Official Launch of the IFSB Islamic Financial Services Industry Stability Report 2019 at the IFN Forum Singapore 2019
Date posted: 30 August 2019
Dr. Bello Lawal Danbatta, Secretary-General of the IFSB with Dr. Adnan Chilwan, Group CEO, Dubai Islamic Bank, UAE
Dr. Bello Lawal Danbatta, Secretary-General of the IFSB with Mr. Ashraf Ali Gomma, Regional Head, Sharia Advisory and Governance, CIMB Islamic Bank Berhad
30 August 2019, Singapore - The Islamic Financial Services Board (IFSB) officially launched the Islamic Financial Services Industry (IFSI) Stability Report 2019 at the IFN Forum in Singapore, yesterday. The launch was officiated by the Secretary-General of the IFSB, Dr. Bello Lawal Danbatta. This is the seventh issue of IFSB IFSI Stability Report, which has been published annually since 2013. Over the years, the Report has become a benchmark publication for the IFSB and numerous other stakeholders, tracking the growth, development and stability assessment of the Islamic financial services industry.
The IFSB Secretary-General, Dr. Bello Lawal Danbatta mentioned that the IFSB launched the softcopy of the IFSI Stability Report 2019 to the public on 31 July 2019 and the Secretariat is exhilarated that the Report has generated the desired momentum in the IFSI. He further stated that an official launch of the hardcopy of the Report at the IFN Forum and in a key jurisdiction like Singapore with great potentials of becoming a significant Islamic finance market, offers immense opportunity to make presentation and grant interviews on the key takeaways of the Report as well as the outlook of the IFSI.
The Report indicated that in 2018, the IFSI recorded a 6.9% (y-o-y) growth rate on the back of a rebound in oil and commodity prices, improvement in investment climate in most jurisdictions with significant IFSI as well as a record (y-o-y) growth of 26.9% in the Islamic capital market sector. The global asset of the IFSI is estimated to be worth about USD 2.19 trillion as at 2Q18 reflecting a softened momentum in growth rate recorded due to among other reasons trade and economic sanction, currency depreciation, and increasing inflation in some jurisdictions with significant presence of Islamic banking. As stated in the Report, the positive growth trajectory of the IFSI is expected to continue into the foreseeable future. However, emphasis should be given to emerging operational issues posed by technology, changing market structures and increasing activities of the non-bank financial institutions.
The Report utilised data from the IFSB’s Prudential and Structural Islamic Financial Indicators (PSIFIs) database for the Report’s Islamic banking sector analysis.
The IFSI Stability Report 2019 is available for download from the IFSB website, www.ifsb.org.
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