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05 Nov | Tuesday
The IFSB Database Disseminates Data for 2019Q2 for Islamic Banking Systems in member Countries

5 November 2019, Kuala Lumpur, Malaysia – The Islamic Financial Services Board (IFSB) is pleased to announce the dissemination of country-level data on financial soundness and growth of the Islamic banking systems for Q2 of 2019 from IFSB member jurisdictions. This 14th dissemination completes the availability of quarterly data from Q4 of 2013 to Q2 of 2019. This PISIFIs project currently compiles data from Afghanistan, Bahrain, Bangladesh, Brunei, Egypt, Indonesia, Iran, Jordan, Kazakhstan, Kuwait, 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, “IFSB Secretariat has been regularly disseminating country Islamic banking data while reducing gradually the time lag of dissemination.” Acknowledging contribution of Task Force members, Dr. Bello further added, “IFSB Secretariat expects continued support from the Task Force members for timely collection and dissemination of the data.” Dr. Bello mentioned that, “IFSB is launching its new phase (Phase V) under a new Medium-Term Plan (2020-2022), targeting to start dissemination of data from the beginning of 2020 for Islamic insurance (takaful) and Islamic capital market (ICM) sectors.”

The IFSB Task Force on PSIFIs – comprising representatives from 24 participating jurisdictions - has been greatly facilitating the collection of Islamic banking data. A total of six regulatory and supervisory authorities (RSAs) from takaful sector and four RSAs from Islamic capital markets have joined the database project to compile PSFIs database for respective sector. The IFSB Secretariat has been regularly conducting capacity building workshops/meetings with the country representatives of the Task Force, where three international organisations – the International Monetary Fund (IMF), Islamic Development Bank (IDB) and the Asian Development Bank (ADB) – are also the members, focusing on enhanced clarity and consistency of reporting indicators across jurisdictions. The PSIFIs Database (full set of data with metadata) is available on the PSIFIs portal at the IFSB website http://psifi.ifsb.org.

PSIFIs Background

The Task Force of PSIFIs project includes representatives from participating regulatory and supervisory authorities that work as coordinators for regular submission of data from their countries and work with the IFSB during the due processes of data collection, compilation, revision, and approval. Following the successful launch of PSIFIs database on 27 April 2015, the IFSB currently has a platform for periodical dissemination of the PSIFIs data, which is regularly submitted by participating jurisdictions. Moreover, from 2014 until now, the Secretariat has conducted a total of 12 capacity building meetings/workshops with the country coordinators, including two during 2019.

About the Islamic Financial Services Board (IFSB)

The IFSB is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors. The IFSB also conducts research and coordinates initiatives on industry-related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders. Towards this end, the IFSB works closely with relevant international, regional and national organisations, research/educational institutions and market players.

The members of the IFSB comprise regulatory and supervisory authorities, international inter-governmental organisations and market players, professional firms and industry associations.

For more information about the IFSB, please visit www.ifsb.org.

 

Media contact
Nirvana Jalil Ghani
(603) 9195 1426
nirvana@ifsb.org
 

 

 Date of release: 5 November 2019

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© Copyright 2019 by RAM Rating Services Berhad

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