IFSB Admits 2 Organisations Into Its Membership

KUALA LUMPUR, April 13 (Bernama) -- The Council of the Islamic Financial Services Board (IFSB) has approved the admission of two organisations into its membership. These include one supervisory authority -- Bank Of Tanzania -- as an Associate Member and one financial institution -- Sohar Islamic, Oman -- as an Observer Member, said the international standard-setting organisation in a statement released here. 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 189 members of the IFSB consist of 66 supervisory and regulatory authorities from the banking, capital markets and Islamic insurance (Takaful) sectors from 48 jurisdictions, eight international inter-governmental organisations, and 115 market players. -- BERNAMA