The Islamic Financial Services Board approved revisions to its Articles of Agreement and By-Laws at its 48th Council Meeting and 24th General Assembly, reshaping its mandates, the roles and composition of its governance organs, and its membership structure and benefits. The changes are aimed at deepening engagement with member jurisdictions. The meetings also reviewed mid-term progress under the Strategic Plan 2025–2027 across financial sector policy development, capacity development, membership engagement and institutional reform. In parallel, the IFSB admitted the Malta Financial Services Authority and the International Islamic Liquidity Management as new observer members, and approved new nominations for sectoral technical committees covering Islamic capital markets and Islamic insurance to strengthen expert representation in its technical work. For 2027, the IFSB named Olayemi Cardoso, governor of the Central Bank of Nigeria, as chairman and Şahap Kavcıoğlu, chairman of the Banking Regulation and Supervision Agency of the Republic of Türkiye, as deputy chairman, effective 1 January 2027.
Islamic Financial Services Board2026-07-14
Islamic Financial Services Board approves revised governance framework to deepen jurisdictional engagement
The Islamic Financial Services Board approved revisions to its Articles of Agreement and By-Laws, changing its mandates, governance structure and membership framework to deepen jurisdictional engagement. It also admitted two new observer members, approved new technical committee nominations and named Olayemi Cardoso and Şahap Kavcıoğlu as 2027 chairman and deputy chairman, effective 1 January 2027.