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).
These Founding Members are permanent members of the Board of Directors 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 Group, which is formed by IIFM in all of its documentation standardization projects.
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 Group, which is formed by IIFM in all of its documentation standardization projects.
Associate membership shall be available to FI’s and IFI’s interested in Islamic financial services. Associate members are not eligible to be represented on the IIFM Board but may attend and participate in other IIFM meetings on invitation.
Associate member will be able to vote on IIFM’s initiatives, but does not have the right to vote on matters relating to the Board of Directors and the policies of the IIFM. However, the Associate Member can be appointed to serve on the IIFM Working Group, which is formed by IIFM in all of its documentation standardization projects.
Observer member shall be open to all institutions interested in Islamic financial services. An Observer member may attend and participate in IIFM meetings on invitation and Annual General Meeting but have no voting rights. An Observer member may be appointed to serve on the IIFM Working Group, which is formed by IIFM in all of its documentation standardization projects.