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Wednesday, 7 November 2007

Compilation Guide On PSIFIs For Banks Offering Islamic Financial

KUALA LUMPUR, Nov 7 (Bernama) -- The Islamic Financial Services Board (IFSB) has issued a compilation guide on prudential and structural Islamic finance indicators (PSIFIs).In a statement here today, IFSB said it covered guidance on the compilation and dissemination of PSIFIs for banking and near-banking institutions offering Islamic financial services.It said limited availability of statistical information and lack of cross-country historical data with sufficiently long time-series had been identified as some of the major challenges it faced."The guide is issued to address challenges it faced in developing its international prudential standards for the Islamic financial services industry."It aims to act as a guide for standardising the methodology of data compilation and dissemination among institutions offering Islamic financial services," it said.IFSB said the guide was expected to benefit market players and supervisory authorities who facilitated the monitoring and analysis of the stability of Islamic financial services industry through a set of prudential, structural and financial strength indicators."It also fosters cooperation among central banks and monetary authorities as well as other relevant supervisory authorities, support and help coordinate the formulation, development and enhancement of appropriate international prudential standards by the IFSB," it said.

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