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The IFSB Database Disseminates Data for Islamic Banking Systems in Member Countries, including Libya for the First Time

Date posted: 18 September 2019

18 September 2019, Kuala Lumpur, Malaysia – The Islamic Financial Services Board (IFSB) is pleased to announce the dissemination of country-level data on financial soundness and growth of the Islamic banking systems for Q1 of 2019 from IFSB member jurisdictions. This 13th dissemination completes the availability of quarterly data from Q4 of 2013 to Q1 of 2019, and is part of the IFSB’s Prudential and Structural Islamic Financial Indicators (PSIFIs) project. This PISIFIs project currently compiles data from Afghanistan, Bahrain, Bangladesh, Brunei, Egypt, Indonesia, Iran, Jordan, Kazakhstan, Kuwait, Lebanon, Libya, Malaysia, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Sudan, Turkey, the United Arab Emirates and the United Kingdom. A special feature of this dissemination is the inclusion of full-fledged Islamic banking data of Libya for the first time after completing several compilation exercises with Islamic banking data of Libya before this dissemination.

The Secretary-General of the IFSB, Dr. Bello Lawal Danbatta stated, “the PSIFIs project for the Islamic banking sector has reached an advanced and sustainable stage with coverage of over 95% of global Islamic banking activities.” IFSB has achieved this level of data compilation and dissemination as a result of the strong support from the Task Force members of the participating member jurisdictions who are regularly compiling and submitting the PSIFIs data. Acknowledging their contribution, Dr. Bello further added, “IFSB Secretariat expects continued support from the Task Force members of newly joined jurisdictions to implement the new Medium-Term Plan (2020-2022) for PISIFIs project, targeting to start dissemination of data for Islamic insurance (takāful) and Islamic capital market (ICM) sectors.” Dr. Bello also mentioned, “new actions would be taken under the new Medium-Term Plan in order to increase the utilisation of PSIFIs data.”

The IFSB Task Force on PSIFIs – comprising representatives from 24 participating jurisdictions - has been greatly facilitating the collection of Islamic banking data. A total of six regulator and supervisory authorities (RSAs) from takāful sector and four RSAs from Islamic capital markets have joined the database project to compile PSFIs database for respective sector. 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) – are also the members, focusing on enhanced 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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