Press release
Strong Growth Ahead: Islamic Finance Market Size To Grow At Arecord 11.6% Cagr By 2029
Islamic Finance Market
How Big Is the Islamic Finance Market Size Expected to Be by 2034?
The Islamic finance market size has grown rapidly in recent years. It will grow from $7.99 billion in 2024 to $8.94 billion in 2025 at a compound annual growth rate (CAGR) of 11.9%. 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 projected to grow to $13.89 billion by 2029, at a CAGR of 11.6%. This growth is attributed to the expansion of the industry, increasing Muslim population, ethical investing, government support, and globalization. Major trends include electronic modes in financial products, innovation in financial products, Islamic ETFs, ESG-related asset popularity, and fintech integration.
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What Are the Emerging Segments Within the Islamic Finance Market?
The islamic financemarket 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
Subsegments:
1) By Islamic Banking: Retail Banking, Corporate Banking, Investment Banking, Islamic Microfinance, Islamic Cooperative Banks
2) By Islamic Insurance - Takaful: Family Takaful (Life Insurance), General Takaful (Non-Life Insurance), Health Takaful, Takaful Investment Accounts, Corporate Takaful Solutions
3) By Islamic Bonds 'Sukuk': Sovereign Sukuk, Corporate Sukuk, Sukuk Ijarah, Sukuk Murabaha, Sukuk Musharakah
4) By Other Islamic Financial Institutions (OIFIs): Islamic Investment Banks, Islamic Asset Management Firms, Islamic Leasing Companies, Islamic Microfinance Institutions, Islamic Credit Unions
5) By Islamic Funds: Equity Funds, Real Estate Investment Funds, Commodity Funds, Islamic Index Funds, Shariah-Compliant Mutual Funds.
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What Long-Term Drivers Are Shaping Islamic Finance Market Trends?
The growing Muslim population is projected to propel the Islamic finance market. The Muslim population is expanding due to higher fertility rates and a younger demographic. Islamic finance allows Muslims to manage finances in accordance with Sharia law, avoiding interest and promoting ethical, risk-sharing financial practices. According to the Alliance for a New Middle East Peace, Israel's Muslim population increased to 1.782 million in 2023, a 35,000 rise from 2022. This demographic growth is fueling the Islamic finance market.
Who Are the Top Competitors in Key Islamic Finance Market Segments?
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
What Islamic Finance Market Trends Are Gaining Traction Across Different Segments?
Companies in the Islamic finance market are innovating with digital banking platforms to offer a competitive advantage and cater to the growing demand for digital banking solutions that comply with Islamic principles. For example, in March 2023, Salaam Bank Limited, a Ugandan financial institution, launched its first interest-free commercial banking system, providing a digital platform that aligns with Islamic banking principles and aims to strengthen Uganda's financial sector while attracting Muslim investors.
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Which Regions Are Becoming Hubs for Islamic Finance Market Innovation?
Middle East And Africa was the largest region in the islamic finance market in 2024. 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Islamic Finance Market?
2. What is the CAGR expected in the Islamic Finance Market?
3. What Are the Key Innovations Transforming the Islamic Finance Industry?
4. Which Region Is Leading the Islamic Finance Market?
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