Saudi Arabia Islamic
finance market is anticipated to grow at an impressive CAGR for the forecast
period, 2023-2027. Saudi Arabia is considered one of the largest economies in
the Middle East region and is the leading Islamic finance industry across the
world and is working towards making Saudi Arabia the leader of the Islamic
Finance market. The oil and natural gas industry is the major
revenue-generating industry in the country, and it also has the presence of
several mineral deposits. The continuous efforts made by the leading
authorities to generate new income sources to boost the economy of the country
and reduce the financial dependence solely on the oil and natural gas industry
is expected to create potential growth for the Saudi Arabia Islamic finance
market due to the high demand for digital services. The Kingdom of Saudi Arabia
is considered one of the most special places by Muslims around the globe as it
is the land of two main holy places that witness huge footfall every year.
Accessibility to three major regions across the globe, including Asia-pacific,
Europe, and Africa, is one of the major reasons for high economic growth in the
Middle East region.
Islamic Finance can be
defined as the banking or financing activity that complies with Sharia and its
practical application through the development of Islamic finances. The common
modes of Islamic Finance include Musharaka, Wadiah, Murabahah, Ijara, and
Mudarabah.
The Saudi Arabia’s government
is making efforts to improve the financial status of the country by introducing
different schemes and policies. The launch of Saudi Vision 2030 is an
initiative taken by the leading authorities to lower the dependence on the oil
industry, diversify income sources, and develop public sources such as tourism,
education, health, infrastructure, and recreation sectors. It is also expected
to reinforce the economic activities in the region and boost the non-oil
industry trade between the countries through consumer goods and increase the
government spending on manufacturing equipment, ammunition, and military. For
improving the economic status of the country, the official government introduced
several reform programs, including the Financial Sector Development Program to
strengthen its economic position around the globe which is expected to create
lucrative opportunities for the Saudi Arabia Islamic finance market in the
forecast period.
The development of the
advanced infrastructure, new markets, and new products and services in the
region is creating opportunities for the economic growth of the country. With
the improvement of the financial conditions of Saudi Arabia, the market is open
for foreign investments for the development of the country. The market in Saudi
Arabia is one of the emerging markets attracting a lot of investors from around
the world. Saudi Vision 2030 majorly aims to develop the Saudi capital markets
to stabilize the economy and achieve sustainable growth in the forecast period.
The Saudi Arabia Islamic
finance market is segmented on the basis of financial
sector regional distribution, and company. Based on the financial sector,
the market is divided into Islamic banking, Islamic insurance, sukuk
outstanding, and others. To analyze the market based on the region, the Saudi
Arabia Islamic Finance market is studied in major regions namely North &
Central region, Southern region, Western region, and Eastern region.
The Saudi National Bank, The
Al Rajhi Bank, The Saudi British Bank, Riyad Bank, The Saudi American Bank,
Banque Saudi Fransi, Arab National Bank, Alinma Bank, Al Bilad Bank, Bank
Aljazira, are among the major market players in the Saudi Arabia platform that
lead the market growth of the Saudi Arabia Islamic Finance market.
Years considered for this report:
Historical Years: 2017-2020
Base Year: 2021
Estimated Year: 2022
Forecast Period: 2023–2027
Objective of the Study:
- To analyze the historical growth in the market
size of the Saudi Arabia Islamic Finance Market from 2023 to 2027.
- To estimate and forecast the market size of
Saudi Arabia Islamic Finance Market from 2023 to 2027 and growth rate
until 2027.
- To classify and forecast the Saudi Arabia
Islamic Finance Market based on machine learning technology, process, application,
offering, region, and company.
- To identify the dominant region or segment in
the Saudi Arabia Islamic Finance Market.
- To identify drivers and challenges for the
Saudi Arabia Islamic Finance Market.
- To examine competitive developments such as
expansions, new product launches, mergers &
acquisitions, etc., in the Saudi Arabia Islamic Finance Market.
- To identify and analyze the profiles of
leading players operating in the Saudi Arabia Islamic Finance Market.
- To identify key sustainable strategies adopted
by market players in Saudi Arabia Islamic Finance Market.
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TechSci Research performed both primary as well as
exhaustive secondary research for this study. Initially, TechSci Research
sourced a list of service provider across the country. Subsequently, TechSci
Research conducted primary research surveys with the identified companies.
While interviewing, the respondents were also enquired about their competitors.
Through this technique, TechSci Research could include the service providers
who could not be identified due to the limitations of secondary research.
TechSci Research analyzed the service provider and presence of all major
players across the country.
TechSci Research calculated the market size of the Saudi Arabia Islamic Finance Market using a top-down approach, wherein data for various end-user
segments was recorded and forecast for the future years. TechSci Research
sourced these values from the industry experts and company representatives and
externally validated through analyzing historical data of these products and applications for getting an appropriate, overall market
size. Various secondary sources such as company websites, news articles, press
releases, company annual reports, investor presentations and financial reports
were also studied by TechSci Research.
Key Target Audience:
- Islamic finance service providers
- Market research and
consulting firms
- Government bodies such as
regulating authorities and policy makers
·
Organizations, forums, and alliances
related to Islamic finance
The study is useful in providing answers
to several critical questions that are important for the industry stakeholders
such as service providers,
vendor and
partners, end users, etc., besides allowing them in strategizing investments
and capitalizing on market opportunities.
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Attribute
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Details
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Base Year
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2021
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Historical Years
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2017 – 2020
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Estimated Year
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2022E
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Forecast Period
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2023F – 2027F
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Quantitative Units
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Revenue in USD Million and CAGR for 2017-2021 and 2022E-2027F
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Report Coverage
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Revenue forecast, company share, competitive landscape, growth
factors, and trends
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Segments Covered
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·
Financial Sector
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Region Scope
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Western Region, Central & Northern Region, Southern Region,
Eastern Region,
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Key Companies Profiled
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The Saudi National Bank, The Al Rajhi Bank, The Saudi British
Bank, Riyad Bank, The Saudi American Bank, Banque Saudi Fransi, Arab National
Bank, Alinma Bank, Al Bilad Bank, Bank Aljazira.
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Customization Scope
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10% free report customization with purchase. Addition or alteration
to regional & segment scope.
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Pricing and Purchase Options
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Avail customized purchase options to meet your exact research
needs. Explore purchase
options
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Delivery Format
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PDF and Excel through Email
(We can also provide the editable version of the report in PPT/Word format on
special request)
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Report Scope:
In this report, Saudi Arabia
Islamic Finance market has been segmented into following categories, in
addition to the industry trends which have also been detailed below:
- Saudi Arabia
Islamic Finance Market, By Financial Sector:
- Islamic Banking
- Islamic Insurance
- Sukuk Outstanding
- Others
- Saudi Arabia
Islamic Finance Market, By Region:
- Northern & Central
- Southern
- Eastern
- Western
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in Saudi Arabia Islamic Finance market.
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).
Saudi Arabia Islamic Finance Market is an upcoming report to be released
soon. If you wish an early delivery of this report or want to confirm the date
of release, please contact us at [email protected]