Bank of Korea Gains IFSB Membership

The Council of the Islamic Financial Services Board (IFSB) has today resolved to admit Bank of Korea into the IFSB membership as an Associate Member.

The 24th meeting of the IFSB Council, hosted by Autoriti Monetari Brunei Darussalam (AMBD), was held on 27 March 2014 at the Empire Hotel and Country Club in Brunei Darussalam. It was chaired by the Managing Director, AMBD, H.E. Dato Mohd Rosli Sabtu and attended by 10 central bank governors and heads of regulatory and supervisory authorities, as well as 12 senior representatives from among the Council and Full members of the IFSB, representing 17 countries. The meeting was also attended by the President of the Islamic Development Bank.

The 184 members of the IFSB comprise 59 supervisory and regulatory authorities from the banking, capital markets and Islamic insurance (Takāful) sectors in 45 jurisdictions, as well as eight international inter-governmental organisations, and 117 market players (financial institutions, professional firms and industry associations).

The full list of the IFSB members is available on the IFSB website www.ifsb.org. The roles and responsibilities of the members (by category) are detailed in the IFSB Articles of Agreement that can be downloaded from the website.

The Meeting of the Council was followed by the 12th IFSB General Assembly and the 9th Islamic Financial
Stability Forum.