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IFSB launches 2018 financial services industry stability report

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The Islamic Financial Services Board (IFSB) has launched the 2018 Islamic Financial Services Industry (IFSI) Stability Report at the Astana Islamic Economy Forum, in Astana, Kazakhstan.

 

In a statement, the IFSB said that the Governor, Astana International Financial Centre, Dr. Kairat Kelimbetov, and the Secretary-General, IFSB, Dr. Bello Lawal Danbatta, launched the sixth edition of the report.

 

According to the statement: “The IFSB’s IFSI Stability Report 2018 provides an assessment of key developments and illuminates the status of resilience of various sectors of the global Islamic finance services industry, comprising Islamic banking, Takaful, Sukuk, Islamic funds and equity markets – while highlighting current and emerging challenges to its stability.”

 

Following the launch, the Secretary-General of the IFSB, Dr. Bello Lawal Danbatta, highlighted some of the key findings of the 2018 Report, particularly the rising domestic systemic significance of Islamic finance in many key jurisdictions, and in this respect, noted the importance of developing strong legal and regulatory frameworks for effective regulation and supervision in Islamic finance jurisdictions and strengthening its long-term resilience.

 

Specifically, the study found that the global IFSI has returned to a robust growth of 8.3 per cent, following two years of growth stagnation. In addition, the IFSI surpassed the $2 trillion mark as of the end of 2017.

 

“The growth of the industry in 2017 was actively driven by all three sectors of the IFSI, but with a significant contribution by the performance of the Islamic capital markets boosted by Sukuk issuances from sovereign and multilateral institutions.

 

“Improvements were seen in profitability and asset quality of the global Islamic banking sector, with ROA and ROE at their best levels in the last five years and the broader industry non-performing financing continuing to improve.

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