There is a need for further integration of Islamic finance and related principles/concepts into macroeconomic and financial statistics, as Islamic finance does not operate in the same way as conventional banking. This calls for guidance on the statistical treatment of Islamic finance in macroeconomic statistics in general and in external sector statistics (ESS) in particular. A dedicated taskforce, the Task Team on Islamic Finance (IFTT), was established to prepare a guidance note and develop recommendations for accounting for Islamic finance in national and international accounts and in ESS. ESCWA has been engaged in the process since 2017, contributing to research on Islamic finance and national accounts, capacity building statistical offices and coordinating with the United Nations Department of Economic and Social Affairs and United Nations Statistics Division (UNSD), regional commissions and regional Islamic organizations.
ESCWA, in coordination with the IFTT and UNSD, is organizing a webinar on the statistical treatment of Islamic finance in national and international accounts to support a global consultation for the IFTT guidance note. The global consultation is launching on 13 December 2021 and ends on 24 January 2022.
The webinar aims to:
- Inform stakeholders about progress on the Islamic finance guidance note;
- Introduce research topics on Islamic finance to foster participation in the global consultation;
- Gather views on the new recommendations;
- Explore potential volunteers for the early implementation of the new recommendations and the testing phase.
Participants include representatives from statistical offices and central banks worldwide as well as experts from UNSD, the regional commissions, the International Monetary Fund, the financial sector, academia, and major organizations working on Islamic financial statistics and national accounts.