The Saudi Arabia Islamic Finance Market is projected to reach USD 1,240 billion by 2028, growing from USD 945 billion in 2021, with a CAGR of approximately 4% during the forecast period of 2022-2028. The growth of the market is driven by factors such as the dominant Muslim population in Saudi Arabia and their increasing preference for Shariah-compliant products. Additionally, favorable government initiatives, including the sukuks debt issuance program, have significantly contributed to the growth of the Islamic finance market in the country.
A recent study conducted by strategic consulting and market research firm Report Ocean revealed the substantial growth potential of the Saudi Arabia Islamic finance market. Saudi Arabia is the largest market for Islamic finance, and the dominant Muslim population plays a crucial role in driving the market growth. Approximately 90% of Saudi citizens are Sunni Muslims, with the remaining 10% being Shia. This strong Muslim presence and their inclination towards Shariah-compliant products fuel the demand for Islamic finance offerings.
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The Saudi Arabia Islamic finance market is segmented based on the financial sector, including Islamic banking, Islamic insurance (Takaful), Islamic bonds (Sukuk), Islamic funds, and other Islamic financial institutions (OIFI’s). Islamic banking holds the largest market share, offering a wide range of services that comply with Shariah law, such as Musharaka, Mudaraba, Murabaha, Musawama, Leasing, Salam, and Istisna. Islamic banking is perceived as having limited risks compared to conventional banking, further propelling its growth in the market.
The competitive landscape of the Saudi Arabia Islamic finance market comprises leading players such as 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 participants. The market is fragmented, with various industry players offering Shariah-compliant financial products and services. To expand their consumer base, banks and financial institutions frequently introduce new products in compliance with Shariah law. Partnerships, mergers, acquisitions, and joint ventures are also common strategies adopted by market players to gain a competitive edge.
For businesses seeking opportunities in the Saudi Arabia Islamic finance market, consulting with analysts can provide crucial insights and support business growth. The comprehensive report offers in-depth analysis, growth potential, upcoming trends, and statistics on the market. It also highlights the factors driving forecasts and recent technology trends to assist decision-makers in making strategic choices. The report further analyzes growth drivers, challenges, and competitive dynamics in the market.
Market Overview
Market Size & Forecast by Value, 2018-2028
By Value (USD Million)
Market Share & Forecast
By Financial Sector
Islamic Banking
Islamic Insurance: Takaful
Islamic Bonds ‘Sukuk’
Other Islamic Financial Institution (OIFI’s)
Islamic Funds
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