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 Q3 of 2019 from IFSB member jurisdictions. This 15th dissemination completed the availability of quarterly data from Q4 of 2013 to Q3 of 2019. This PISIFIs project currently involves compilation of 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.
The Secretary-General of the IFSB, Dr. Bello Lawal Danbatta stated, “This database project has come to its advanced phase (Phase IV:2017-2019), extending the number of reporting countries from 17 to 24 on regular dissemination of Islamic banking database.” In this regard, he appreciated the continued support of the Task Force members for timely collection and dissemination of the data. He further mentioned, “The IFSB has started implementation of a newly launched 3-year phase (Phase V), beginning 2020 as approved by the IFSB Council on 11 December 2019 with the objective of enhancing the database to new echelons by introducing new databases for takaful and Islamic capital market.”
The IFSB Task Force on PSIFIs – comprising representatives from 24 participating jurisdictions - has been importantly committed in facilitating the collection of Islamic banking data. A total of six regulator and supervisory authorities (RSAs) from takaful and four RSAs from Islamic capital markets sectors have joined the project to compile PSIFIs database for their respective sectors. 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 (IDB) and the Asian Development Bank (ADB) – also the IFSB 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.
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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