Saudi Arabia Islamic Finance Market to be Dominated by Islamic Banking through 2027
The growing FinTech industry and presence of tech-savvy youth
population are driving the growth of Saudi Arabia Islamic Finance Market in the
forecast period, 2022-2027.
According
to TechSci Research report, “Saudi Arabia Islamic Finance Market By Financial Sector
(Islamic Banking, Islamic Insurance, Sukuk Outstanding, Others), By Region,
Competition Forecast & Opportunities, 2027”,
the Saudi Arabia Islamic Finance market is expected to witness a growth of
double-digit CAGR during the forecast period, 2022-2027. Rising government
Sukuk insurance and full support by the leading authorities to boost foreign
investment in the country by providing easy entry rules and strengthening
capital markets are the major market driving factors in the forecast period.
Strong investments for the development of the Halal sector and infrastructure
and Sukuk bonds through the electronic modes in all products and services
contribute to the market growth. The easy entry of market players in the region
and encouraging the financial institutions to finance the small and
medium-sized enterprises are driving the country towards cashless payments.
Leading authorities are incentivizing the merchants and citizens to adopt the
e-payment solutions and ensuring vehicle and health insurance enforcement to the
consumers.
The high demand for digital banking services ensures higher
transparency in financial transactions. The replacement of the conventional
banking services in various sectors such as banking, social commerce,
electronic commerce, wealth management, and others is expected to boost the
growth of the Saudi Arabia Islamic Finance market in the next five years. The
increase in the mergers and acquisitions in the insurance industry in order to
boost its scale and solvency is expected to influence the market demand. The
rise in the initiatives taken by the leading authorities to promote financial
literacy and planning among the citizens of the country and making available
the products and services at affordable rates to increase the saving of the
consumers is expected to contribute to the market growth. High internet
penetration and the rise in the use of smart devices is creating the viewership
of online platforms. An increase in the disposable income of the consumers is
enabling them to invest in quality products which in turn is strengthening the
economic structure of the country. The growth of the E-Commerce industry in the
country is expected to promote the use of cashless payments. Consumers prefer
to buy through online sales platforms due to the presence of lucrative
discounts and quick delivery, which is expected to accelerate the demand for
online banking services.
Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on " Saudi Arabia Islamic Finance Market"
The
Saudi Arabia Islamic Finance market is segmented on the basis of financial
sector, competitional landscape, and regional distribution. On the basis of the
financial sector, the Saudi Arabia Islamic Finance market is divided into
Islamic banking, Islamic insurance, Sukuk outstanding, and others. The Islamic
banking segment is expected to hold the largest market share of the Saudi
Arabia Islamic Finance market in the forecast period, 2022-2027. The Kingdom of
Saudi Arabia is home to full-fledged Islamic banks and eight Islamic windows in
all the traditional banks. Islamic banks are supported by an array of
wholesale, commercial, and other types of banks. Saudi Arabia boasts of one of
the largest Sharīʿah-compliant development banks in the world and has the only
AAA-rated Islamic bank known as the Islamic Development Bank. Consumers prefer
to take financial services from Islamic banks as they have higher moral
standards. Islamic banks do not take high risks or pay outsize bonuses to their
top bankers and are highly responsible towards their customers. The earnings in
Islamic banks come from identifiable assets and not from unknown sources, which
makes them highly reliable for banking. Islamic banks cannot make money from
the interest, which is the main reason they use real estate and equity and
charge ‘rent’ instead of making interest.
Download Free SampleReport
Customers can also request for 10% free
customization on this report.
“Digitization of Islamic products and
services to enhance the consumer experience and convenience by offering digital
banking services and the adoption of advanced technologies by the Islamic Banks
is expected to create lucrative opportunities for market growth. Market players
are launching Islamic Robo-advisors that use artificial intelligence technology
for determining optimal investments satisfying the Shariah compliance to
increase the access of the Islamic Banks. The banks are also using blockchain
technology to assist with payments and remittances and assist the customers to
avail banking services from the comfort of their homes. Ongoing technological
advancements and the growing penetration of internet services to boost access
to banking services is expected to propel the Saudi Arabia Islamic Finance
market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Saudi Arabia Islamic
Finance Market By Financial Sector (Islamic Banking, Islamic Insurance, Sukuk
Outstanding, Others), By Region, Competition Forecast & Opportunities, 2027”, has evaluated the future
growth potential of Saudi Arabia Islamic Finance market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Saudi Arabia Islamic Finance market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
Email: [email protected]
Website: https://www.techsciresearch.com