Transformative Trends Impacting the Islamic Finance Market Landscape: Islamic Finance Companies Drive Innovation With Digital Banking Platform

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How Large Will the Islamic Finance Market Size By 2025?
In recent times, the Islamic finance market has expanded swiftly. The current size of $7.99 billion as of 2024 is expected to increase to $8.94 billion by 2025, representing a compound annual growth rate (CAGR) of 11.9%. The market's historical expansion can be ascribed to the demand for products and practices that align with Sharia law, with factors such as immense oil wealth prompting renewed interest. Other contributing factors include the key role of risk-sharing in funding and the robust investments in the halal sectors. Additionally, the growth and expansion of Islamic banking services have also played a significant role.

How Big Is the Islamic Finance Market Size Expected to Grow by 2029?
Anticipations suggest a speedy expansion of the Islamic finance market in the coming years. The market is projected to swell to a massive $13.89 billion in 2029, boasting a compound annual growth rate (CAGR) of 11.6%. Factors propelling this projected growth include the burgeoning Islamic finance industry, a rising Muslim demographic, the trend of ethical and social responsibility in investing, supportive government policies and regulations, and the global proliferation of Islamic finance. The forecast period is likely to see notable trends such as the digitization of products and services, innovative financial product developments, the emergence of new Islamic exchange-traded funds (ETFs), the growing appeal of ESG-correlated financial assets, and the incorporation of fintech.

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Which Key Market Drivers Powering Islamic Finance Market Expansion and Growth?
The anticipated growth in the Islamic finance market is attributed to an expected rise in the Muslim population. High fertility rates and a youthful demographic contributes to the growth of the Muslim population. Islamic finance, which complies with shariah law by banning interest and supporting ethical, risk-sharing financial activities, is used by Muslims to cater to their financial needs while preserving their religious principles and values. As an illustration, the Alliance for a New Middle East Peace (ALLMEP), a non-profit organization based in the US, reported in June 2024 that the Muslim population in Israel was roughly 1.782 million at the close of 2023, accounting for 18.1% of the total inhabitants and showing an increase of 35,000 from the previous year. Consequently, the Islamic finance market's growth is propelled by the surge in the Muslim population.

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Which Fast-Growing Trends Are Poised to Disrupt the Islamic Finance Market?
Key players in the Islamic finance sector are prioritizing innovation, particularly in financial products like digital banking systems, to secure a favorable position in the market. These digital platforms are virtual services extended by finance companies enabling customers to manage their banking needs online, such as handling accounts, executing transactions, and exploring financial products through the internet or mobile apps. Salaam Bank Limited, a financial institution based in Uganda, for example, inaugurated its premier commercial banking system free of interest and digital banking platforms in March 2023, thereby adhering to Islamic principles. The nation-wide operations of the bank suggest that Islamic banking could play a pivotal role in the advancement of Uganda's financial sector, and entice a greater number of Muslims to invest in the country's economy.

What Are the Emerging Segments in 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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Who Are the Global Leaders in the Islamic Finance Market?
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

Which are the Top Profitable Regional Markets for the Islamic Finance Industry?
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.

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