The IFSB disseminates data of Islamic banking systems from 21 countries, including full-fledged Islamic banking data of Afghanistan for the first time
Kuala Lumpur, 29 November 2018 – 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 2018 from 21 IFSB member jurisdictions. This eleventh dissemination completes the availability of quarterly data from Q4 of 2013 to Q2 of 2018, as part of the IFSB’s Prudential and Structural Islamic Financial Indicators (PSIFIs) project, which currently compiles data from Afghanistan, Bahrain, Bangladesh, Brunei, Egypt, Indonesia, Iran, Jordan, Kuwait, Lebanon, Malaysia, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Sudan, Turkey, the United Arab Emirates and the United Kingdom. A special feature of this dissemination is the inclusion of full-fledged Islamic banking data of Afghanistan for the first time as one Islamic banking window has been converted to the first full-fledged Islamic bank in April 2018.
The Secretary-General of the IFSB, Dr. Bello Lawal Danbatta stated, “With a regular dissemination of the PSIFIs data since its launch in April 2015, the IFSB database has received global acknowledgement as credible, consistent and comprehensive database of Islamic banking systems covering over 95% of global Islamic banking activities and all the jurisdictions with systematically important Islamic banking sector.” In the same context, he further stated, “This project has entered into a new stage as the IFSB secretariat has started collecting detailed financial statements (DFS) – more granular information on income statements and financial positions by countries – and is expected to start the dissemination of the DFS data in the beginning of 2019.” “The IFSB also targets to extend its database to Islamic insurance (tak?ful) and Islamic capital market (ICM) sectors by the end of 2019”, he further asserted.
The total assets of the Islamic banking industry grew by 1.7% from USD 1,625 billion in 2017Q2 to USD 1,652 billion in 2018Q2 (calculated from country-wise aggregated data converted into USD terms using end-period exchange rates). Financing by Islamic banks from the jurisdictions participating in the PSIFIs project which grew by 1.9% reached USD 1,013 billion in 2018Q2 from USD 994 billion in 2017Q2.
The number of full-fledged Islamic banks and Islamic windows of conventional banks in 21 countries stood at 189 and 82 in 2018Q2 as compared to 184 and 84 in 2017Q2 respectively.
The IFSB Task Force on PSIFIs comprise representatives from all participating jurisdictions have been greatly facilitating the collection of Islamic banking data. The IFSB Secretariat has been regularly conducting capacity building 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 include representatives from 21 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 ten capacity building meetings/workshops with the country coordinators, including two during 2018.
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NOTE TO EDITOR:
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.
