Syndicate content

Add new comment

Islamic Finance: A Quest for Publically Available Bank-level Data

Amin Mohseni-Cheraghlou's picture

Attend a seminar or read a report on Islamic finance and chances are you will come across a figure between $1 trillion and $1.6 trillion, referring to the estimated size of the global Islamic assets. While these aggregate global figures are frequently mentioned, publically available bank-level data have been much harder to come by.

Considering the rapid growth of Islamic finance, its growing popularity in both Muslim and non-Muslim countries, and its emerging role in global financial industry, especially after the recent global financial crisis, it is imperative to have up-to-date and reliable bank-level data on  Islamic financial institutions from around the globe.

To date, there is a surprising lack of publically available, consistent and up-to-date data on the size of Islamic assets on a bank-by-bank basis. In fairness, some subscription-based datasets, such Bureau Van Dijk’s Bankscope, do include annual financial data on some of the world’s leading Islamic financial institutions. Bank-level data are also compiled by The Banker’s Top Islamic Financial Institutions Report and Ernst & Young’s World Islamic Banking Competitiveness Report, but these are not publically available and require subscription premiums, making it difficult for many researchers and experts to access. As a result, data on Islamic financial institutions are associated with some level of opaqueness, creating obstacles and challenges for empirical research on Islamic finance.

The recent opening of the Global Center for Islamic Finance by World Bank Group President Jim Young Kim may lead to exciting venues and opportunities for standardization, data collection, and empirical research on Islamic finance. In the meantime, the Global Financial Development Report (GFDR) team at the World Bank has also started to take some initial steps towards this end.

The GFDR team has compiled the names of about 400 Islamic financial institutions from 58 countries in the first version of its publically available Islamic Banking Database. Currently the dataset presents financial data for 73 of these institutions, which accounts for about $674 billion of the global Islamic assets (Table 1). To ensure accuracy, the information presented in the Islamic Banking Database is obtained from financial statements of the financial institutions, central banks, the Islamic Development Bank, and other regulatory and supervisory bodies. An earlier version of the dataset was also made available at the country level in Appendix C of the 2014 GFDR.

The Islamic Banking Database is currently in its first version. Financial data for the other 300+ institutions will be published in several iterations as they are compiled. So, please make sure to check back frequently. In the meantime, your comments and suggestions are welcome at GFDR2014@worldbank.org!

Table 1. Islamic Assets, Liabilities, and Income, 2012 (by institution)

Financial Institution Country Total Assets (Million USD) Total Liabilities  (Million USD) Total Income (Million USD)
FINCA Afghanistan Afghanistan 12.2    
IIFC Afghanistan 20.3    
The Muslim Community Co-operative Australia 22.9    
Kauthar Bank JSC Azerbaijan 21.7    
Al Ahli United Bank Bahrain 29,896.4 15,972.2  
Al Salam Bank Bahrain Bahrain 2,498.6 1,946.8 63.2
Al-Baraka Islamic Bank Bahrain 3,761.4 3,313.9 108.3
Arab Islamic Bank (E.C) Bahrain 87.6    
Bahrain Islamic Bank Bahrain 2,214.9 2,029.4 65.1
Bank Alkhair Bahrain 1,172.5 653.1 66.1
Capinnova Investment Bank Bahrain 405.2 9.7 19.9
Citi Islamic Investment Bank E.C. Bahrain 47.1 0.5 17.0
Elaf Bank Bahrain 382.8 55.1 11.9
First Energy Bank B.S.C. (FEB) Bahrain 3,713.8 638.8 214.1
Global Banking Corporation B.S.C. Bahrain 120.0 8.4 4.1
Gulf Finance House Bahrain 2,361.3 1,350.2 168.6
Gulf International Bank BSC Bahrain 17,704.8 15,574.6 255.0
International Investment Bank B.S.C. Bahrain 438.3 9.0 48.1
Investors Bank Bahrain 40.4 7.6 1.6
Ithmaar Bank Bahrain 7,245.0 6,422.1 232.7
Khaleeji Commercial Bank BSC Bahrain 1,254.7 938.0 35.9
Kuwait Finance House Bahrain Bahrain 3,907.4 2,894.9 119.6
Liquidity Management Centre B.S.C Bahrain 566.5 410.7 21.4
Seera Investment Bank B.S.C. Bahrain 360.3 155.9 40.3
Venture Capital Bank B.S.C. Bahrain 209.5 11.9 33.6
ABC Islamic Bank Bahrain 2,828.8 2,203.0 42.5
Al-Arafah Islamic Bank Ltd Bangladesh 1,861.3 1,686.1 87.0
ICB Islamic Bank Ltd Bangladesh 40,092.1 63,062.0 1,713.2
Shahjalal Islami Bank Ltd Bangladesh 1,668.7 1,545.5 81.9
Social Islami Bank Ltd (SIBL) Bangladesh 1,431.1 1,304.5 69.2
Islami Bank Bangladesh Ltd Bangladesh 6,015.1 5,520.8 307.4
Al Baraka Bank Egypt, Arab Rep. Egypt, Arab Rep. 2,772.0 2,602.0 100.5
Faisal Islamic Bank of Egypt, Arab Rep. Egypt, Arab Rep. 6,786.9 6,350.4 274.4
Arab Islamic Bank Jordan 14.8    
FINCA Jordan Jordan 9.0    
Boubyan Bank Kuwait 6,695.0 5,816.1 218.2
Gulf Investment House Kuwait 230.4 163.4 14.6
Kuwait Finance House Kuwait 52,232.0 46,509.1 2,705.9
Kuwait International Bank Kuwait 4,438.7 3,669.4 159.5
Affin Islamic Bank Berhad Malaysia 3,696.3 3,489.8 64.3
Al Rajhi Banking & Inv. Corp. (Malaysia) Malaysia 18,547.5 16,657.2 583.4
Alliance Islamic Bank Berhad Malaysia 17,258.6 15,807.8 599.3
AmIslamic Bank Berhad, Islamic Banking Services Malaysia 7,985.0 7,411.1 272.9
Asian Finance Bank Malaysia 939.8 782.0 14.7
Bank Islam Malaysia Berhad Malaysia 12,513.1 11,475.5 467.8
Bank Muamalat Malaysia Berhad Malaysia 6,643.7 6,139.7 192.3
CIMB Islamic Bank Berhad Malaysia 17,128.1 16,344.5 347.8
Hong Leong Islamic Bank Berhad Malaysia 7,323.5 6,927.1 123.4
Kuwait Finance House (Malaysia) Berhad Malaysia 24,122.8 20,093.9 836.0
Maybank Islamic Berhad Malaysia 30,572.2 29,052.4 652.8
RHB Islamic Bank Berhad Malaysia 67,912.1 63,420.8 1,244.9
Standard Chartered Saadiq Berhad Malaysia 19,437.5 17,995.9 622.3
Al Baraka Bank (Pakistan) Limited Pakistan 760.0 698.0 20.1
Bank Islami Pakistan Limited Pakistan 763.7 706.4 30.9
Burj Bank Limited Pakistan 485.4 425.1 17.0
Faysal Bank Limited Pakistan 3,220.8 3,005.0 146.6
Qatar Islamic bank Qatar 20,104.9 16,763.4 694.3
Qatar International Islamic Bank Qatar 7,844.8 6,461.5 258.4
Alinma Bank Saudi Arabia 14,403.9 9,960.1 483.3
Bank Albilad Saudi Arabia 78,964.5 67,373.9 5,596.8
Albaraka Bank Limited South Africa 438.6 395.9 17.7
Faisal Islamic Bank Sudan 1,270.4 1,161.5 86.2
Albaraka Turk Participation Bank Turkey 6,892.0 6,210.9 394.6
Asya Finance Participation Bank Turkey 11,958.6 10,645.1 745.1
Kuwait Turkish Participation Bank Turkey 10,396.5 9,430.3 551.2
Turkiye Finance Participation Bank Turkey 9,848.9 8,660.8 611.1
Abu Dhabi Islamic Bank United Arab Emirates 23,322.8 19,878.2 970.8
Dubai Islamic Bank United Arab Emirates 25,963.7 23,088.7 1,026.5
Emirates Islamic Bank United Arab Emirates 10,145.3 9,431.5 273.2
Sharjah Islamic Bank United Arab Emirates 4,986.7 3,776.8 175.9
European Islamic Investment Bank United Kingdom 108.8 27.1 4.4
Arab Islamic Bank* West Bank and Gaza 180.6    
Tadhamon International Islamic Bank Yemen, Rep. 2,103.3 1,817.6 59.6
Notes
*: Data from 2009.
1. The reference point for the data is the end of 2012, unless indicated otherwise.
2. This is work in progress. The World Bank does not guarantee the accuracy of the data included in this work.
3. The data are updated regularly, using publicly available sources of data and numbers provided by central banks and individual financial institutions.
4. The information is ordered alphabetically (by country and by institution name).
5. Empty cells indicate lack of data.
6. Some of the listed institutions only offer Shari'a compliant products and service while others have an Islamic Banking window where, alongside their conventional products, they also offer Shari'a compliant financial services.
7. "Country" refers to a territorial entity for which statistical data are maintained and provided internationally on a separate, independent basis (not necessarily a state as understood by international law and practice).
8. Only institutions with available data are included in the table. Data on the other 300+ institutions are currently being compiled. Visit the Islamic Banking Database site to download the most recent database.