Bank of Japan and Emirates Securities and Commodities Authority among 12 New Members of the IFSB

Kuala Lumpur, September 14, 2007 - The Council of the Islamic Financial Services Board (IFSB) has resolved to admit 12 new members to the IFSB bringing the total members to 137.

Two new regulatory and supervisory authorities have joined the IFSB membership, namely Emirates Securities and Commodities Authority, United Arab Emirates, which was admitted as an Associate Member, and Bank of Japan which joined as an Observer Member.

The Council has also admitted ten other new Observer Members. The IFSB members now total 137 comprising 35 regulatory and supervisory authorities, 5 international inter-governmental organisations and 97 market players and professional firms operating in 22 jurisdictions.

The newly admitted members are:

Associate Member:
1. Emirates Securities and Commodities Authority, United Arab Emirates

Observer Members:
1. United International Bank, Bahrain
2. Bank of Japan, Japan
3. Japan Securities and Dealers Association, Japan
4. Rasameel Structured Finance Company, Kuwait
5. Aseambankers Malaysia Berhad, Malaysia
6. Nomura Asset Management Malaysia Sdn Bhd, Malaysia
7. Al Salam Bank, Sudan
8. Animal Resources Bank, Sudan
9. Ahli Bank QSC, Qatar
10. Doha Bank, United Arab Emirates
11. National Bank of Umm Al Qawain (Islamic Banking Unit), United Arab Emirates

The full list of 137 IFSB members can be seen on www.ifsb.org. Their roles and responsibilities (by category) can be found in the IFSB Articles of Agreement which is downloadable from the website.

Siham Ismail
Islamic Financial Services Board
Email: siham@ifsb.org
Tel: 603 2698 4248 ext 119

The Islamic Financial Services Board (IFSB), which is based in Kuala Lumpur, was officially inaugurated on 3rd November 2002 and started operations on 10th March 2003. It serves as an international-standard setting body of regulatory and supervisory agencies that have vested interest in ensuring the soundness and stability of the Islamic financial services industry, which is defined broadly to include banking, capital market and insurance. In advancing this mission, the IFSB promotes the development of a prudent and transparent Islamic financial services industry through introducing new, or adapting existing international standards consistent with Islamic Shari'ah principles, and recommend them for adoption.

The 137 members of the IFSB include 35 regulatory and supervisory authorities as well as International Monetary Fund, The World Bank, Bank for International Settlements, Islamic Development Bank, Asian Development Bank, and 97 market players and professional firms from 22 countries.

This release was published on openPR.