UAE-based Capital Shield Insurance Brokers, a leading multinational insurance brokerage business, was among the five organisations, that have been inducted into Islamic Financial Services Board (IFSB) based in Kuala Lumpur, Malaysia. 

 

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.

 

The announcement was made at the IFSB Annual Meetings 2020: 36th Meeting of the Council and 18th General Assembly held remotely on June 4 in Kuala Lumpur. 

 

In light of the current global situation due to the Covid-19 pandemic, the IFSB adopted a virtual format. This was the first ever IFSB Annual Meetings and General Assembly conducted fully online. 

 

The members also include two supervisory authorities as full and associate members and three market players as observer members.

 

The newly admitted members are:

*Full Member - The Agency of the Republic of Kazakhstan for Regulation and Development of the Financial Market (Kazakhstan)

*Associate Member - The Securities and Exchange Commission, Nigeria

*Observer Member- Capital Shield Insurance Brokers, UAE; PT Bank Syariah Mandiri, Indonesia and Fitch Ratings Singapore

 

The 36th Meeting of the Council and 18th General Assembly was hosted by Bank Negara Malaysia (BNM), chaired by H.E Nor Shamsiah Mohd Yunus, Governor of Bank Negara Malaysia and Chairperson of the IFSB for 2020. 

 

It was attended by Central Bank Governors, Executive Presidents, Chairmen, Managing Directors, Vice Presidents and Deputy Governors of regulatory and supervisory authorities, senior representatives from among the Council and Full members of the IFSB, representing 19 countries and the Islamic Development Bank.-TradeArabia News Service