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Kazakhstan’s National Bank becomes a member of the Islamic Financial Services Board (IFSB)

23 february 2012, 15:07
0
© Yaroslav Radlovsky
© Yaroslav Radlovsky
Kazakhstan’s National Bank has become a member of the Islamic Financial Services Board (IFSB), Tengrinews.kz reports, citing the National Bank’s Press Service.

All the procedures to obtain the membership have been completed.

The Islamic Financial Services Board (IFSB) is an international standard-setting organization 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. The IFSB also conducts research and coordinates initiatives on industry related issues, as well as organizes roundtables, seminars and conferences for regulators and industry stakeholders.

As at November 2011, the 189 members of the IFSB comprise 53 regulatory and supervisory authorities, eight international inter-governmental organizations and 128 market players, professional firms and industry associations operating in 44 jurisdictions.

Based in Kuala Lumpur, Malaysia, the IFSB began operations in early 2003.

“The membership will enable the National Bank to rely on effective support of the Organization to introduce and regulate Islamic financial services in Kazakhstan”, the Press Service reports.

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