The IFSB Disseminates Q2–2017 Islamic Banking Data and Makes Progress to Expand Coverage of its Database Project to Takāful and Islamic Capital Markets
Date posted: 28 December 2017
28 December 2017, Kuala Lumpur – 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 Q2 of 2017 from 15 IFSB member jurisdictions. This eighth dissemination completes the availability of quarterly data from Q4 of 2013 to Q2 of 2017.
The Acting Secretary-General of the IFSB, Mr. Zahid ur Rehman Khokher stated, “With the launch of Phase IV of the IFSB’s Prudential and Structural Islamic Finance Indicators (PSIFIs) Database Project in early 2017, the IFSB has both extended the coverage of PSIFIs banking sector database to several new countries, as well as undertaken efforts to expand the database coverage to Islamic insurance (takāful) and Islamic capital market sectors”. Mr. Zahid also mentioned, “I am pleased to note that the recognition and usage of this database has increased significantly during 2017, where we have recorded over 40,000 page downloads from the PSIFIs portal on IFSB website (www.ifsb.org)”.
The IFSB’s PSIFIs project is currently collecting Islamic banking data on a trial basis from newly-joined contributors: Bank of England, Central Bank of Lebanon (Banque du Liban), Palestine Monetary Authority, and Qatar Central Bank, and it is anticipated that these countries will start their formal reporting of PSIFIs data in early 2018. This will bring the coverage of the PSIFIs data to over 95% of the global Islamic banking activity, from the existing 90%. The countries currently participating in the IFSB’s PSIFIs database project are Afghanistan, Bahrain, Bangladesh, Brunei, Egypt, Indonesia, Iran, Jordan, Kuwait, Malaysia, Nigeria, Oman, Pakistan, Saudi Arabia, Sudan, Turkey and the United Arab Emirates.
For expansion of coverage to the new sectors, the IFSB has completed a comprehensive survey exercise during 2017 on the availability of data and selection of soundness indicators for the takāful and Islamic capital market sectors. The survey was conducted among regulatory and supervisory authorities from the IFSB member countries that supervise these two sectors. After the completion of the survey exercise, the IFSB Secretariat is now finalising a broad set of indicators by studying their relevance, significance, and availability of data in member jurisdictions, while enhancing the existing Compilation Guides to provide detailed guidance on the compilation methodologies and metadata collection of the finalised set of indicators.
The PSIFIs Database (full set of data with metadata) is available on the PSIFIs portal at the IFSB website http://psifi.ifsb.org.
The Task Force of PSIFIs project includes representatives from 21 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. Three international organisations – the International Monetary Fund (IMF), Islamic Development Bank (IDB) and the Asian Development Bank (ADB) – are also members of the Task Force.
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 2014-2017, the Secretariat has conducted a total of eight capacity building meetings/workshops with the country coordinators, including two during 2017.
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