CENTRAL BANK OF IRAQ GETS IFSB MEMBERSHIP

[Wiljor]

Iraq, December 16, 2016 

Malaysia-based Council of the Islamic Financial Services Board (IFSB) has approved the admission of seven organisations for IFSB membership including the Central Bank of Iraq which 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, said a statement from IFSB.

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, Egypt.

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.

The newly admitted members are:

Full members:
1. Central Bank of Iraq.
2. Central Bank of Mauritania.

Associate members:
3. Capital Markets Authority, Kenya.
4. Under secretariat of Treasury, The Republic of Turkey.
5. Regional Council for Public Savings and Financial Markets (CREPMF), West African Monetary Union.

Observer members:
6. Dahabshil Bank International, Somalia.
7. Turkish Capital Markets Association, The Republic of Turkey.

The membership of the IFSB is divided into three categories, namely full member, associate member and observer member, said a statement.

The full membership, which is the sole membership with voting rights, is available to the financial sector supervisory authorities of each sovereign country, it said.

To date, the 188 members of the IFSB consist of 70 supervisory and regulatory authorities from the banking, capital markets and Islamic insurance (takaful) sectors from 57 jurisdictions, as well as eight international inter-governmental organisations, and 110 market players (financial institutions, professional firms and industry associations), it stated.

tradearabia

http://iraqdailyjournal.com/story-z14467357

 

[yota691]

A little info on the above....Thanks Wiljor..........

Defining New Standards in Islamic Finance

The Islamic Financial Services Board (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. The IFSB also conducts research and coordinates initiatives on industry related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders.

[yota691]

Official Press release....

The IFSB Admits Seven Organisations into Its Membership

Date posted: 14 December 2016

 

Cairo, 14 December 2016 – The Council of the Islamic Financial Services Board (IFSB) has today resolved to approve the admission of seven organisations into the IFSB membership. These include five supervisory authorities as Full and Associate Members, one financial institution and one industry association as Observer Members.

The 29^th meeting of the IFSB Council, hosted by the Central Bank of Egypt, was held on 14 December 2016 in Cairo. Egypt. It was attended by ten central bank Governors and Deputy Governors of regulatory and supervisory authorities, and ten senior representatives from among the Council and Full members of the IFSB, representing 14 countries, and the Islamic Development Bank. The meeting was chaired by the Governor of the Central Bank of Egypt, H.E. Tarek Amer.

The newly admitted members are:

Full Members
1. Central Bank of Iraq
2. Central Bank of Mauritania

Associate Members
3. Capital Markets Authority, Kenya
4. Undersecretariat of Treasury, The Republic of Turkey
5. Regional Council for Public Savings and Financial Markets (CREPMF), West African Monetary Union

Observer Members 
6. Dahabshil Bank International, Somalia
7. Turkish Capital Markets Association, The Republic of Turkey

The membership of the IFSB is divided into three categories, namely Full Member, Associate Member and Observer Member. The Full Membership, which is the sole membership with voting rights, is available to the financial sector supervisory authorities of each sovereign country.

To date, the 188 members of the IFSB consist of 70 supervisory and regulatory authorities from the banking, capital markets and Islamic insurance (takāful) sectors from 57 jurisdictions, as well as eight international inter-governmental organisations, and 110 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 IFSB website.

[yota691]

one other press release...

Central Bank of the Islamic Republic of Iran to Assume the IFSB Chairmanship for 2017

Date posted: 14 December 2016

 

Cairo, 14 December 2016 – The Council of the Islamic Financial Services Board (IFSB) today resolved to appoint its Chairman and Deputy Chairman for the year 2017. H.E. Dr. Valiollah Seif, Governor of Central Bank of the Islamic Republic of Iran, will steer the Chairmanship of the IFSB, while H.E. Fazle Kabir, Governor, Bangladesh Bank was appointed Deputy Chairman. H.E. Dr. Valiollah Seif will assume the chairmanship of the international standard-setting organisation from H.E. Tarek Amer, Governor, Central Bank of Egypt. The new appointments will take effect on 1 January 2017.

The 29^th meeting of the IFSB Council, hosted by the Central Bank of Egypt, was held on 14 December 2016 in Cairo. Egypt. It was attended by ten central bank Governors and Deputy Governors of regulatory and supervisory authorities, and ten senior representatives from among the Council and Full members of the IFSB, representing 14 countries and the Islamic Development Bank. The meeting was chaired by H.E. Tarek Amer.

Brief profiles of the newly appointed Chairman and Deputy Chairman are as follows:

H.E. Dr. Valiollah Seif is a veteran of banking and finance, and is one of the most distinguished figures in the Iranian banking system. His Excellency has a PhD in the field of accounting and now is a member of the Faculty of Management and Accounting of Allameh Tabatabaii University. His Excellency was appointed as the Governor of the Central Bank of The Islamic Republic of Iran and Chairman of the Money and Credit Council in August 2013. H.E. Dr. Seif has served as the managing director of major Iranian state-owned banks including Mellat, Saderat, Sepah and Melli and also has steered Karafarin, a major private Iranian bank. Moreover, His Excellency has chaired Future Bank in Bahrain and Melli Plc in London. H.E. Dr. Seif has written many articles in the areas of monetary policy, Islamic banking and has lectured on different subjects of accounting, Islamic banking and finance in Iran.

H.E. Fazle Kabir is the former Senior Secretary to the Government of Bangladesh, and joined as the 11^th Governor of Bangladesh Bank on 20 March 2016. During his 34 years in the Bangladesh Civil Service, he held key positions in different ministries. He served as the Deputy Commissioner and District Magistrate of Kishoreganj district, Joint Secretary in the Ministry of Education, Director General of the National Academy for Planning and Development, Director General of the BCS Administration Academy, Secretary Ministry of Railways and Secretary Finance Division of the Ministry of Finance. His Excellency also served as a Director in the Board of Directors of Janata Bank Limited between 2008 and 2010, and Bangladesh Bank from 2012 to 2014. Prior to joining Bangladesh Bank, he held the position of Chairman of the Board of Directors of Sonali Bank Limited. His Excellency has a B.A. (Honours) and M.A. from the Department of Economics of the University of Chittagong.

[copper13]

I'm not as smart a da rests of yu Alls... does this mean that the Iraqi Dinar just went international????

[Wiljor]

Awesome Yota, thanks for the follow up brother 

[vomer]

Creeping into the international realm.

[GDaddy]

AWESOME JOB Wiljor... 

This is the KIND of INFORMATION Worth Knowing....Thanks

[haymon]

I think it means they are getting ready and accepted to be and play with the big boys....

[Gypsygirl11]

Great news. Lets see if Iraq is capable of following rules and regulations.

[blueskyline]

Thanks Wiljor , Yota . Oh wow . Importance for both Iraq and Iran .

[jeepguy]

42 minutes ago, copper13 said:

I'm not as smart a da rests of yu Alls... does this mean that the Iraqi Dinar just went international????

it isss , demmm,  beeing,  neewd,  too de-neighbor bor, hood ....  {    man that is a hard language too print   }   but  if this is an initiation , too the world of big banking , then  the Iraq central bank will  take a few  months too get comfortable with the other folks , as what , and when too tell every one what the central bank has in store for the  Iraq currency  !     so if  a couple of the other big bank countries , says too Iraq " you need too put  a value too your dinar now  "  I think Iraq would pull back and take longer  too comply with any new ideas , as being new too the  convention of banking countries !  they will need a blend in time ....  but  if Iraq see , that every one in the I F S B  are a caring , sharing bunch , who actually takes interest in other countries , and not be a bully ,  then Iraq will , or , might get too a  value in the dinar  a lot faster !   { just me thinking  .. }

[Boozer]

53 minutes ago, jeepguy said:

it isss , demmm,  beeing,  neewd,  too de-neighbor bor, hood ....  {    man that is a hard language too print   }   but  if this is an initiation , too the world of big banking , then  the Iraq central bank will  take a few  months too get comfortable with the other folks , as what , and when too tell every one what the central bank has in store for the  Iraq currency  !     so if  a couple of the other big bank countries , says too Iraq " you need too put  a value too your dinar now  "  I think Iraq would pull back and take longer  too comply with any new ideas , as being new too the  convention of banking countries !  they will need a blend in time ....  but  if Iraq see , that every one in the I F S B  are a caring , sharing bunch , who actually takes interest in other countries , and not be a bully ,  then Iraq will , or , might get too a  value in the dinar  a lot faster !   { just me thinking  .. }

I like the way ME thinks

[SgtFuryUSCZ]

1 hour ago, vomer said:

Creeping into the international realm.

***///  Yup.

And if President Trump can help them eradicate the Iranian vermin, and slam the door on

ho'bummer's  paid evil cabal pals, like the evil maliki, et al... then we see good things comin' down the pike !

 

.

Edited December 17, 2016 by SgtFuryUSCZ

[Synopsis]

What I like form the original article is, "Full members: 1. Central Bank of Iraq." and, "The full membership, which is the sole membership with voting rights, is available to the financial sector supervisory authorities of each sovereign country, it said."

I realize their may be different views of "sovereign" but I can't help but imagine the Council of the Islamic Financial Services Board sees Iraq as an undivided country now and in the future for the CBI to be a full member.  If Kurdistan and/or Southern Iraq were to break off, would the CBI be removed as a full member to allow central banking authorities in Kurdistan and/or southern Iraq to be recognized?  Seems like a lot of work for nothing.  Looks like here is a potential very positive indication Iraq will remain united as stated by Abadi earlier.

[SgtFuryUSCZ]

***///

As long as "sovereign" doesn't mean a divided Iraq with The Kurds going one way and

Iraq becoming a part of another already member - IRAN. 

[army03]

Just get to the finish line - This is Great news.

[Officiallytook]

We are gaining International Recognition

[skeetdog]

Thanks Wiljor....Iraq has been apart of the IFSB for over a year....I can't remember exactly when Iraq was accepted into the IFSB but it was as an Observer member and then upgraded to an Associate member and now Iraq has become a full fledged voting member...It was great news when the IFSB first invited Iraq to once again  become part of the Islamic financial community...If my memory serves me correct Iraq was rejected from this organization when Saddam Hussein pulled his shenanigans and got Iraq kicked out of the international scene....This doesn't lift Article 8 for Iraq to be allowed into the international community but it is the most valuable asset for leverage into the international community with the backing of the Islamic community...Iraq, basically needed to convince the IFSB of their intent and be accepted back before moving on to the UN/WTO...Now, Iraq has the backing of the Islamic world to put on their Big-Boy Pants....jmho   

[Laid Back]

Good news.!!

Move in the right direction 

The next step for the CBI is to get (IBAN) International Bank Account Number

Thanks Wiiljor and yota👍🏼

 

[AJACK1445]

Re: Central Bank of Iraq gets IFSB membership

http://www.ifsb.org/membership.php?id=1

There were only 2 newly admitted full members. The IFSB has 31 full members:
 

No.	Organisation	Country	Membership Type
1.	Autoriti Monetari Brunei Darussalam	Brunei	Full Member
2.	Bangladesh Bank	Bangladesh	Full Member
3.	Bank Al-Maghrib	Morocco	Full Member
4.	Bank Indonesia	Indonesia	Full Member
5.	Bank Negara Malaysia	Malaysia	Full Member
6.	Bank of Mauritius	Mauritius	Full Member
7.	Banking Regulation and Supervision Agency	Turkey	Full Member
8.	Banque Centrale De Djibouti	Djibouti	Full Member
9.	Capital Markets Board of Turkey	Turkey	Full Member
10.	Central Bank of Bahrain	Bahrain	Full Member
11.	Central Bank of Egypt	Egypt	Full Member
12.	Central Bank of Iraq	Iraq	Full Member
13.	Central Bank of Jordan	Jordan	Full Member
14.	Central Bank of Kuwait	Kuwait	Full Member
15.	Central Bank of Mauritania	Mauritania	Full Member
16.	Central Bank of Nigeria	Nigeria	Full Member
17.	Central Bank of Sudan	Sudan	Full Member
18.	Central Bank of the Islamic Republic of Iran	Islamic Republic of Iran	Full Member
19.	Central Bank of the Republic of Turkey	Turkey	Full Member
20.	Central Bank of the United Arab Emirates	United Arab Emirates	Full Member
21.	Dubai Financial Services Authority	United Arab Emirates	Full Member
22.	Indonesia Financial Services Authority	Indonesia	Full Member
23.	Islamic Development Bank	International Inter Governmental Organizations	Full Member
24.	Monetary Authority of Singapore	Singapore	Full Member
25.	National Bank of Kazakhstan	Kazakhstan	Full Member
26.	National Insurance Commission	Nigeria	Full Member
27.	Qatar Central Bank	Qatar	Full Member
28.	Saudi Arabian Monetary Agency	Saudi Arabia	Full Member
29.	Securities and Exchange Organization	Islamic Republic of Iran	Full Member
30.	Securities Commission of Malaysia	Malaysia	Full Member
31.	State Bank of Pakistan	Pakistan	Full Member

 

[nannab]

WOOOOOOOOOOOOOOO WHOOOOOOOOOOOOOOOOOOOOOOO !

 

[calkid11]

Thank you 

[Artitech]

53 minutes ago, Laid Back said:

Good news.!!

Move in the right direction 

The next step for the CBI is to get (IBAN) International Bank Account Number

Thanks Wiiljor and yota👍🏼

 

any ideal when this could take place?

[Kraidle]

1 hour ago, AJACK1445 said:

Re: Central Bank of Iraq gets IFSB membership

http://www.ifsb.org/membership.php?id=1

There were only 2 newly admitted full members. The IFSB has 31 full members:
 

No.	Organisation	Country	Membership Type
1.	Autoriti Monetari Brunei Darussalam	Brunei	Full Member
2.	Bangladesh Bank	Bangladesh	Full Member
3.	Bank Al-Maghrib	Morocco	Full Member
4.	Bank Indonesia	Indonesia	Full Member
5.	Bank Negara Malaysia	Malaysia	Full Member
6.	Bank of Mauritius	Mauritius	Full Member
7.	Banking Regulation and Supervision Agency	Turkey	Full Member
8.	Banque Centrale De Djibouti	Djibouti	Full Member
9.	Capital Markets Board of Turkey	Turkey	Full Member
10.	Central Bank of Bahrain	Bahrain	Full Member
11.	Central Bank of Egypt	Egypt	Full Member
12.	Central Bank of Iraq	Iraq	Full Member
13.	Central Bank of Jordan	Jordan	Full Member
14.	Central Bank of Kuwait	Kuwait	Full Member
15.	Central Bank of Mauritania	Mauritania	Full Member
16.	Central Bank of Nigeria	Nigeria	Full Member
17.	Central Bank of Sudan	Sudan	Full Member
18.	Central Bank of the Islamic Republic of Iran	Islamic Republic of Iran	Full Member
19.	Central Bank of the Republic of Turkey	Turkey	Full Member
20.	Central Bank of the United Arab Emirates	United Arab Emirates	Full Member
21.	Dubai Financial Services Authority	United Arab Emirates	Full Member
22.	Indonesia Financial Services Authority	Indonesia	Full Member
23.	Islamic Development Bank	International Inter Governmental Organizations	Full Member
24.	Monetary Authority of Singapore	Singapore	Full Member
25.	National Bank of Kazakhstan	Kazakhstan	Full Member
26.	National Insurance Commission	Nigeria	Full Member
27.	Qatar Central Bank	Qatar	Full Member
28.	Saudi Arabian Monetary Agency	Saudi Arabia	Full Member
29.	Securities and Exchange Organization	Islamic Republic of Iran	Full Member
30.	Securities Commission of Malaysia	Malaysia	Full Member
31.	State Bank of Pakistan	Pakistan	Full Member

 

There's some SERIOUS players in that list... Maybe this bit of news has some more pull than I originally thought.