Islamic Financial Services Board - IFSB
Overview
The Islamic Financial Services Board (IFSB), in collaboration with Texuna, is proud to announce the launch of a groundbreaking new data platform designed to transform the way the IFSB collects, assures, and disseminates Islamic financial data on a global scale. Developed in alignment with the IFSB’s mission to foster global financial stability and transparency, this digitally advanced infrastructure represents a major step forward in supporting the growth and resilience of the Islamic financial services sector.
Key Features and Advancements
Standardised Data Collection
The new platform enables the IFSB to collect Islamic financial data directly from regulatory authorities across numerous jurisdictions using standardised taxonomies and templates.
Dedicated templates have been developed for Islamic Banking, Islamic Insurance (Takaful), and Islamic Capital Markets, ensuring consistency and comparability of data across borders and sectors.
This harmonised structure enhances the quality and coherence of global Islamic financial statistics.
End-to-End Automation
The entire data lifecycle—from collection and validation to analysis and dissemination—is now fully automated:
Reporting entities benefit from streamlined data submission processes and immediate validation feedback, significantly reducing the time spent on manual tasks.
This automation enables both the IFSB and member institutions to reallocate resources toward higher-value analytical and strategic activities.
Enhanced Data Integrity and Quality
The platform incorporates advanced data quality controls and validation mechanisms at every stage of the process:
Submissions are automatically checked against robust standards defined by the IFSB to ensure accuracy, consistency, and reliability.
Stakeholders can now rely on trusted, high-quality data to support evidence-based decision-making and policy development.
Streamlined International Dissemination
With this platform, validated Islamic financial data is now more readily accessible to all IFSB member bodies and global stakeholders:
The platform promotes greater transparency, timeliness, and accessibility, supporting enhanced engagement across the international Islamic finance community.
Impact on the Islamic Financial Sector
Strengthens Financial Stability: By delivering high-quality, validated data, the platform enhances transparency and contributes to the long-term stability of Islamic financial systems globally.
Empowers Stakeholders: Policymakers, regulators, and industry leaders gain access to authoritative data to inform strategy, regulation, and supervision.
Drives Market Development: Reliable data fosters innovation, facilitates comparative analysis between markets, and supports the continued expansion of Islamic finance worldwide.
Setting a New Benchmark in Islamic Finance Data
By modernising and automating the entire data ecosystem—from cross-border data collection by the IFSB, through rigorous validation, to seamless global dissemination—this new platform establishes a transformative benchmark in digital infrastructure for the Islamic financial services industry. It significantly advances the sector’s ability to collaborate, innovate, and grow in a secure and transparent environment, reaffirming the IFSB’s vision for a stable, inclusive, and globally connected Islamic financial future.