MEMBERSHIP

Membership Types

Founder & Permanent Members

The six (6) founding members are the members who were signatories to the Agreement Establishing the International Islamic Financial Market (IIFM). The founding members are Islamic Development Bank, Central Bank of Bahrain, Autoriti Monetari Brunei Darussalam, Bank Indonesia, Bank Negara Malaysia (represented by LabuanFSA) and Central Bank of Sudan.

The founding and permanent members have representation on the Board of Directors and have one vote at the Annual General Meeting. They may be appointed to serve on the Executive Committee or on the Working Group. Besides the founding members, IIFM is supported by other jurisdictional members such as Dubai International Financial Centre.

The founding members are permanent members of the Board of Directors of IIFM.

Full Members

Full membership shall be available to regulatory authorities as well as Financial Institutions (FIs) that are interested in Islamic financial services. Full members will be eligible to be elected by the Board of Directors to serve for a three (3) year term on the Board to fill four (4) Board seats reserved for this category of members.

Full members shall have one vote at the Annual General Meeting and may be appointed to serve on the Executive Committee or on the Working Group.

Members

This category of membership shall be generally available to Islamic Financial Institutions (IFIs), however, not limited to IFIs only. The members are eligible to be elected by the founding and permanent members to the Board to fill six (6) Board seats for a two (2) year term.

Member shall have one vote at the Annual General Meeting and may be appointed to serve on the Executive Committee or on the Working Group.

Associate Members

Associate membership shall be available to Islamic Financial Institutions (IFIs) and Financial Institutions (FIs) interested in Islamic financial services. Associate members are not eligible to be represented on the Board but may attend and participate in all meetings of the Annual General Meeting.

An Associate member will have limited vote at the Annual General Meeting and will be able to vote on IIFM’s initiatives but not on matters concerning Board and policies of IIFM. An Associate member may be appointed to serve on the Working Group of IIFM.

Observer Members

Observer member shall be Financial Institutions (FIs) and all other institutions interested in the Islamic financial industry. An Observer member may attend and participate in all meetings of the Annual General Meeting but have no voting rights. An Observer member may be appointed to serve on the Working Group of IIFM.

The fee structure for the above membership types is available on the application form.

Transfer Instructions & Bank Account Details:

USD currency
Beneficiary:               International Islamic Financial Market
USD Account No:      01-101-0014242
IBAN:                        BH49 KFHO 0001 1010014242
Swift Code:               KFH-OBHBM
Branch:                     Manama Branch
Bank:                        Kuwait Finance House
                                 P.O. Box 2066
                                 Manama - Kingdom of Bahrain.
BHD currency
Beneficiary:               International Islamic Financial Market
BHD Account No:      01-101-0014234
IBAN:                        BH71 KFHO 0001 1010014234
Swift Code:               KFH-OBHBM
Branch:                     Manama Branch
Bank:                        Kuwait Finance House
                                 P.O. Box 2066
                                 Manama - Kingdom of Bahrain.