Qatar’s Practice on Islamic Finance and Islamic Finance Statistics 25- 26 March 2014 Ankara, Turkey.

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Presentation transcript:

Qatar’s Practice on Islamic Finance and Islamic Finance Statistics March 2014 Ankara, Turkey

Outline Regional mandate Current practice on Islamic Financial Service Industry Current practice on Islamic Finance Statistics Data sources Data collection Data Dissemination Outstanding Issues and Challenges Expert Group Meeting on Islamic Banking and Finance Statistics

OIC-StatCom Strategic Vision for 2020 Development of common methodologies for indicators specific to the OIC Member Countries IBF Statistics is not incorporated into the National Statistical Systems (NSS) of most of the OIC Member Countries, which prevents official collection and dissemination of related data. Secondly, for the member countries where the IBF Statistics are covered in NSS, there is not adequate level of coordination and communication mechanism among the agencies of NSS on this matter. Thirdly, there is lack of harmonization and convergence in terms of definitions of Islamic Banking and Finance instruments and transactions. This prevents the adoption of a generally accepted standardized methodology for the collection, processing, and dissemination of relevant statistical data in the member countries. Expert Group Meeting on Islamic Banking and Finance Statistics

The IFSB also collaborates with multilateral organizations such as the IDB, the World Bank, the IMF and the Asian Development Bank (ADB) The IFSB’s Strategic Performance plan OIC Mandate These institutions have not only recognized the importance of the role which Islamic finance can play in the global financial system, but have also offered their support for its promotion and for capacity building of supervisory authorities and industry players Expert Group Meeting on Islamic Banking and Finance Statistics

Qatar’s practice on Islamic Finance services “ Qatar outperformed the GCC market average In recent years, Islamic banks have been prolific in terms of introducing new products with increasing sophistication” Islamic Financial Services Industry, STABILITYREPORT 2013; Expert Group Meeting on Islamic Banking and Finance Statistics

Qatar’s practice on Islamic Finance services statistics Ministry of development planning and statistics Qatar Exchange Qatar Central bank Data sourcesCollection and processingReports and dissemination Economic statistics department Receive reports from source Stability Annual bulletin and website Financial reports published on their website Annual report, quarterly bulletin and website Expert Group Meeting on Islamic Banking and Finance Statistics

Presentation of information on Islamic Banking and Finance Statistics 7 Expert Group Meeting on Islamic Banking and Finance Statistics

Key Statistics and Benchmarking Largest Islamic institutions Sukūk Issuance Takāful Operators Market derivers Average growth trend Assets Financing Deposits Equity Net Profit Investment Contribution into financial sector and total economy

National Coordination Currently, coordination is driven by national projects relates responsible agencies responsible for finance statistics falling under the National Statistical Systems (ministry of development planning and statistics, Central Bank, Qatar Exchange ) Expert Group Meeting on Islamic Banking and Finance Statistics

Proposed Indicators for Islamic Banking and Finance Statistics, by OIC – Stat Com Expert Group Meeting on Islamic Banking and Finance Statistics

..Thank you … Expert Group Meeting on Islamic Banking and Finance Statistics