The IFSB Prudential and Structural Islamic Financial Indicators (PSIFIs) database achieves a new milestone with the dissemination of data on the takāful sector

30 September 2020, Kuala Lumpur, Malaysia – The Islamic Financial Services Board (IFSB) is pleased to announce the inaugural dissemination of country-level data from IFSB member jurisdictions on the financial soundness and growth of the takāful sector. The inaugural dissemination covers quarterly data for takāful indicators from Q1 to Q4 of 2019. The participating jurisdictions for Takaful sector data are Brunei, Malaysia, Nigeria, Saudi Arabia, Turkey and United Arab Emirates. The IFSB plans to extend the coverage of the database on takāful indicators to include more member jurisdictions. 

The Secretary-General of the IFSB, Dr. Bello Lawal Danbatta stated that, “The IFSB’s database project has now reached a new milestone with the roll-out of Phase V of the project in 2020, which includes some important developments to the PSIFIs database, most notably, its expansion beyond the Islamic banking sector to cover data on the takāful and Islamic capital market sectors of IFSB member jurisdictions. In this regard, this is a landmark dissemination of data on the takāful sector, signifying a pivotal step towards addressing the data gaps in this sector.”

Six regulators, namely Brunei, Malaysia, Nigeria, Saudia Arabia, Turkey and United Arab Emirates have participated in leading this significant step forward in providing takāful sector PSIFIs data. The database will continue to expand its coverage in due course to include more takāful regulators as part of its Phase V medium-term plan.