IFSB to Include IFSB-17 in the FSB Compendium of Standards

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.

Related Links

• 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