The Islamic Financial Services Board (IFSB) of Malaysia has approved giving membership for 7 organizations, including the Central Bank of Iraq. IFSB has three categories of membership – full member, associate member and observer member. Central Bank of Iraq has been made a full member. IFSB 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. The additions include five supervisory authorities as full and associate members, one financial institution and one industry association as observer members. The 29th meeting of the IFSB Council, hosted by the Central Bank of Egypt, was chaired by Central Bank of Egypt governor Tarek Amer, in Cairo. It was attended by 11 central bank governors and deputy governors of regulatory and supervisory authorities, and nine senior representatives from among the council and full members of the IFSB, representing 14 countries, and the Islamic Development Bank. Besides the Central Bank of Iraq, the other members inducted are Central bank of Mauritania (full member), Capital Markets Authority, Kenya, Under secretariat of Treasury, the Republic of Turkey and the Regional Council for Public Savings and Financial Markets (CREPMF), West African Monetary Union (associate members) and Dahabshil Bank International, Somalia and Turkish Capital Markets Association, The Republic of Turkey (observer members).
