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

    February 11, 2020

    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.

     

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    Keywords: International, Banking, Insurance, Securities, Islamic Banking, Data, PSIFI, IFSB-17, Islamic Finance, IFSB

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