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The IFSB Disseminates PSIFIs Data for 2022Q2 on Islamic Banking Systems in Member Countries

Date posted: 28 October 2022

Kuala Lumpur, 28 October 2022 - The Islamic Financial Services Board (IFSB) is pleased to announce the dissemination of country-level Prudential and Structural Islamic Financial Indicators (PSIFIs) data for the Islamic banking sector. This 24^th dissemination of PSIFIs data makes available, quarterly data from 4Q 2013 to 2Q 2022 for the Islamic banking sector of IFSB member jurisdictions.

The PSIFIs project for Islamic banking currently compiles data on the Islamic banking sector from 26 jurisdictions which include Afghanistan, Bahrain, Bangladesh, Brunei Darussalam, Egypt, Indonesia, Iran, Iraq, Jordan, Kazakhstan, Kuwait, Kyrgyzstan, Lebanon, Libya, Malaysia, Morocco, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Sudan, Turkey, United Arab Emirates, and the United Kingdom, representing largely the Middle-East, Asia and Africa regions, and countries having well-developed and developing Islamic finance industry. 

The Secretary-General of the IFSB, Dr. Bello Lawal Danbatta stated “The 24^th dissemination of the PSIFIs data will mark the completion of Phase V of the project under the current Medium Term Plan (MTP) 2020-2022. This is gladdening given that despite various challenges due to the COVID-19 pandemic the activities planned under the current MTP had been implemented successfully, paving the foundation for the next phase under a new MTP for 2023-2025.” He further stated, “the inclusion of new activities in the next phase will add strength and depth to the PSIFIs database in terms of quality, granularity, coverage, and usability of the data, which is expected to facilitate not only the works of the IFSB but also the activities of other standard setting bodies, member Regulatory and Supervisory Authorities (RSAs) and the end-users, in general.” Dr. Bello expressed appreciation for the support and commitment of the Task Force members as well as other supporting parties in this 24^th dissemination and congratulated all for achieving the objectives of the current MTP and solicited the same for the next phase of the project.

The PSIFIs data on the Islamic banking sector provides sectoral country-level data covering full-fledged Islamic banks and Islamic windows of conventional banks in the respective jurisdictions. The database contains a number of prudential and soundness indicators, including but not limited to capital adequacy, asset quality, earnings, leverage, liquidity, and sensitivity to risks. It also provides 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. Internally, the database is used to draft the IFSB Stability Report, working papers, discussion notes, etc, and externally, it can support banking research, market and industry assessment, market sentiment, industry estimation and even banking policy formulation at the regulatory level.  

In addition to the 26 regulatory and supervisory authorities (RSAs) from the Islamic banking sector, 9 RSAs from the takāful sector and 7 RSAs from the Islamic capital market (ICM) sector have been contributing significantly to the PSIFIs project for their respective sectors. It is worth mentioning that the IFSB completed the 3^rd dissemination of takāful data and 2^nd dissemination of ICM sector data in September 2022, both covering data for Q1 to Q4 of 2021. With the roll-out of takāful and ICM sector data in 2020 under the current MTP, the PSIFIs database has extended its coverage to all three major segments of the Islamic financial services industry (IFSI). 

Alongside this, the IFSB continues its initiatives to include more RSAs from its member jurisdictions to expand the reach of takāful and ICM sector databases to the same level as the Islamic banking database. As part of regular activities, 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 well as discussing the contemporary regulatory developments having implications for the PSIFIs. As such, the IFSB 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