Kuala Lumpur, Malaysia: The Islamic Financial Services Board (IFSB) is pleased to announce the dissemination of country-level data on financial soundness and growth of the Islamic banking systems for Q1 of 2019 from IFSB member jurisdictions. This 13th dissemination completes the availability of quarterly data from Q4 of 2013 to Q1 of 2019, and is part of the IFSB’s Prudential and Structural Islamic Financial Indicators (PSIFIs) project. This PISIFIs project currently compiles data from Afghanistan, Bahrain, Bangladesh, Brunei, Egypt, Indonesia, Iran, Jordan, Kazakhstan, Kuwait, Lebanon, Libya, Malaysia, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Sudan, Turkey, the United Arab Emirates and the United Kingdom. A special feature of this dissemination is the inclusion of full-fledged Islamic banking data of Libya for the first time after completing several compilation exercises with Islamic banking data of Libya before this dissemination.
The Secretary-General of the IFSB, Dr. Bello Lawal Danbatta stated, “the PSIFIs project for the Islamic banking sector has reached an advanced and sustainable stage with coverage of over 95% of global Islamic banking activities.” IFSB has achieved this level of data compilation and dissemination as a result of the strong support from the Task Force members of the participating member jurisdictions who are regularly compiling and submitting the PSIFIs data. Acknowledging their contribution, Dr. Bello further added, “IFSB Secretariat expects continued support from the Task Force members of newly joined jurisdictions to implement the new Medium-Term Plan (2020-2022) for PISIFIs project, targeting to start dissemination of data for Islamic insurance (takaful) and Islamic capital market (ICM) sectors.” Dr. Bello also mentioned, “new actions would be taken under the new Medium-Term Plan in order to increase the utilisation of PSIFIs data.”
The IFSB Task Force on PSIFIs – comprising representatives from 24 participating jurisdictions - has been greatly facilitating the collection of Islamic banking data. A total of six regulator and supervisory authorities (RSAs) from takaful sector and four RSAs from Islamic capital markets have joined the database project to compile PSFIs database for respective sector. The IFSB Secretariat has been regularly conducting capacity building workshops/meetings with the country representatives of the Task Force, where three international organisations – the International Monetary Fund (IMF), Islamic Development Bank (IsDB) and the Asian Development Bank (ADB) – are also the members, focusing on enhanced clarity and consistency of reporting indicators across jurisdictions.
The PSIFIs Database (full set of data with metadata) is available on the PSIFIs portal at the IFSB website http://psifi.ifsb.org.
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PSIFIs Background
The Task Force of PSIFIs project includes representatives from participating regulatory and supervisory authorities that work as coordinators for regular submission of data from their countries and work with the IFSB during the due processes of data collection, compilation, revision, and approval. Following the successful launch of PSIFIs database on 27 April 2015, the IFSB currently has a platform for periodical dissemination of the PSIFIs data, which is regularly submitted by participating jurisdictions. Moreover, from 2014 until now, the Secretariat has conducted a total of 12 capacity building meetings/workshops with the country coordinators, including two during 2019.
About the Islamic Financial Services Board (IFSB)
The IFSB is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors. The IFSB also conducts research and coordinates initiatives on industry-related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders. Towards this end, the IFSB works closely with relevant international, regional and national organisations, research/educational institutions and market players.
The members of the IFSB comprise regulatory and supervisory authorities, international inter-governmental organisations and market players, professional firms and industry associations.
For more information about the IFSB, please visit www.ifsb.org.
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