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The IFSB Disseminates PSIFIs Data for 2022Q3 on Islamic Banking Systems in Member Countries

Date posted: 8 February 2023

Kuala Lumpur, 8 February 2023 - The Islamic Financial Services Board (IFSB) is pleased to announce the dissemination of country-level Prudential and Structural Islamic Financial Indicators (PSIFIs) data on the Islamic banking sector up to Q3 of 2022 from IFSB member jurisdictions. This 25^th dissemination of PSIFIs data makes available, quarterly data from 2013Q4 to 2022Q3.  

This PSIFIs project 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 25^th dissemination of Islamic banking PSIFIs data will mark the phase VI of the newly developed Medium-Term Plan (MTP) 2023-2025. The new MTP will provide guidance, while adding strength and depth to the PSIFIs database in terms of quality, granularity, coverage and useability of the data. Data on prudential indicators for Islamic banking achieved a reasonable level of maturity, covering 99 percent of the market. However, the aim of the new MTP is set to broaden the database to its fullest”. He also iterated that, “The contribution of the Regulatory and Supervisory Authorities (RSA) members, along with the Task Force members remained to be the pillar of the PSIFIs project. Despite some environmental and geopolitical challenges, most of the past MTP targets was achieved due to the resilience of the members in serving PSIFIs database. Building up on the success from the past, IFSB is committed to extend the PSIFIs activities across other sectors of Islamic financial services.”

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 in 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’s 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, the PSIFIs database has extended its coverage to all three (3) major segments of the Islamic financial services industry (IFSI). 

Alongside, 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 level parallel to the Islamic banking database. 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, 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