Islamic finance

Islamic banking and finance have become increasingly widespread in the Arab and Islamic economies. Business arrangements of Islamic banking differ from conventional banking. Islamic finance in some countries is large enough to affect the quality of national accounts and monetary and financial statistics.

ESCWA is building the statistical capacity of national statistical offices in its member States to compile national accounts, including the financial corporation sector and Islamic Finance, to improve the coverage of national accounts, and to provide additional analytical tools for policymakers.

ESCWA and the United Nations Statistics Division service the joint task team on Islamic finance, established to develop a guidance note on Islamic finance in national accounts and external sector statistics.

Our approach

Our partners

United Nations Statistics Division (UNSD); Morocco Office des Change and Palestine Central Bureau of Statistics (PCBS); Selected ESCWA member States; Selected Islamic Countries (Indonesia, Malaysia, Turkey, Bangladesh, Pakistan); Central Bank of the United Kingdom; independent experts; International Monetary Fund- IMF Committee on Balance of Payments Statistics (IMF-BOPCOM); Islamic Financial Services Board (IFSB); Islamic Development Bank; Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC); Statistical Centre for the Cooperation Council for the Arab States of the Gulf; Bank for International Settlements (BIS); The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). 

Our activities

ESCWA established a task force and working groups to address related issues in the Arab region. We have also held workshops, seminars and online consultations, and issued methodological papers, guidelines and case studies.