FISIM: Present and Future
ةرﺷﺎﺑﻣ رﯾﻏ ةروﺻﺑ ﺔﺳﺎﻘﻣﻟا ﺔﯾﻟﺎﻣﻟا ﺔطﺎﺳوﻟا :
لﺑﻘﺗﺳﻣﻟاو رﺿﺎﺣﻟا
NOVEMBER 2021 | 2021 رﺑﻣﻓوﻧ
Issam Alsammak | كﺎ ّﻣ َﺳﻟا مﺎﺻﻋ
Real Sector Statistics Advisor | ﻲﻘﯾﻘﺣﻟا عﺎطﻘﻟا تاءﺎﺻﺣإ رﺎﺷﺗﺳﻣ
Agenda
FISIM: Concept and Measurement
Status of FISIM measurement
Changes in the international standards
ةدﻧﺟﻷا سﺎﯾﻘﻟاو موﮭﻔﻣﻟا
نھارﻟا ﻊﺿوﻟا
ﯾﻟودﻟا رﯾﯾﺎﻌﻣﻟا ﻲﻓ تارﯾﯾﻐﺗﻟا
ﺔ
How does the SNA
measure banks’ output
Banks normally make money by charging higher rates of interest on the loans they make than they pay on the deposits they hold
However, in the SNA, output cannot be measured simply as interest receipts because interest is
classified as property income, not as a produced service
But excluding interest from the calculation of output will lead to a very small or even negative value added
To avoid the paradox of showing a prosperous industry with negative value added, national
accountants “impute” an additional component to the output of banks to cover the services that banks provide to their customers
ضرﻓ ﻖﯾرط نﻋ لاوﻣﻷا كوﻧﺑﻟا ﻲﻧﺟﺗ رﺎﻌﺳأ
ةدﺋﺎﻓ ﻰﻠﻋ ﻰﻠﻋأ
نﻋ ﺎﮭﻣدﻘﺗ ﻲﺗﻟا ضورﻘﻟا رﺎﻌﺳأ
ﻟا ﻰﻠﻋ ﺎﮭﻌﻓدﺗ ﻲﺗﻟا ةدﺋﺎﻔﻟا ﻲﺗﻟا ﻊﺋادو
ﺎﮭﺑ ظﻔﺗﺣﺗ .
ﻛ جﺎﺗﻧﻻا سﺎﯾﻗ نﻛﻣﯾ ﻻ ، ﺔﯾﻣوﻘﻟا تﺎﺑﺎﺳﺣﻟا مﺎظﻧ ﻲﻓ نﻛﻟو درﺟﻣ
ةدﺋﺎﻔﻟا نﻷ دﺋاوﻓ تﻻﺎﺻﯾإ ﺗ
فﻧﺻ ﺔﯾﻛﻠﻣﻟا لﺧدﻛ
ﺧﻛ سﯾﻟو ﺔﺟﺗﻧﻣ ﺔﻣد
نﻣ ةدﺋﺎﻔﻟا دﺎﻌﺑﺗﺳا نﻛﻟ سﺎﯾﻗ
ﺿﻣ ﺔﻣﯾﻗ ﻰﻟإ يدؤﯾﺳ جﺎﺗﻧﻻا
ﺔﻓﺎ ﺔﯾﺑﻠﺳ ﻰﺗﺣ وأ ﺔﺿﻔﺧﻧﻣ
ﻟا نوﺑﺳﺎﺣﻣﻟا بﺳﻧﯾ كﻟذﻟ ﺧﻣ ﻰﻟإ ﺎًﯾﻓﺎﺿإ ا ًرﺻﻧﻋ نوﯾﻣوﻘ
تﺎﺟر
ﺎﮭﺋﻼﻣﻌﻟ كوﻧﺑﻟا ﺎﮭﻣدﻘﺗ ﻲﺗﻟا تﺎﻣدﺧﻟا ﺔﯾطﻐﺗﻟ كوﻧﺑﻟا
ﻘﯾ فﯾﻛ ﺎ
كوﻧﺑﻟا جﺎﺗﻧإ س ﻲﻓ
مﺎظﻧ ﺔﯾﻣوﻘﻟا تﺎﺑﺎﺳﺣﻟا
Definition
The implicit financial services provided in
association with interest charges on loans and deposits are described in the SNA as financial intermediation services indirectly measured, or FISIM
The financial services provided include record keeping, safekeeping, quick and convenient access to funds, payment facilitation, risk management, liquidity management, and advice
ﻣﺿﻟا ﺔﯾﻟﺎﻣﻟا تﺎﻣدﺧﻟا فﺻو مﺗﯾ ﺔﯾﻣوﻘﻟا تﺎﺑﺎﺳﺣﻟا مﺎظﻧ ﻲﻓ ﺔﯾﻧ دﺧ ﺎﮭﻧأ ﻰﻠﻋ ﻊﺋادوﻟاو ضورﻘﻟا ﻰﻠﻋ ةدﺋﺎﻔﻟا موﺳرﺑ ﺔﻘﻠﻌﺗﻣﻟا تﺎﻣ FISIM وأ ةرﺷﺎﺑﻣ رﯾﻏ ةروﺻﺑ ﺔﺳﺎﻘﻣﻟا ﺔﯾﻟﺎﻣ ﺔطﺎﺳو
ظﻔﺣ ﺔﻣدﻘﻣﻟا ﺔﯾﻟﺎﻣﻟا تﺎﻣدﺧﻟا لﻣﺷﺗ ظﺎﻔﺗﺣﻻاو لاوﻣﻷا
ﺑ ﺟﺳﻟﺎ ، تﻼ
ادإو ، ﻊﻓدﻟا لﯾﮭﺳﺗو ، لاوﻣﻷا ﻰﻟإ ﺢﯾرﻣﻟاو ﻊﯾرﺳﻟا لوﺻوﻟاو ةر ﺔﯾﻟﺎﻣﻟا ةروﺷﻣﻟاو ، ﺔﻟوﯾﺳﻟا ةرادإو ، رطﺎﺧﻣﻟا
فﯾرﻌﺗﻟا
FISIM Measurement in Arab countries
Externally available documentation on how FISIM is measured in the national accounts of Arab
countries is sparse
Empirical evidence suggests that there is wide variation in the Arab world regarding the
measurement of FISIM
Measurement of output
Allocation of FISIM
Choice of reference rate
Inclusion of all producers of FISIM This has two important effects:
Compromised comparability
Potential underestimation of GDPﺳﺎﻘﻣﻟا ﺔﯾﻟﺎﻣﻟا ﺔطﺎﺳوﻟا سﺎﯾﻗ ﺔﯾﻔﯾﻛ لوﺣ ةرﻓوﺗﻣﻟا ﻖﺋﺎﺛوﻟا ةروﺻﺑ ﺔ
ةرﺷﺎﺑﻣ رﯾﻏ ﺔﻠﯾﻠﻗ ﺔﯾﺑرﻌﻟا لودﻠﻟ ﺔﯾﻣوﻘﻟا تﺎﺑﺎﺳﺣﻟا ﻲﻓ
مﻟﺎﻌﻟا ﻲﻓ رﯾﺑﻛ نﯾﺎﺑﺗ دوﺟو ﻰﻟإ ﺔﯾﺑﯾرﺟﺗﻟا ﺔﻟدﻷا رﯾﺷﺗ ﺎﻣﯾﻓ ﻲﺑرﻌﻟا
رﺷﺎﺑﻣ رﯾﻏ ةروﺻﺑ ﺔﺳﺎﻘﻣﻟا ﺔﯾﻟﺎﻣﻟا ﺔطﺎﺳوﻟا سﺎﯾﻘﺑ ﻖﻠﻌﺗﯾ ة
ﺔﻘﯾرط
سﺎﯾﻗ ﻟا
تﺎﺟرﺧﻣ
صﯾﺻﺧﺗﻟا
/ ﻟا ﻊﯾزوﺗ
رﻌﺳ رﺎﯾﺗﺧا
ةدﺋﺎﻔﻟا ﻲﻌﺟرﻣﻟا
جاردإ
ﻊﯾﻣﺟ نﯾﺟﺗﻧﻣﻟا
نﺎﻣﮭﻣ نارﯾﺛﺄﺗ ﮫﻟ اذھ :
ﺔﻧرﺎﻘﻣﻠﻟ لﻗأ ﺔﯾﻠﺑﺎﻗ
ﻲﻟﺎﻣﺟﻹا ﻲﻠﺣﻣﻟا ﺞﺗﺎﻧﻟا نﻣ لﻣﺗﺣﻣﻟا لﯾﻠﻘﺗﻟا
روﺻﺑ ﺔﺳﺎﻘﻣﻟا ﺔﯾﻟﺎﻣﻟا ﺔطﺎﺳوﻟا سﺎﯾﻗ
ة ﺔﯾﺑرﻌﻟا لودﻟا ﻲﻓ ةرﺷﺎﺑﻣ رﯾﻏ
Main areas of divergence
Measurement of output
Some countries still follow the 1968 SNA Not yet adopted the reference rate method introduced in the 1993 SNA
→ FISIM includes property income that is not considered a produced service
→ Output and value added of FISIM producers do not accurately reflect productive activity
مﺎﻌﻟ ﺔﯾﻣوﻘﻟا تﺎﺑﺎﺳﺣﻟا مﺎظﻧ ﻊﺑﺗﺗ نادﻠﺑﻟا ضﻌﺑ لازﺗ ﻻ 1968
رﻌﺳ ﺔﻘﯾرط دﻌﺑ دﻣﺗﻌﺗ مﻟ ةدﺋﺎﻔﻟا
مﺎظﻧ ﻲﻓ تﻠﺧدأ ﻲﺗﻟا ﻲﻌﺟرﻣﻟا
مﺎﻌﻟ ﺔﯾﻣوﻘﻟا تﺎﺑﺎﺳﺣﻟا 1993
← لﻣﺷﯾ ﻣﻟا لﺧد
ﺔﯾﻛﻠ ﺔﻣدﺧ رﺑﺗﻌﯾ ﻻ يذﻟا ﺔﺟَﺗﻧﻣ
← ﺔﯾﻟﺎﻣﻟا ﺔطﺎﺳوﻟا ﻲﺟﺗﻧﻣﻟ ﺔﻓﺎﺿﻣﻟا ﺔﻣﯾﻘﻟاو تﺎﺟرﺧﻣﻟا سﻛﻌﺗ ﻻ
ﺔﻗدﺑ ﻲﺟﺎﺗﻧﻹا طﺎﺷﻧﻟا
ﺔﯾﺳﯾﺋرﻟا فﻼﺗﺧﻻا تﻻﺎﺟﻣ
تﺎﺟرﺧﻣﻟا سﺎﯾﻗ
Main areas of divergence
Allocation of FISIM
Some countries still follow the 1993 SNA, which does not require allocation of FISIM to final consumption and exports
FISIM use is allocated entirely to intermediate consumption and shown as a separate line in the presentation of estimates of GDP by
production
→ GDP understated
مﺎﻌﻟ ﺔﯾﻣوﻘﻟا تﺎﺑﺎﺳﺣﻟا مﺎظﻧ ﻊﺑﺗﺗ نادﻠﺑﻟا ضﻌﺑ لازﺗ ﻻ 1993
، رﯾﻏ ةروﺻﺑ ﺔﺳﺎﻘﻣﻟا ﺔﯾﻟﺎﻣﻟا ﺔطﺎﺳوﻟا صﯾﺻﺧﺗ بﻠطﺗﯾ ﻻ يذﻟاو ةرﺷﺎﺑﻣ تاردﺎﺻﻟاو ﻲﺋﺎﮭﻧﻟا كﻼﮭﺗﺳﻼﻟ
مادﺧﺗﺳا صﯾﺻﺧﺗ مﺗﯾ ﺷﺎﺑﻣ رﯾﻏ ةروﺻﺑ ﺔﺳﺎﻘﻣﻟا ﺔﯾﻟﺎﻣﻟا ﺔطﺎﺳوﻟا
ةر ضرﻋ ﻲﻓ لﺻﻔﻧﻣ دﻧﺑﻛ ﮫﺿرﻋ مﺗﯾو طﯾﺳوﻟا كﻼﮭﺗﺳﻼﻟ لﻣﺎﻛﻟﺎﺑ جﺎﺗﻧﻹا بﺳﺣ ﻲﻟﺎﻣﺟﻹا ﻲﻠﺣﻣﻟا ﺞﺗﺎﻧﻟا تارﯾدﻘﺗ ← ﻲﻟﺎﻣﺟﻹا ﻲﻠﺣﻣﻟا ﺞﺗﺎﻧﻟا ضﻔﺧﻧﻣ
ﺔﯾﺳﯾﺋرﻟا فﻼﺗﺧﻻا تﻻﺎﺟﻣ
ﺷﺎﺑﻣ رﯾﻏ ةروﺻﺑ ﺔﺳﺎﻘﻣﻟا ﺔﯾﻟﺎﻣﻟا ﺔطﺎﺳوﻟا مادﺧﺗﺳا صﯾﺻﺧﺗ ةر
Main areas of divergence
Inclusion of producers of FISIM
Certain activities (e.g. moneylending) not included when measuring FISIM
→ Output and value added of such activities not measured accurately
→ GDP potentially understated
ﺔﻧﯾﻌﻣ ﺔطﺷﻧأ نﯾﻣﺿﺗ مﺗﯾ ﻻ )
لاوﻣﻷا ضارﻗإ لﺛﻣ (
سﺎﯾﻗ دﻧﻋ
ﺔﯾﻟﺎﻣﻟا ﺔطﺎﺳوﻟا
← ﺔﻗدﺑ ﺔطﺷﻧﻷا هذﮭﻟ ﺔﻓﺎﺿﻣﻟا ﺔﻣﯾﻘﻟاو ﺞﺗﺎﻧﻟا سﺎﯾﻗ مدﻋ
← ﺗﻣﯾﻗ نﻣ لﻗأ ﻲﻟﺎﻣﺟﻹا ﻲﻠﺣﻣﻟا ﺞﺗﺎﻧﻟا نوﻛﯾ نأ لﻣﺗﺣﻣﻟا نﻣ ﮫ
ﺔﯾﺳﯾﺋرﻟا فﻼﺗﺧﻻا تﻻﺎﺟﻣ
ﺷﺎﺑﻣ رﯾﻏ ةروﺻﺑ ﺔﺳﺎﻘﻣﻟا ﺔﯾﻟﺎﻣﻟا ﺔطﺎﺳوﻟا ﻲﺟﺗﻧﻣ ﻊﯾﻣﺟ جاردإ ةر
Updating the
international standards
Islamic finance is one of the research items for the update of the system of national accounts (2025 SNA) Islamic Finance Task Team
Formed by the Intersecretariat Working Group on National Accounts (ISWGNA) and the Committee on Balance of Payments Statistics (BOPCOM) in 2020
Secretariat: United Nations Statistics Division (UNSD), Economic and Social Commission for Western Asia (ESCWA)
Main objective: provide guidance on the treatment of Islamic finance in the national accounts and external sector statistics, including:
Terminology
Sectorization and output of Islamic financial entities
Classification of financial instruments and income
Reference rates to calculate Islamic FISIM
تﺎﺑﺎﺳﺣﻟا مﺎظﻧ ثﯾدﺣﺗﻟ ثﺣﺑﻟا تﻻﺎﺟﻣ دﺣأ وھ ﻲﻣﻼﺳﻹا لﯾوﻣﺗﻟا ﺔﯾﻣوﻘﻟا (SNA 2025)
ﻲﻣﻼﺳﻹا لﯾوﻣﺗﻟا لﻣﻋ ﻖﯾرﻓ ﮫﻠﻛﺷ
ﺣﻟﺎﺑ ﻲﻧﻌﻣﻟا ﺔﻣﺎﻌﻟا تﺎﻧﺎﻣﻷا نﯾﺑ كرﺗﺷﻣﻟا لﻣﻌﻟا ﻖﯾرﻓ تﺎﺑﺎﺳ
تﺎﻋوﻓدﻣﻟا نازﯾﻣ تاءﺎﺻﺣإ ﺔﻧﺟﻟو ﺔﯾﻣوﻘﻟا ﻲﻓ
2020
. ، ةدﺣﺗﻣﻟا مﻣﻷا ﻲﻓ تاءﺎﺻﺣﻹا ﺔﺑﻌﺷ : ﺔﯾرﺎﺗرﻛﺳﻟا
ﺔﻧﺟﻠﻟاو
ﺎﯾﺳآ ﻲﺑرﻐﻟ ﺔﯾﻋﺎﻣﺗﺟﻻاو ﺔﯾدﺎﺻﺗﻗﻻا )
اوﻛﺳﻹا .(
ﻲﺳﯾﺋرﻟا فدﮭﻟا :
ﻓ ﻲﻣﻼﺳﻹا لﯾوﻣﺗﻟا ﺔﻠﻣﺎﻌﻣ لوﺣ تادﺎﺷرإ مﯾدﻘﺗ
ﻲ :كﻟذ ﻲﻓ ﺎﻣﺑ ، ﻲﺟرﺎﺧﻟا عﺎطﻘﻟا تاءﺎﺻﺣإو ﺔﯾﻣوﻘﻟا تﺎﺑﺎﺳﺣﻟا ﺣﻠطﺻﻣﻟا
تﺎ
و ﺔﯾﻣﻼﺳﻹا ﺔﯾﻟﺎﻣﻟا تﺎﻧﺎﯾﻛﻟا مﯾﺳﻘﺗ بﺎﺳﺣ ﺔﻘﯾرط
ﺎﮭﺗﺎﺟرﺧﻣ
ﺔﯾﻟﺎﻣﻟا تاودﻷاو لﺧدﻟا فﯾﻧﺻﺗ
رﻌﺳ
ةدﺋﺎﻔﻟا ﻲﻌﺟرﻣﻟا
رﯾﻏ ةروﺻﺑ ﺔﺳﺎﻘﻣﻟا ﺔﯾﻟﺎﻣﻟا ﺔطﺎﺳوﻟا بﺎﺳﺣﻟ
ةرﺷﺎﺑﻣ
ﺔﯾﻟودﻟا رﯾﯾﺎﻌﻣﻟا ثﯾدﺣﺗ
Islamic FISIM
Measurement of output
Using the 2008 SNA FISIM formula to calculate the financial intermediation services provided by Islamic deposit-taking corporations
Instrument scope
Inclusion of financial instruments like Qard, Wadiah, Amanah, and Qard-hasan in the bundle of deposits/loans to calculate FISIM and SNA interest as the Islamic financial corporation is basically providing a service, such as safe keeping and
maintaining records of loans, and that service element should be accounted for.
Use of total deposits and total loans as opposed to the instrument-by-instrument approach
The reference rate to use in the formula
تﺎﺟرﺧﻣﻟا سﺎﯾﻗ رﻌﺳ ﺔﻘﯾرط مادﺧﺗﺳا
ةدﺋﺎﻔﻟا ﻌﻟ ﺔﯾﻣوﻘﻟا تﺎﺑﺎﺳﺣﻟا مﺎظﻧ نﻣ ﻲﻌﺟرﻣﻟا
مﺎ ﺔﯾﻟﺎﻣﻟا تﺎﻛرﺷﻟا ﺎﮭﻣدﻘﺗ ﻲﺗﻟا ﺔﯾﻟﺎﻣﻟا ﺔطﺎﺳوﻟا تﺎﻣدﺧ بﺎﺳﺣﻟ 2008 ﺔﯾﻣﻼﺳﻹا ﺔﯾﻟﺎﻣﻟا تاودﻷا قﺎطﻧ ﻣزﺣ ﻲﻓ نﺳﺣﻟا درﻘﻟاو ﺔﻧﺎﻣﻷاو ﺔﻌﯾدوﻟاو ضرﻘﻟا لﺛﻣ ﺔﯾﻟﺎﻣ تاودأ جاردإ
ﺔ ةرﺷﺎﺑﻣ رﯾﻏ ةروﺻﺑ ﺔﺳﺎﻘﻣﻟا ﺔﯾﻟﺎﻣﻟا ﺔطﺎﺳوﻟا بﺎﺳﺣﻟ ضورﻘﻟا / ﻊﺋادوﻟا نﻷ ظﺎﻔﺗﺣﻻاو ، لاوﻣﻷا ظﻔﺣ لﺛﻣ تﺎﻣدﺧ مدﻘﺗ ﺔﯾﻣﻼﺳﻹا ﺔﯾﻟﺎﻣﻟا ﺔﺳﺳؤﻣﻟا رﺎﺑﺗﻋﻻا ﻲﻓ ذﺧﺄﺗ نأ بﺟﯾو ، ضورﻘﻟا تﻼﺟﺳﺑ جﺎﺗﻧﻻا سﺎﯾﻗ دﻧﻋ
ﻠﻋ ةادأ لﻛ بوﻠﺳأ لﺑﺎﻘﻣ ﻲﻓ ضورﻘﻟا ﻲﻟﺎﻣﺟإو ﻊﺋادوﻟا ﻲﻟﺎﻣﺟإ مادﺧﺗﺳا
ﻰ ةدﺣ
ﻲﻌﺟرﻣﻟا ةدﺋﺎﻔﻟا رﻌﺳ
رﯾﻏ ةروﺻﺑ ﺔﺳﺎﻘﻣﻟا ﺔﯾﻟﺎﻣﻟا ﺔطﺎﺳوﻟا ةرﺷﺎﺑﻣ -
ﻲﻣﻼﺳﻹا لﯾوﻣﺗﻟا
Summary
There is wide variation in adoption of the 2008 SNA to measure and allocate
FISIM
This compromises comparability and potentially underestimates GDP
IMF / METAC technical assistance may be provided to better measure FISIM The international standards are being updated to include Islamic finance –
countries are invited to contribute to the process
ﯾﻣوﻘﻟا تﺎﺑﺎﺳﺣﻟا مﺎظﻧ دﺎﻣﺗﻋا ﻲﻓ رﯾﺑﻛ نﯾﺎﺑﺗ كﺎﻧھ مﺎﻌﻟ ﺔ
2008 ﺑ ﺔﺳﺎﻘﻣﻟا ﺔﯾﻟﺎﻣﻟا ﺔطﺎﺳوﻟا صﯾﺻﺧﺗو سﺎﯾﻘﻟ
ةروﺻ
ةرﺷﺎﺑﻣ رﯾﻏ ﯾﻗ نﻣ لﻠﻘﯾ نأ لﻣﺗﺣﯾو ﺔﻧرﺎﻘﻣﻟا ﺔﯾﻧﺎﻛﻣﺈﺑ رﺿﯾ اذھو
ﺔﻣ ﻲﻟﺎﻣﺟﻹا ﻲﻠﺣﻣﻟا ﺞﺗﺎﻧﻟا
نﺎﻛﻣﺈﺑ ﺳوﻷا قرﺷﻠﻟ ﻲﻣﯾﻠﻗﻹا ﺔﯾﻧﻔﻟا ةدﻋﺎﺳﻣﻟا زﻛرﻣ
طﻠﺑﻠﻟ ﺔﯾﻧﻔﻟا ةدﻋﺎﺳﻣﻟا مﯾدﻘﺗ ﻲﻟودﻟا دﻘﻧﻟا قودﻧﺻﻟ ﻊﺑﺎﺗﻟا ناد رﯾﻏ ةروﺻﺑ ﺔﺳﺎﻘﻣﻟا ﺔﯾﻟﺎﻣﻟا ﺔطﺎﺳوﻟا سﺎﯾﻗ نﯾﺳﺣﺗﻟ
ةرﺷﺎﺑﻣ ﺗﻟا لﻣﺷﺗﻟ ﺔﯾﻟودﻟا رﯾﯾﺎﻌﻣﻠﻟ ثﯾدﺣﺗ ﺎًﯾﻟﺎﺣ يرﺟﯾ لﯾوﻣ
ﻲﻣﻼﺳﻹا -
ﺔﯾﻠﻣﻌﻟا هذھ ﻲﻓ ﺔﻣھﺎﺳﻣﻠﻟ ةوﻋدﻣ نادﻠﺑﻟا
