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The IFSB’s PSIFIs Database Records a New Milestone with the First Dissemination of Data on the Islamic Capital Markets (ICM) Sector

Date posted: 30 September 2021

Kuala Lumpur, 30 September 2021 - The Islamic Financial Services Board (IFSB) is releasing the inaugural country-level Prudential and Structural Islamic Financial Indicators (PSIFIs) data for the Islamic capital markets (ICM) sector from the IFSB member jurisdictions today. This inaugural dissemination covers quarterly data for ICM sector from 2019Q1 to 2020Q4. Currently, the participating jurisdictions contributing to ICM sector data are Bahrain, Brunei, Indonesia, Malaysia, Qatar and Turkey which are amongst the dominant ICM players globally. The IFSB plans to extend the coverage of the ICM sector database to include more member jurisdictions. 

The Secretary-General of the IFSB, Dr. Bello Lawal Danbatta, stated, “This is a momentous achievement for the IFSB’s PSIFIs database with the launching of the first dissemination of data for the ICM sector. With the roll-out of this first set of ICM sector data, the IFSB now covers all three major segments of the Islamic financial services industry (IFSI) including Islamic banking and takāful sectors under the umbrella of its PSIFIs database, thereby signifying another step towards addressing the data gaps in these sectors.” He expressed his heartfelt gratitude to the Task Force members for their continued support and commitment in achieving this accomplishment. 

The sectoral country-level data provides a number of prudential indicators covering three main areas of ICM that include ṣūkuk, Sharīʻah-compliant equity and Islamic funds. For each area, specific sub-schedules are provided that break down the information in various ways needed to analyse the markets. The dissemination of ICM data comprehends the existing Islamic banking and takaful data to fully capture these three essential sectors in Islamic finance. 

The PSIFIs Task Force on ICM sector – currently comprising representatives from six participating jurisdictions - has been contributing substantially with valuable insights for developing a meaningful database of this sector. Moreover, a total of 26 regulatory and supervisory authorities (RSAs) from the Islamic banking sector and nine RSAs from the takāful sector have been working with the project to compile PSIFIs database for their respective sectors. 

In order to increase its engagement and committment with the PSIFIs contributors, the IFSB Secretariat has been regularly conducting capacity building workshops/meetings with the country representatives of the Task Force, focusing on enhancing clarity and consistency of compilation and reporting of indicators across jurisdictions. As such, it intends to enhance the quality, quantity and reliability of the data and information available through the PSIFIs database. It also attempts to increase the number of PSIFIs contributors by inviting new and potential contributors including those for the ICM sector. 

The PSIFIs Database (full set of data with metadata) are available on the PSIFIs portal on the IFSB website https://psifi.ifsb.org

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