The IFSB Disseminates Data for 2020Q3 for Islamic Banking Systems in Member Countries
Date posted: 20 April 2021
20 April 2021, Kuala Lumpur, Malaysia – The Islamic Financial Services Board (IFSB) is pleased to announce the dissemination of country-level prudential and structural data on the Islamic banking sector for Q3 of 2020 from IFSB member jurisdictions. This 18th dissemination makes available, quarterly data from 2013Q4 to 2020Q3.
This PSIFIs project currently compiles data from 24 reporting countries namely Afghanistan, Bahrain, Bangladesh, Brunei, Egypt, Indonesia, Iran, Iraq, 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, “The PSIFIs database project, which is now covering more than 95 percent of the global Islamic banking activities has expanded its coverage further in line with the current Medium-Term Plan 2020-2022 under Phase V by incorporating Takaful and Islamic Capital Market sectors in the project as well. These new initiatives are expected to pave the way for a sustainable and comprehensive database of the Islamic financial sector.” In this regard, he appreciated the continuous support and commitment of the Task Force members towards the project, even during these difficult times of the COVID-19 pandemic. Pertinently, he added, “The COVID-19 pandemic has brought about new essence to this project as the PSIFIs database could be instrumental in assessing the impacts of the policy responses to contain the pandemic effects on the stability and growth of the Islamic financial sector, and providing way forward for developing more sustainable and inclusive policies during subsequent recovery stages”.
The IFSB Task Force on PSIFIs – comprising representatives from 24 participating jurisdictions - has importantly committed in facilitating the collection of Islamic banking data. Moreover, a total of seven regulator and supervisory authorities (RSAs) from the takāful sector and four RSAs from the Islamic capital markets sector have joined the project to compile PSIFIs database for their respective sectors. The first dissemination of data on the takāful sector was completed in September 2020. 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) which are also members of the IFSB, focus on enhancing 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 https://psifi.ifsb.org
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