The IFSB Disseminates PSIFIs Data for 2020Q1-Q4 for Takāful Sector in Member Countries
Date posted: 30 August 2021
Kuala Lumpur, 30 August 2021 - The Islamic Financial Services Board (IFSB) is releasing its latest country-level Prudential and Structural Islamic Financial Indicators (PSIFIs) data for the takāful sector from Q1 to Q4 of 2020 from IFSB member jurisdictions today. This 2nd dissemination of takāful data features the quarterly data between 2019Q1 to 2020Q4.
This PSIFIs project currently gathers data for the takāful sector from seven participating jurisdictions, namely, Bahrain, Brunei, Malaysia, Nigeria, Saudi Arabia, Turkey and the United Arab Emirates which can also be considered as the major players of the industry to represent the level of takaful industry development.
The Secretary-General of the IFSB, Dr. Bello Lawal Danbatta, stated, “The PSIFIs project now expands beyond the Islamic banking sector with the roll-out of the dissemination of this 2nd set of data from the takāful sector. This is a stepping stone towards the IFSB’s aspiration to establish a comprehensive database of the global Islamic financial services industry (IFSI), thereby addressing the long-standing data gaps in the industry.” In this regard, he expressed his sincerest appreciation for the relentless support and commitment of the Task Force members in carrying over the project to its current state. He also stated, “Under its current Medium-Term Plan 2020-2022, the IFSB targets to gradually include more member jurisdictions with the aim of extending the coverage of the takāful database and facilitating the stakeholders with a sustainable and impactful database of this sector.”
The sectoral country-level data provides a number of prudential indicators covering family and general takāful, including capital adequacy, asset quality, management soundness, earnings and profitability, liquidity, as well as retakāful and actuarial indicators. It also provides some additional prudential indicators as well as a set of structural indicators that provide information on the overall size and other sector-level balance sheet aspects of the takāful sector.
The PSIFIs Task Force on takāful sector – currently comprising representatives from seven participating jurisdictions - has contributed substantially in facilitating the collection and compilation of takāful data. Moreover, a total of 25 regulatory and supervisory authorities (RSAs) from the Islamic banking sector and four RSAs from the Islamic capital market (ICM) sector have been working with the project to compile PSIFIs database for their respective sectors. The IFSB Secretariat has been regularly conducting capacity building workshops/meetings with the country representatives of the Task Force, focusing on enhancing clarity and consistency of compilation and reporting of indicators across jurisdictions. As such, it intends to enhance the quality, quantity and reliability of the data and information available through the PSIFIs database. It has also attempted to increase the number of PSIFIs contributors by inviting new and potential contributors including those from the takaful sector.
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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