bank of Pakistan and Chairperson of the 18-member Council, and abounding by 13 axial banks’ governors, 3 governors’ assembly as able-bodied as the President of the IDB.

The 4 anew accepted authoritative and authoritative authorities’ associates are the Maldives Monetary Authority (Full member), Maldives Capital Market Development Authority and Dubai International Financial Centre Authority (Associate members) and Ministry of Economy and Finances, Senegal (Observer member). The Hong Kong Monetary Authority, which is already an Observer member, has been upgraded to Associate member. The Council aswell accepted the Islamic Corporation for the Development of Private Sector, which is one of the IDB group, as an Associate member. The nine new banking bazaar players accepted as Observer Members are from Bahrain, Japan, Malaysia, Qatar, Saudi Arabia and Sudan (see account below).

Professor Rifaat Ahmed Abdel Karim, Secretary-General of the IFSB said “The connected advance of the IFSB associates from organisations above assorted jurisdictions demonstrates the absorption and acknowledgment of the industry in the plan of the IFSB. The IFSB 164 associates now comprise 41 authoritative and authoritative authorities, six all-embracing inter-governmental organisations and 117 bazaar players and able firms operating in 33 jurisdictions.”

He added that the IFSB looks advanced to its associates accommodating in the alive groups, responding to surveys, accouterment acknowledgment on acknowledgment drafts, and accessory the assorted workshops and seminars. Participation of associates abundantly abutment the IFSB in its’ authorization to accommodate advice on able administration and adjustment that assists in acceptable the acumen and adherence of the Islamic banking casework industry.

The anew accepted associates are:

Full Member

1. Maldives Monetary Authority, Maldives

Associate Members

2. Capital Market Development Authority, Maldives
3. Islamic Corporation for the Development of Private Sector Sector, Saudi Arabia
4. Dubai International Financial Centre Authority, United Arab Emirates
5. Hong Kong Monetary Authority, Hong Kong SAR (upgrade)

Observer Members

6. ABC Islamic Bank (E.C.), Bahrain
7. Hannover ReTakaful B.S.C, Bahrain
8. Shariyah Review Board, Bahrain
9. Nomura Securities Co. Ltd., Japan
10. Asian Finance Bank Berhad, Malaysia
11. Masraf Al Rayan, Qatar
12. Allied Cooperative Insurance Group, Saudi Arabia
13. Ministry of Economy and Finances, Senegal
14. Algazeera Sudanese Jordanian Bank, Sudan
15. Farmer’s Commercial Bank, Sudan

The abounding account of the 164 IFSB associates can be apparent on www.ifsb.org. Their roles and responsibilities (by category) are abundant in the IFSB Articles of Agreement which is downloadable from the website.

Siham Ismail
Islamic Financial Services Board
Kuala Lumpur, Malaysia
Tel: + 603 2698 4248 ext 119
Email: siham@ifsb.org

About the Islamic Financial Services Board (IFSB):

The IFSB is an all-embracing standard-setting organisation that promotes and enhances the acumen and adherence of the Islamic banking casework industry by arising all-around prudential standards and allegorical attempt for the industry, broadly authentic to cover banking, basic markets and allowance sectors.

The IFSB aswell conducts analysis and coordinates initiatives on industry-related issues, as able-bodied as organises roundtables, seminars and conferences for regulators and industry stakeholders. Towards this end, the IFSB works carefully with accordant international, bounded and civic organisations, research/educational institutions and bazaar players.

For added advice about the IFSB, amuse appointment www.ifsb.org