The Islamic Financial Services Board (IFSB) has released country-level data on financial soundness and growth of the Islamic banking systems for Q119 from IFSB member jurisdictions.
This 13th dissemination completes the availability of quarterly data from Q413 to Q119, and is part of the IFSB’s Prudential and Structural Islamic Financial Indicators (PSIFIs) project. This project currently compiles data from Afghanistan, Bahrain, Bangladesh, Brunei, Egypt, Indonesia, Iran, Jordan, Kazakhstan, KSA, Kuwait, Lebanon, Libya, Malaysia, Nigeria, Oman, Pakistan, Palestine, Qatar, Sudan, Turkey, the UAE and the UK.
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 taskforce members of participating member jurisdictions. Dr Bello added, “(The) IFSB Secretariat expects continued support from the taskforce members of newly-joined jurisdictions to implement the new Medium-Term Plan (2020-2022) for (the) PISIFIs project, targeting to start dissemination of data for Islamic insurance (takāful) and Islamic capital market (ICM) sectors.”
Dr Bello also mentioned that 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 - facilitates the collection of Islamic banking data. A total of six regulator and supervisory authorities (RSAs) from the takāful sector and four RSAs from Islamic capital markets have joined the database project to compile PSFIs database for the respective sectors. The IFSB Secretariat regularly conducts capacity-building workshops/meetings with the country representatives of the taskforce. The International Monetary Fund (IMF), Islamic Development Bank (IDB) and the Asian Development Bank (ADB) – are also the members helping to enhance clarity and consistency of reporting indicators across jurisdictions.
Details:
The PSIFIs Database containing the full set of data plus metadata is available on the PSIFIs portal at the IFSB website