The IFSB Disseminates PSIFIs Data for 2020Q4 with Detailed Financial Statements (DFS) for Islamic Banking Systems in Member Countries
Date posted: 30 June 2021
Kuala Lumpur, 30 June 2021 - The Islamic Financial Services Board (IFSB) is pleased to announce the dissemination of country-level Prudential and Structural Islamic Financial Indicators (PSIFIs) data including the detailed financial statements (DFS) on the Islamic banking sector for Q4 of 2020 from IFSB member jurisdictions. This 19th dissemination of PSIFIs data along with 2nd dissemination of DFS makes available, quarterly data from 2013Q4 to 2020Q4.
This PSIFIs project currently compiles data on the Islamic banking sector from 25 jurisdictions namely Afghanistan, Bahrain, Bangladesh, Brunei, Egypt, Indonesia, Iran, Iraq, Jordan, Kazakhstan, Kuwait, Kyrgyzstan, 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 “The PSIFIs project now includes a set of detailed financial statements, which is intended not only to provide a more granular view at the structure of Islamic finance activities, but also to facilitate the validation of the country-level data, reflecting our strong commitment towards ensuring accuracy and quality of data.” In this regard, he acknowledged and appreciated the continuous support and commitment of the Task Force members towards the project since its inception. He also stated, “Shocks like COVID-19 pandemic have showed how the interconnectedness among the different sectors of the economy has the potential to affect each other adversely and analysis of such propagation of risks among sectors warrants comprehensive cross-sectoral database. IFSB’s current Medium-Term Plan 2020-2022 under Phase V of the PSIFIs project has taken cognizance of this crucial aspect and has expanded coverage of the project, incorporating Takaful and Islamic Capital Market sectors under the umbrella as well. I believe these initiatives are expected to pave the way for a sustainable and comprehensive database for the Islamic financial services industry.”
The sectoral country-level data provides a number of prudential indicators covering full-fledged Islamic banks and Islamic windows of conventional banks, including capital adequacy, asset quality, earnings, leverage, liquidity, as well as sensitivity to risks. It also provides some additional prudential indicators that facilitate analysis of the concentration of banks’ exposures, as well as a set of structural indicators that captures the overall size and structure of the Islamic banking sector. Besides, the newly introduced detailed financial statements (DFS) are intended to provide more granularity to the country-level data while assisting the review and validation process towards the accuracy and quality of the PSIFIs.
The IFSB Task Force on PSIFIs – comprising representatives from 25 participating jurisdictions - has importantly committed in facilitating the collection of Islamic banking data. Moreover, a total of seven regulatory and supervisory authorities (RSAs) from the takāful sector and four RSAs from the Islamic capital market sector have joined the project to compile PSIFIs database for their respective sectors. The first dissemination of data on the takāful sector was completed in September 2020. 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.
The PSIFIs Database (full set of data with metadata) is available on the PSIFIs portal at the IFSB website https://psifi.ifsb.org
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