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14 Sept 2007

New IFSB Hedge Fund Regulators

Islamic hedge fund regulators have agreed to admit 12 new members to the the Council of the Islamic Financial Services Board (IFSB) bringing the total members to 137.

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

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

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 who have interest in ensuring the soundness and stability of the Islamic financial services industry.

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.

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.