IFSB announced that its standard on core principles for Islamic Finance Regulation for banking segment (IFSB-17) will be included in FSB Compendium of Standards. The inclusion of this standard in the Compendium has been approved by the Standing Committee on Standards Implementation of FSB during the annual process of updating the Compendium. IFSB also announced the dissemination of country-level data on financial soundness and growth of the Islamic banking systems for the third quarter of 2019 for the IFSB member jurisdictions. This 15th dissemination involved the availability of quarterly data from the fourth quarter of 2013 to the third quarter of 2019. The Prudential and Structural Islamic Financial Indicators (PSIFIs) project involves compilation of data from Afghanistan, Bahrain, Bangladesh, Brunei, Egypt, Indonesia, Iran, Jordan, Kazakhstan, Kuwait, Lebanon, Libya, Malaysia, Nigeria, Oman, Pakistan, Palestine, Qatar, Saudi Arabia, Sudan, Turkey, UAE, and UK.
The IFSB Task Force on PSIFIs has been committed toward facilitating the collection of Islamic banking data. A total of six regulator and supervisory authorities from takāful and four regulator and supervisory authorities from Islamic capital markets sectors have joined the project to compile PSIFIs database for their respective sectors. The IFSB Secretariat has been regularly conducting capacity building workshops and meetings, with the country representatives of the Task Force, focusing on enhanced clarity and consistency of reporting indicators across jurisdictions.
The Compendium of Standards lists the various economic and financial standards that are internationally accepted as important for sound, stable, and well-functioning financial systems. The Compendium is an initiative of FSB and is a joint product with the relevant international standard-setting bodies. In 2018, the IMF Executive Board approved the endorsement of the IFSB-17 and the associated assessment methodology for undertaking financial sector assessments and preparing reports on the observance of standards and codes, for both fully Islamic banking systems as well as systemically significant Islamic banking systems in the dual banking markets.
- Press Release on IFSB-17
- IFSB-17 (PDF)
- Overview of FSB Compendium of Standards
- Press Release on Data Dissemination
- PSIFI Data by Country
Keywords: International, Banking, Insurance, Securities, Islamic Banking, Data, PSIFI, IFSB-17, Islamic Finance, IFSB
Previous ArticleBIS Paper Analyzes Operational and Cyber Risks in Financial Sector
EBA published a report analyzing the impact of the unwind mechanism of the liquidity coverage ratio (LCR) for a sample of European banks over a three-year period, from the end of 2016 to the first quarter of 2020.
In response to questions from a member of the European Parliament, the ECB President Christine Lagarde issued a letter clarifying the possibility of amending the AnaCredit Regulation and making targeted longer-term refinancing operations (TLTROs) dependent on the climate-related impact of bank loans.
IASB started the post-implementation review of the classification and measurement requirements in IFRS 9 on financial instruments and added the review as a project to its work plan.
FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions.
EBA published a report on the benchmarking of national loan enforcement frameworks across 27 EU member states, in response to the call for advice from EC.
FSB published a letter from its Chair Randal K. Quarles, along with two reports exploring various aspects of the market turmoil resulting from the COVID-19 event.
RBNZ launched a consultation on the details for implementing the final Capital Review decisions announced in December 2019.
The Trustees of the IFRS Foundation, which are responsible for the governance and oversight of IASB, have announced the appointment of Dr. Andreas Barckow as the IASB Chair, effective July 2021.
HKMA issued a letter to consult the banking industry on a full set of proposed draft amendments to the Banking (Capital) Rules for implementing the Basel standard on capital requirements for banks’ equity investments in funds in Hong Kong.
ESRB published an opinion assessing the decision of Swedish Financial Supervisory Authority (FSA) to extend the application period of a stricter measure for residential mortgage lending, in accordance with Article 458 of the Capital Requirements Regulation (CRR).