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The IFSB Disseminates PSIFIs Data for 2021Q1-Q4 for Takāful and Islamic Capital Market Sectors in Member Countries

Date posted: 30 September 2022

Kuala Lumpur, 30 September 2022 - The Islamic Financial Services Board (IFSB) is pleased to announce the dissemination of country-level Prudential and Structural Islamic Financial Indicators (PSIFIs) data on both the takāful and Islamic capital markets (ICM) sectors from Q1 to Q4 of 2021 from IFSB member jurisdictions. This marks the 3rd and 2nd disseminations of PSIFIs data on takāful and ICM sectors respectively, making available quarterly data from 2019Q1 to 2021Q4 for both sectors. 

This PSIFIs project currently compiles data on the takāful and ICM sectors from 9 (nine) and 7 (seven) jurisdictions, respectively. The jurisdictions include Bahrain, Brunei Darussalam, Indonesia, Jordan, Kenya, Malaysia, Nigeria, Qatar, Saudi Arabia, Turkey and the United Arab Emirates which are amongst the dominant market players in the respective sectors globally.   

The Secretary-General of the IFSB, Dr. Bello Lawal Danbatta, stated, “The PSIFIs database, which was expanded to incorporate the takāful and ICM sectors under the current Phase V of the project, achieved another milestone with the roll-out of this dissemination. The database now covers several major jurisdictions in both sectors, which represent around 70% of global takāful industry by gross contributions and around 60% of global corporate sukuk issuance by jurisdiction of the originator.” 

He added, “The IFSB would continue its efforts to extend the coverage, while strengthening the quantity and quality of the PSIFIs database, particularly for these 2 (two) new PSIFIs sectors, in its aspiration to become a leading organization in providing latest information, cutting edge research and analysis of the Islamic Financial Services Industry (IFSI).” In this regard, he greatly appreciated the continued support and commitment of the Task Force members, as well as contributing parties over the years and solicited the same for future endeavours in carrying over the database project from strength to strength.

Under the takāful database, 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. In terms of ICM sector, the sectoral country-level data provides a number of prudential indicators covering 3 (three) main areas of ICM that include ṣūkuk, Sharīʻah-compliant equities and Islamic funds.

The PSIFIs Task Force (TF) on takāful and ICM sectors has contributed substantially in facilitating the collection and compilation of takāful and ICM data. Moreover, 26 (twenty-six) regulatory and supervisory authorities (RSAs) from the Islamic banking sector have been working on the project to compile PSIFIs database for the respective sector, as well as to provide valuable insights for the development of the takāful and ICM sectors. As part of regular activities, the IFSB Secretariat has been regularly conducting capacity-building workshops/TF meetings with the country representatives of the TF, focusing on enhancing clarity and consistency of compilation and reporting of indicators across jurisdictions, as well as discussing the contemporary regulatory developments having implications for the PSIFIs. As such, it intends to enhance the quality, quantity, and reliability of the data and information available through the PSIFIs database.  

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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