GLOBAL: The IFSB has
launched a set of measures assessing the health of the Islamic banking
systems of various countries – the first of its kind in the world which
allows stakeholders to effectively compare the growth of different global
Shariah banking markets. Designed as a parallel to the IMF Financial
Soundness Indicators (FSIs), the IFSB’s Prudential and Structural Islamic
Financial Indicators (PSIFIs) are a timely and most welcomed market
development as players have long lamented the lack of comparable and solid
data critical to understanding and bolstering the rapidly evolving industry
further.
A culmination of years of extensive consultation and development, supported
by technical assistance from the IDB and Asian Development Bank, the PSIFIs
take into consideration the uniqueness of Shariah compliant banking to
deliver information on size, growth, structural characteristics,
macroprudential conditions as well as capital adequacy and liquidity based
on IFSB standards. A noteworthy feature of the PSIFIs database is that it
includes metadata to enhance user comprehension.
At the present phase, the database includes aggregated data from 15
countries (Afghanistan, Bahrain, Bangladesh, Brunei, Egypt, Indonesia,
Jordan, Kuwait, Malaysia, Nigeria, Oman, Pakistan, Saudi Arabia, Sudan, and
Turkey) provided for by respective regulatory and supervisory authorities
on a quarterly basis. When available, separate information on fully-fledged
Islamic banks and Islamic windows will also be provided.
Representing “an important milestone in the ongoing transformation of
Islamic finance into a globally significant undertaking” as according to
secretary-general Jaseem Ahmed, the IFSB confirmed that the database will
be expanded to include a wider base of jurisdictions and segments including
Takaful and the Islamic capital markets. The standard-setting body is also
looking at ways to increase the user-friendliness of the platform via an
automated web-based system planned for the near future.
|
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.