Islamic Banking Database
Considering the rapid growth of the Islamic finance, its significant role in enhancing financial inclusion among Muslim populations, its increasing popularity also in non-Muslim countries, and its emerging role in global financial industry, it is important to have a publicly available database with up-to-date and reliable institution-level data on Islamic financial institutions around the world.
Surprisingly, there is a lack of comprehensive and consistent data on important aspects of Islamic finance. Illustrating this point are wide differences among estimates of the global Islamic banking assets, ranging from $1 and $1.5 trillion as of 2012. These variations underscore the lack of standardized, up-to-date, and reliable data on the subject. Although some databases provide annual financial data on some of the world’s leading Islamic financial institutions, their methodology and comprehensiveness have been challenged by researchers, industry experts, and policymakers. Furthermore, the bank level data underlying these estimates are often publicly unavailable or available only at high subscription premiums, making it difficult for the majority of researchers, policymakers, and industry experts to access.
The Islamic Banking Database, available through this site, aims to provide some basic data on the subject, in an easy-to-access format. The creation of the dataset relates to the work on Global Financial Development Report 2014: Financial Inclusion, which provides new analysis on the linkages between Islamic finance and financial inclusion (in box 1.4), and additional supporting data (in Statistical Appendix C). For a separate global dataset with user-side survey data on financial inclusion, covering issues such as people’s religious reasons for not having accounts with formal financial institutions, see worldbank.org/globalfindex.
The Islamic Banking Database compiles the names of about 400 Islamic financial institutions from 58 countries. It presents financial data for more than 120 of these institutions and it excludes insurance (takaful) institutions. The information presented in the database is obtained from financial institutions themselves, central banks, Islamic Development Bank, and other regulatory and supervisory institutions.
Please note that the Islamic Banking Database is work in progress. The World Bank does not guarantee the accuracy of the data included in this work. The dataset will be updated regularly with more recent and accurate on Islamic financial institutions from around the world as it becomes available.
Comments and suggestions on the Islamic Banking Database are welcome at GFDR2014@worldbank.org.