The six (6) Founding Members of IIFM who were the signatories to the “Agreement Establishing the International Islamic Financial Market (IIFM)” are the Central Bank of Bahrain (formerly Bahrain Monetary Agency), Islamic Development Bank, Bank Negara Malaysia (represented by Labuan FSA), Bank Indonesia, Central Bank of Sudan and the Brunei Darussalam Central Bank (formerly Autoriti Monetari Brunei Darussalam).
The Founding Members are permanent members of IIFM. Thus, they always have a representation on the IIFM Board and can be appointed to the IIFM Executive Committee or in the IIFM Working Groups, which is formed by IIFM in all of its documentation standardization projects.
Full membership shall be available to Regulatory Authorities as well as Financial Institutions (FI’s) that are interested in Islamic financial services. Full member will be eligible to be elected by the Board of Directors to serve for a three (3) year term on the IIFM Board. In addition, it can be appointed to serve on the IIFM Executive Committee or on the IIFM Working Groups.
This category of membership shall be generally available to Islamic Financial Institutions (IFI’s) as well others who interested in Islamic financial services. The members are eligible to be elected by the Board of Directors to serve for a two (2) year term on the IIFM Board. In addition, it can be appointed to serve on the IIFM Executive Committee or on the IIFM Working Groups.
Observer membership shall be open to all institutions interested in Islamic financial services. Such Members do not have representation on the Board but they may be appointed to serve in the IIFM Working Groups.