The IFSB PSIFIs database achieves a new milestone with the dissemination of data on the takaful sector

The IFSB plans to extend the coverage of the database on takāful indicators to include more member jurisdictions.

  

Kuala Lumpur, Malaysia – The Islamic Financial Services Board (IFSB) is pleased to announce the inaugural dissemination of country-level data from IFSB member jurisdictions on the financial soundness and growth of the takāful sector. The inaugural dissemination covers quarterly data for takāful indicators from Q1 to Q4 of 2019. The participating jurisdictions for Takaful sector data are Brunei, Malaysia, Nigeria, Saudi Arabia, Turkey and United Arab Emirates. The IFSB plans to extend the coverage of the database on takāful indicators to include more member jurisdictions.

The Secretary-General of the IFSB, Dr. Bello Lawal Danbatta stated that, “The IFSB’s database project has now reached a new milestone with the roll-out of Phase V of the project in 2020, which includes some important developments to the PSIFIs database, most notably, its expansion beyond the Islamic banking sector to cover data on the takāful and Islamic capital market sectors of IFSB member jurisdictions. In this regard, this is a landmark dissemination of data on the takāful sector, signifying a pivotal step towards addressing the data gaps in this sector.”

Six regulators, namely Brunei, Malaysia, Nigeria, Saudia Arabia, Turkey and United Arab Emirates have participated in leading this significant step forward in providing takāful sector PSIFIs data. The database will continue to expand its coverage in due course to include more takāful regulators as part of its Phase V medium- term plan.

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 provides information on the overall size and other sector-level balance sheet aspects of the takāful sector. It aims to provide important information on the soundness and growth of the takāful industry and to address some of the critical data gaps in the takāful sector as the database continues to expand.

The IFSB Secretariat has also been conducting capacity building workshops/meetings with the country representatives of the PSIFIs Task Force, which now include compilers from the new sectors, and focuses on enhancing the clarity and consistency of the 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.

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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