Islamic Finance 

The IFSB Announces the Release of First Dissemination of Detailed Financial Statements of Member Countries

| 08 August, 2019

8 August 2019, Kuala Lumpur, Malaysia – The Islamic Financial Services Board (IFSB) is pleased to announce the first dissemination of country-level data on detailed financial statements (DFS) of the Islamic banking systems for Q3 of 2017 and four quarters of 2018. This press release covers completed DFS data from seven of the 24 Prudential and Structural Islamic Financial Indicators (PSIFIs) member countries. The DFS data compiling countries include Afghanistan, Bangladesh, Malaysia, Pakistan, Palestine, Turkey, and the United Arab Emirates. The IFSB Secretariat expects that number of PSIFIs member countries for reporting DFS data will increase gradually.

The detailed financial statements cover three types of statements - (i) income and expense statements, (ii) consolidated statement of financial position, and (iii) memorandum items. Respective member countries provide aggregated Islamic banking data separately for full-fledged Islamic banks and Islamic windows. The DFS data support compilation efforts at the country level by specifying how core prudential, additional prudential and structural indicators of PSIFIs are to be defined through underlying data of DFS for Islamic banks.

“The launching of the DFS database represents an important milestone of PSIFIs project for Islamic finance database taking into account the analytical needs”, said the Secretary-General of the IFSB, Dr. Bello Lawal Danbatta. He further added, “the new DFS database helps to enhance greater comparability of data across countries – in line with the IFSB’s objective for the stability and soundness of financial system of the member countries”.

The DFS Database (full set of data with metadata) is available on the PSIFIs portal at the IFSB website http://psifi.ifsb.org.

 

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PSIFIs Background

The Task Force of PSIFIs project includes representatives from 24 participating regulatory and supervisory authorities that work as coordinators for regular submission of data from their countries and work with the IFSB during the due processes of data collection, compilation, revision, and approval. Following the successful launch of PSIFIs database on 27 April 2015, the IFSB currently has a platform for periodical dissemination of the PSIFIs data, which is regularly submitted by participating jurisdictions. Moreover, from 2014 until now, the Secretariat has conducted a total of 11 capacity building meetings/workshops with the country coordinators, including one during 2019.

About the Islamic Financial Services Board (IFSB)

The IFSB is an international standard-setting organisation that promotes and enhances the soundness and stability of the Islamic financial services industry by issuing global prudential standards and guiding principles for the industry, broadly defined to include banking, capital markets and insurance sectors. The IFSB also conducts research and coordinates initiatives on industry-related issues, as well as organises roundtables, seminars and conferences for regulators and industry stakeholders. Towards this end, the IFSB works closely with relevant international, regional and national organisations, research/educational institutions and market players.

The members of the IFSB comprise regulatory and supervisory authorities, international inter-governmental organisations and market players, professional firms and industry associations.

For more information about the IFSB, please visit www.ifsb.org.

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