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The Council of the Islamic Financial Services Board (IFSB) has resolved to admit Korea’s regulatory and supervisory authorities as the latest inclusion to the membership of the IFSB. The admission of the two Korean authorities, together with other new members has increased the IFSB membership to 175.
The newly admitted members are as follows:
1. Financial Services Commission & Financial Supervisory Service, Korea
2. Khaleeji Commercial Bank B.S.C.(c), Bahrain
3. Kuwait International Bank, Kuwait
4. Unicorn International Islamic Bank, Malaysia
5. Commercial Bank of Dubai, United Arab Emirates
6. Deutsche Bank AG, United Arab Emirates
7. Emirates Islamic Bank, United Arab Emirates
8. Tokio Marine Insurance Middle East, United Arab Emirates
9. Gatehouse Bank plc, United Kingdom
The new admissions reflect the continuing interest of the Islamic financial services industry in the work undertaken by the IFSB. The IFSB members now total 175 organisations from 34 jurisdictions comprising 42 regulatory and supervisory authorities, six international inter-governmental organisations and 127 market players and professional firms. The full list of the 175 IFSB members can be seen on www.ifsb.org. Their roles and responsibilities (by category) are detailed in the IFSB Articles of Agreement which is downloadable from the website.
The IFSB is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors.