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The IFSB Disseminates PSIFIs Data along with Detailed Financial Statements (DFS) up to Q4 2022 for Islamic Banking Systems in Member Countries

Date posted: 31 May 2023

Kuala Lumpur, 31 May 2023 - The Islamic Financial Services Board (IFSB) is pleased to announce the 26th dissemination of country-level Prudential and Structural Islamic Financial Indicators (PSIFIs) data from Q4 2013 to Q4 2022, and the 4th dissemination of the detailed financial statements (DFS) on the Islamic banking sector from Q4 2017 to Q4 2022.

This PSIFIs project currently compiles data on the Islamic banking sector from 26 jurisdictions; Afghanistan, Bahrain, Bangladesh, Brunei, Egypt, Indonesia, Iran, Iraq, Jordan, Kazakhstan, Kuwait, Kyrgyzstan, Lebanon, Libya, Malaysia, Morocco, and Nigeria. Others include: Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Sudan, Turkey, United Arab Emirates, and the United Kingdom.  

Dr. Bello Lawal Danbatta, the Secretary-General of the IFSB, highlighted the progress made by the PSIFIs project during its last five phases in the dissemination of Islamic Banking data. The project has achieved a significant coverage of the Islamic Financial Services Industry, enabling macroprudential assessment and financial soundness analysis with policy implications. The importance of PSIFIs data has grown alongside the global expansion of Islamic finance. The project continues to expand by including new regulatory and supervisory authorities.

Notably, the takaful sector and the Islamic capital market sector have been incorporated into the PSIFIs database, along with the collection of more detailed data on the Islamic banking sector through the Detailed Financial Statement (DFS) since 2020.

As the PSIFIs project enters its new phase VI, the focus is on developing a more robust database with more frequent and detailed data in the takaful and Islamic Capital Market (ICM) sectors, similar to the Islamic Banking Sector. The aim is also to enhance the user-friendliness of the database. The 26th dissemination of Islamic Banking data, which includes the DFS, is crucial for the industry as it will provide the latest prudential and structural data for the entire year of 2022.

Dr. Danbatta expressed his sincere gratitude to the Task Force members and other supporting parties for their continuous efforts in ensuring the timely dissemination of data.

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 several 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, nine RSAs from the takāful sector and seven RSAs from the Islamic capital market (ICM) sector have been contributing significantly to the PSIFIs project for their respective sectors. The IFSB completed the 3rd dissemination of takāful data and 2nd dissemination of ICM sector data in September 2022, both covering data for Q1 to Q4 of 2021. With the roll-out of takāful sector and ICM sector data in 2020 under the last Medium-term Plan (MTP, 2020-22), the PSIFIs database has extended its coverage to all three major segments of the Islamic financial services industry (IFSI). 

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. 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, 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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