The islamic finance global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Islamic Finance Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The islamic finance market size has grown rapidly in recent years. It will grow from $7.16 billion in 2023 to $7.99 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to demand for sharia-compliant products and practices, vast oil wealth stimulated fresh interest, the importance of risk-sharing in raising finance, strong investments in halal sectors, and expanding Islamic banking services.
The islamic finance market size is expected to see rapid growth in the next few years. It will grow to $12.45 billion in 2028 at a compound annual growth rate (CAGR) of 11.7%. The growth in the forecast period can be attributed to the expansion of the Islamic finance industry, increase in the muslim population, ethical and socially responsible investing, government support and regulation, and globalization of Islamic finance. Major trends in the forecast period include the introduction of electronic modes in all products and services, innovation in financial products, new launches of Islamic exchange-traded funds (ETFs), popularity of ESG-related financial assets, and integration of financial technology.
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Scope Of Islamic Finance Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Islamic Finance Market Overview
Market Drivers –
An increase in the muslim population is expected to propel the growth of the Islamic finance market going forward. The Muslim population is growing due to high fertility rates and a relatively young demographic. Muslim populations use Islamic finance to manage their financial needs in accordance with shariah law, which prohibits interest and encourages ethical, risk-sharing financial practices, ensuring that their financial activities align with their religious beliefs and values. For instance, in June 2024, according to the Alliance for a New Middle East Peace (ALLMEP), a US-based non-profit organization, Israel’s muslim population was estimated at 1.782 million at the end of 2023, representing 18.1% of the total residents and marking an increase of 35,000 from 2022. Therefore, the increase in the muslim population is driving the growth of the Islamic finance market.
Market Trends –
Major companies operating in the islamic finance market are focusing on innovating in financial products, such as digital banking platforms, to gain a competitive edge in the market. Digital banking platforms are online services provided by financial institutions that allow customers to conduct banking activities electronically, such as managing accounts, making transactions, and accessing financial products, via the internet or mobile applications. For instance, in March 2023, Salaam Bank Limited, a Uganda-based commercial financial institution, launched its first-ever interest-free commercial banking system and digital banking platforms, allowing it to operate following Islamic principles. The bank’s national operations assert that Islamic banking has the potential to significantly contribute to Uganda’s financial sector development and attract more Muslims to invest in the country’s economy.
The islamic finance market covered in this report is segmented –
1) By Financial Sector: Islamic Banking, Islamic Insurance – Takaful, Islamic Bonds ‘Sukuk’, Other Islamic Financial Institutions (OIFI’s), Islamic Funds
2) By Size Of Business: Small And Medium Business, Large Business
3) By Banking: Retail Banking, Commercial Banking, Investment Banking
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Regional Insights –
Middle East And Africa was the largest region in the islamic finance market in 2023. Asia-Pacific is expected to be the fastest-growing region in the market. The regions covered in the islamic finance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the islamic finance market are Maybank Islamic, Abu Dhabi Commercial Bank, Etiqa Islamic Berhad, Al Rajhi Bank, Mellat Bank, Riyad Bank, Abu Dhabi Islamic Bank Egypt, Kuwait Finance House, Saudi British Bank, Al Baraka Bank, Bank ABC Islamic, HSBC Amanah, First Security Islami Bank, Bank of Khartoum, Al-Arafah Islami Bank, Social Islami Bank, Al Salam Bank, Ajman Bank, Al Hilal Bank, Bank Islam Brunei Darussalam, Bank Nizwa, EXIM Bank, Iraqi Islamic Bank of Inv & Dev, Affin Islamic Bank, OCBC Al-Amin Bank, Bank Keshavarzi, Barwa Bank, Khaleeji Commercial Bank< /b>
Table of Contents
1. Executive Summary
2. Islamic Finance Market Report Structure
3. Islamic Finance Market Trends And Strategies
4. Islamic Finance Market – Macro Economic Scenario
5. Islamic Finance Market Size And Growth
…..
27. Islamic Finance Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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