Dublin, Jan. 07, 2025 (GLOBE NEWSWIRE) — The “Islamic Finance Market Report 2024” report has been added to ResearchAndMarkets.com’s offering.
This Islamic Finance market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
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 observed in the historic period can be attributed to several factors such as the increasing demand for Sharia-compliant products and practices, the stimulation of fresh interest due to substantial oil wealth, the emphasis on risk-sharing in financing, strong investments in halal sectors, and the expansion of 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 anticipated for the forecast period can be attributed to several factors such as the expansion of the Islamic finance industry, the increasing Muslim population, a focus on ethical and socially responsible investing, government support and regulation, and the globalization of Islamic finance. Key trends expected during this period include the adoption of electronic modes for all products and services, innovation in financial products, the launch of new Islamic exchange-traded funds (ETFs), growing popularity of ESG-related financial assets, and the integration of financial technology.
The growth of the Muslim population is expected to drive the expansion of the Islamic finance market. This increase in population is largely due to high fertility rates and a relatively young demographic. Muslims turn to Islamic finance to manage their financial needs in accordance with shariah law, which prohibits interest and promotes ethical, risk-sharing financial practices. This ensures that their financial activities align with their religious beliefs and values. Growing Muslim population is contributing to the growth of the Islamic finance market.
Prominent companies in the Islamic finance sector are focusing on innovation in financial products, such as digital banking platforms, to gain a competitive edge. These platforms enable customers to manage accounts, conduct transactions, and access financial products online or via mobile applications.
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 countries covered in the islamic finance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The major companies profiled in this Islamic Finance market report include:
- 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
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 – 2028 |
| Estimated Market Value (USD) in 2024 | $7.99 Billion |
| Forecasted Market Value (USD) by 2028 | $12.45 Billion |
| Compound Annual Growth Rate | 11.7% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Islamic Finance Market Characteristics
3. Islamic Finance Market Trends and Strategies
4. Islamic Finance Market – Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global Islamic Finance Market Size and Growth
5.1. Global Islamic Finance Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global Islamic Finance Historic Market Size and Growth, 2018-2023, Value ($ Billion)
5.3. Global Islamic Finance Forecast Market Size and Growth, 2023-2028, 2033F, Value ($ Billion)
6. Islamic Finance Market Segmentation
6.1. Global Islamic Finance Market, Segmentation by Financial Sector, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Islamic Banking
- Islamic Insurance – Takaful
- Islamic Bonds ‘Sukuk’
- Other Islamic Financial Institutions (OIFI’S)
- Islamic Funds
6.2. Global Islamic Finance Market, Segmentation by Size of Business, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Small and Medium Business
- Large Business
6.3. Global Islamic Finance Market, Segmentation by Banking, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Retail Banking
- Commercial Banking
- Investment Banking
7. Islamic Finance Market Regional and Country Analysis
7.1. Global Islamic Finance Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Islamic Finance Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/4a6pk8
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