KUALA LUMPUR, Nov 5 -- The Islamic Financial Services Board (IFSB), which currently disseminates quarterly data on its member jurisdictions’ Islamic banking systems, targets to provide data for the Islamic insurance (takaful) and Islamic capital market sectors from the start of next year.
In a statement today, the Kuala Lumpur-based IFSB said this would come under a new phase (Phase V) of a new Medium-Term Plan (2020-2022).
The board also announced the dissemination of country-level data on financial soundness and growth of the Islamic banking systems for the second quarter (Q2) of 2019 from its member jurisdictions.Â
The 14th dissemination completes the availability of quarterly data from the fourth quarter of 2013 to Q2 of 2019.
According to the latest data posted on its website's Prudential and Structural Islamic Financial Indicators (PSIFIs) portal, Malaysia's Islamic financial services industry registered a capital adequacy ratio (CAR) of 16.6 per cent in Q2 2019.
This was down from 17.2 per cent in the immediate preceding quarter, and represented the lowest level since the third quarter of 2017 (16.1 per cent).
Besides Malaysia, the PSIFIs project also compiles data from Afghanistan, Bahrain, Bangladesh, Brunei, Egypt, Indonesia, Iran, Jordan, Kazakhstan, Kuwait, Lebanon, Libya,Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Sudan, Turkey, the United Arab Emirates and the United Kingdom.
IFSB secretary-general Dr Bello Lawal Danbatta said the IFSB secretariat had been regularly disseminating country Islamic banking data while reducing gradually the time lag of dissemination.Â
He added that the IFSBÂ secretariat expected continued support from the task force members for timely collection and dissemination of the data.
The IFSB Task Force on PSIFIs – comprising representatives from 24 participating jurisdictions – has been facilitating the collection of Islamic banking data.Â
A total of six regulatory and supervisory authorities (RSAs) from takaful sector and four RSAs from Islamic capital markets have joined the database project to compile PSIFIs database for the respective sectors.
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.
-- BERNAMA
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