IFSB disseminates PSIFIs data for 2020Q4 for Islamic banking systems in member countries

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.”