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
APRA announced the standardization of quarterly reporting due dates for authorized deposit-taking institutions.
Bundesbank published a list of "EntryPoints" that are accepted in its reporting system; the list provides taxonomy version and name of the module against each EntryPoint.
The private sector working group of ECB on euro risk-free rates published the recommendations to address events that would trigger fallbacks in the Euro Interbank Offered Rate (EURIBOR)-related contracts, along with the €STR-based EURIBOR fallback rates (rates that could be used if a fallback is triggered).
EBA published the phase 1 of its reporting framework 3.1, with the technical package covering the new reporting requirements for investment firms (under the implementing technical standards on investment firms reporting).
Asia Pacific Australia Banking APS 111 Capital Adequacy Regulatory Capital Basel RBNZ APRA
ESMA published the final guidelines on outsourcing to cloud service providers.
EBA published annual data for two key concepts and indicators in the Deposit Guarantee Schemes (DGS) Directive—available financial means and covered deposits.
OSFI has set out the schedule for release of draft guidance on the management of technology risks by federally regulated financial institutions and private pension plans.
MAS updated rules for new housing loans by banks and finance companies.
HKMA published a statement on the 100% Personal Loan Guarantee Scheme and a guideline on the Green and Sustainable Finance Grant Scheme (GSF Grant Scheme) as announced in the 2021-22 Budget.