Press release
Saudi Arabia Islamic Finance Market Reasoning and Prospect & leading Players
Report Ocean provides a comprehensive analysis of the Saudi Arabia Islamic Finance Market. It assesses business solutions and studies, advancement, applications, advantages, benefits, breadth, and operations.Saudi Arabia Islamic Finance Market to Reach USD 1,240 Billion by 2028
Saudi Arabia Islamic finance market is growing because of the dominant Muslim population and their shift towards Shariah-compliant products along with favorable government initiatives such as sukuks debt issuance program
A recent study conducted by the strategic consulting and market research firm,Report Ocean, revealed that the Saudi Arabia Islamic finance market is projected to grow from USD 945 billion in 2021 to USD 1,240 billion by 2028, exhibiting a CAGR of around 4% during the forecast period of 2022-2028. Saudi Arabia is the largest market for Islamic finance. The dominant Muslim population and their shift towards Shariah-compliant products act as a major driving factor for the Islamic finance market. According to official statistics, 90% of Saudi citizens are Sunni Muslims while 10% are Shia. Furthermore, favorable government initiatives such as Sukuks debt issuance program also significantly contributed to the growth of the Saudi Arabia Islamic finance market.
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Saudi Arabia Islamic Finance Market - By Financial Sector
Based on the financial sector, the Saudi Arabia Islamic finance market is segmented into Islamic banking, Islamic insurance: Takaful, Islamic bonds 'Sukuk', Islamic funds, and other Islamic financial institutions (OIFI's). The Islamic banking segment accounts for the largest market share. This segment offers a wide range of services including Musharaka, Mudaraba, Murabaha, Musawama, Leasing, Salam, and Istisna, that are in compliance with Shariah law. Furthermore, limited risks involved in Islamic banking compared to conventional banking are also propelling the growth of the market.
Segment
BY FINANCIAL SECTOR-(ISLAMIC BANKING, ISLAMIC INSURANCE: TAKAFUL, ISLAMIC BONDS 'SUKUK', ISLAMIC FUNDS, OTHER ISLAMIC FINANCIAL INSTITUTION (OIFI'S))
Impact of COVID-19 on Saudi Arabia Islamic Finance Market
The Islamic finance market was negatively impacted by the unprecedented COVID-19 pandemic outbreak. The pandemic burdened the economic growth of Saudi Arabia. The demand for Sukuk registered a significant decline during this period, directly affecting the liquidity and stability of the Saudi Arabia Islamic finance market. However, the market is projected to gain traction in the post-lockdown period as the financial transactions surge amid the lockdown upliftment.
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Competitive Landscape
The leading market players of the Saudi Arabia Islamic finance market are Al-Rajhi Bank Saudi Arabia, Al Jazeera Bank, Al-Bilad Bank, Alinma Bank, SABB Islamic Financial Solutions, Dubai Islamic Bank, Samba's Islamic Banking Division 'IBD', and other prominent players.
The Saudi Arabia Islamic finance market is fragmented with the presence of many industry players. The market is also highly competitive and the banks and financial institutions often launch new products in compliance with Shariah Law to expand their consumer base. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
Dont miss the business opportunity of the Saudi Arabia Islamic finance market. Consult our analysts to gain crucial insights and facilitate your business growth.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Saudi Arabia Islamic finance market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Saudi Arabia Islamic finance market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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Access to date data compiled by means of our researchers. These grant you with historic and forecast data, which is analyzed to inform you why your market is set to change
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The concise analysis, clear graph, and desk structure will allow you to pinpoint the records you require quickly
Provision of market cost (USD Billion) records for every phase and sub-segment
Indicates the area and section that is predicted to witness the quickest increase as nicely as to dominate the market
Analysis through geography highlighting the consumption of the product/service in the area as nicely as indicating the elements that are affecting the market inside every region
Competitive panorama which contains the market rating of the predominant players, alongside with new service/product launches, partnerships, commercial enterprise expansions, and acquisitions in the previous 5 years of organizations profiled
Extensive business enterprise profiles comprising of business enterprise overview, employer insights, product benchmarking, and SWOT evaluation for the primary market players
The cutting-edge as nicely as the future market outlook of the enterprise regarding current traits which contain boom possibilities and drivers as properly as challenges and restraints of each rising as nicely as developed regions
Includes in-depth evaluation of the market from quite a number views via Porter's 5 forces analysis
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Market dynamics scenario, alongside with boom possibilities of the market in the years to come, 6-month post-sales analyst help
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About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.
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