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 Q3 and Q4 of 2018 from 22 IFSB member jurisdictions. This 12th dissemination completes the availability of quarterly data from Q4 of 2013 to Q4 of 2018, 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, 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 Kazakhstan for the first time as Kazakhstan joined the database project in January 2019.
The Secretary-General of the IFSB, Dr. Bello Lawal Danbatta stated, “with regular dissemination of PSIFIs data since its launch in April 2015, and gradual increase of participating countries, the database now extends to all significant Islamic finance markets and covers over 95% of global Islamic banking activities.” He further added, “IFSB is launching a 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.”
The total assets of the Islamic banking industry stand to USD 1,754 billion in 2018Q4 from USD 1,684 billion in 2017Q4 (calculated from country-wise aggregated data converted into USD terms using end-period exchange rates). Financing by Islamic banks from the jurisdictions participating in the PSIFIs project reached USD 1,052 billion in 2018Q4 from USD 1,024 billion in 2017Q4.
The number of full-fledged Islamic banks and Islamic windows of conventional banks in 22 countries stood at 189 and 81 in 2018Q4 as compared to 190 and 83 in 2017Q4 respectively.
The IFSB Task Force on PSIFIs – comprising representatives from 23 participating jurisdictions - has been greatly facilitating the collection of Islamic banking data. 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.
-Ends-© Press Release 2019
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