Islamic Financial Services Board (IFSB) - The IFSB Issues Compilation Guide on Prudential and Structural Islamic Finance Indicators

Kuala Lumpur, November 7, 2007 – Limited availability of statistical advice and abridgement of cross-country actual abstracts with abundantly continued time-series accept been articular as some of the above challenges faced by the Islamic Financial Services Board (IFSB) in developing its all-embracing prudential standards for the Islamic banking casework industry. In acclamation this need, the IFSB has issued a Compilation Guide on Prudential and Structural Islamic Finance Indicators (PSIFIs), which covers Guidance on the Compilation and Dissemination of Prudential and Structural Islamic Finance Indicators for Banking and Near-Banking institutions alms Islamic banking services.

The Compilation Guide, which aims to act as a adviser for standardising the alignment of abstracts accumulation and broadcasting a allotment of institutions alms Islamic banking services, marks the achievement of the aboriginal date of the database development.

The Guide is accepted to:
•benefit bazaar players and the authoritative authorities who facilitate the ecology and appraisal of the acumen and adherence of the Islamic banking casework industry (IFSI) through a set of prudential, structural and banking backbone indicators, as able-bodied as advance cooperation a allotment of axial banks/monetary authorities and added accordant authoritative authorities;
•support and advice alike the formulation, development and accessory of adapted all-embracing prudential standards by the IFSB;
•strengthen accuracy and all-embracing allegory of calm IFSIs in adjustment to facilitate their affiliation into the all-embracing banking arrangement through accessible accessibility to the Prudential Islamic Finance Database and added appear cross-country industry abstracts in IFSB analysis reports.

IFSB Secretary General, Professor Rifaat Ahmed Abdel Karim says, “The PSIFIs is connected with added all-embracing banking statistics such as the Financial Soundness Indicators able by the International Monetary Fund and the database of the Bank for International Settlements. The PSIFIs, however, is acclimatized appropriately to baby for the specificities of institutions alms Islamic banking casework and added by some structural indicators.”

The IFSB is currently alive initially with 5 countries that accept agreed to participate in the additional appearance of the activity which restricts abstracts accumulating at this date to the cyberbanking and near-banking articulation of the industry. In due course, the IFSB will allure added banking abstracts compilers from a allotment of authoritative and authoritative authorities that are affiliate countries of the IFSB, adorning both the ambit and bounded advantage of the guide.

Siham Ismail
Marketing Communications
Islamic Financial Services Board
Email: siham@ifsb.org
Tel: + 603 2698 4248

The Islamic Financial Services Board (IFSB), which is based in Kuala Lumpur, serves as an international-standard ambience anatomy of authoritative and authoritative agencies that accept vested absorption in ensuring the acumen and adherence of the Islamic banking casework industry, which is authentic broadly to cover banking, basic bazaar and insurance. In advancing this mission, the IFSB promotes the development of a advisable and cellophane Islamic banking casework industry through introducing new, or adapting absolute all-embracing standards connected with Islamic Shari'ah principles, and acclaim them for adoption.

The 137 associates of the IFSB cover 35 authoritative and authoritative authorities as able-bodied as International Monetary Fund, The World Bank, Bank for International Settlements, Islamic Development Bank, Asian Development Bank, and 97 bazaar players and able firms from 22 countries.