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The IFSB Disseminates Data for 2020Q1-Q2 for Islamic Banking Sector in Member Countries

Date posted: 19 October 2020

19 October 2020, 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 Q1 and Q2 of 2020 from IFSB member jurisdictions. This 17th dissemination makes available, quarterly data from 2013Q4 to 2020Q2. 

This PSIFIs project currently compiles data from 24 reporting countries - Afghanistan, Bahrain, Bangladesh, Brunei, Egypt, Indonesia, Iran, Jordan, Kazakhstan, Kuwait, Kyrgyz Republic, 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, “This database project, which began the implementation of its 3-year Medium Term Plan under Phase V of the project in 2020, will continue to enhance the availability and the quality of data on the Islamic banking sector.” In this regard, he appreciated the continued support of the Task Force members for timely collection and dissemination of the data. He further stated, “The IFSB will continue to collect and disseminate timely data during these challenging times due to the global COVID-19 pandemic. The availability of data on the Islamic financial sector has never been more important, to enable the assessment of the impact of the crisis on the stability and growth of the Islamic financial sector.”

The IFSB Task Force on PSIFIs – comprising representatives from the 24 participating jurisdictions - has been importantly committed in facilitating the collection of Islamic banking data. A total of six 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 IFSB completed the first dissemination of data on the takāful sector 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) – also the IFSB 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.