Bank of Korea, South Korea’s central bank, has joined the Kuala Lumpur-based Islamic Financial Services Board (IFSB) as an associate member.
The Bank of Korea is the 59th regulatory body to join the IFSB, one of the main standard-setting bodies for Islamic finance, bringing total membership to 184.
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The other members of IFSB include the central banks of Luxembourg and Japan and the monetary authorities of Hong Kong and Singapore.
South Korea’s Export-Import Bank of Korea already has a bond program in Malaysia that can issue Islamic bonds, or sukuk, although it has yet to tap the market, according to Reuters.
In a separate statement, the IFSB also adopted a revised guideline on the supervision of Islamic finance institutions, helping tighten regulatory oversight of industry practices.
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