Saudi Arabia Islamic Finance Market Growth Prospects, Projected Demand and Revenue Analysis, and Forecast 2031

Saudi Arabia Islamic Finance Market Set to Reach USD 1,240 Billion by 2028

The Saudi Arabia Islamic finance market is witnessing significant growth, driven by the dominant Muslim population's preference for Shariah-compliant products and favorable government initiatives, including the sukuks debt issuance program.

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According to a recent study by strategic consulting and market research firm Report Ocean, the Saudi Arabia Islamic finance market is projected to expand from USD 945 billion in 2021 to USD 1,240 billion by 2028, with a compound annual growth rate (CAGR) of around 4% during the forecast period of 2022-2028. As the largest market for Islamic finance, Saudi Arabia benefits from its substantial Muslim population and their increasing adoption of Shariah-compliant financial products. Official statistics indicate that 90% of Saudi citizens are Sunni Muslims, with the remaining 10% being Shia. Additionally, the government's favorable initiatives, such as the sukuks debt issuance program, have played a significant role in fostering the growth of the Saudi Arabia Islamic finance market.

Saudi Arabia Islamic Finance Market by Financial Sector

The Saudi Arabia Islamic finance market is categorized into several financial sectors, including Islamic banking, Islamic insurance (Takaful), Islamic bonds (Sukuk), Islamic funds, and other Islamic financial institutions (OIFI's). Among these sectors, Islamic banking holds the largest market share. Islamic banks in Saudi Arabia offer a wide range of services compliant with Shariah law, such as Musharaka, Mudaraba, Murabaha, Musawama, Leasing, Salam, and Istisna. Moreover, the comparatively lower risks associated with Islamic banking compared to conventional banking have contributed to the market's growth.

COVID-19 Impact on the Saudi Arabia Islamic Finance Market

The Saudi Arabia Islamic finance market faced challenges due to the unprecedented COVID-19 pandemic, which negatively affected the country's overall economic growth. The demand for Sukuk experienced a significant decline during this period, impacting the liquidity and stability of the Islamic finance market. However, as the lockdown measures are gradually lifted, the market is expected to rebound, with financial transactions increasing.

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Competitive Landscape

The leading players in the Saudi Arabia Islamic finance market include 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 institutions.

Segment

BY FINANCIAL SECTOR-(ISLAMIC BANKING, ISLAMIC INSURANCE: TAKAFUL, ISLAMIC BONDS 'SUKUK', ISLAMIC FUNDS, OTHER ISLAMIC FINANCIAL INSTITUTION (OIFI'S))

The Saudi Arabia Islamic finance market is characterized by fragmentation, with numerous industry players operating within the sector. The market is highly competitive, and banks and financial institutions often introduce new products in adherence to Shariah law to expand their customer base. Additionally, strategic initiatives such as partnerships, mergers, acquisitions, and joint ventures are prevalent in the market.

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The comprehensive report provides in-depth analysis, including information on growth potential, upcoming trends, and market statistics of the Saudi Arabia Islamic finance market. It also highlights the factors driving the market's forecasted size. The report offers valuable insights into recent technology trends and industry dynamics, assisting decision-makers in making strategic decisions. Furthermore, it analyzes the growth drivers, challenges, and competitive dynamics within the market.

Table of Content:
1. Research Framework
1.1. Research Objective
1.2. Type Overview
1.3. Market Segmentation
2. Research Methodology
2.1. Qualitative Research
2.1.1. Primary & Secondary Research
2.2. Quantitative Research
2.3. Market Breakdown & Data Triangulation
2.3.1. Secondary Research
2.3.2. Primary Research
2.4. Breakdown of Primary Research Respondents, By Region
2.5. Assumption & Limitation
3. Executive Summary

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This release was published on openPR.