Saudi Arabia Islamic Finance Market Size, Share and Trends Analysis Report by Financial Sector, Region, Competition, Forecast and Opportunities, 2027 : DV Market
DELHI, NEW DELHI, INDIA, May 28, 2022 /EINPresswire.com/ — The Islamic finance market in Saudi Arabia is expected to grow at an impressive CAGR over the forecast period 2027. Saudi Arabia is considered to be one of the largest economies in the Middle Eastern Region and is the leading Islamic finance sector across the globe and is striving to make Saudi Arabia the market leader in Islamic finance. 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. Continued efforts by key authorities to generate new sources of revenue to boost the country’s economy and reduce financial dependence solely on the oil and natural gas industry are expected to create potential for growth for the Islamic finance market in Saudi Arabia due to high demand for digital services. The Kingdom of Saudi Arabia is considered one of the most special places by Muslims around the world, as it is the land of two main holy sites which see huge attendance every year. Accessibility to three major regions of the world, including Asia-Pacific, Europe and Africa, is one of the main reasons for the strong economic growth of the Middle East region.
Islamic finance can be defined as the activity of Shariah-compliant banking or finance and its practical application through the development of Islamic finance. Common modes of Islamic finance include Musharaka, Wadiah, Murabahah, Ijara and Mudarabah.
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Supporting government initiatives are supporting the growth of the market
The Saudi government is trying to improve the financial situation of the country by introducing different programs and policies. The launch of Saudi Vision 2030 is an initiative taken by the main authorities to reduce dependence on the oil industry, diversify sources of income and develop public sources such as tourism, education, health, infrastructure and recreation. It is also expected to boost economic activities in the region and boost non-oil industry trade between the countries through consumer goods and increase government spending on manufacturing, ammunition and military equipment. To improve the economic status of the country, the official government has introduced several reform programs including the Financial Sector Development Program to strengthen its economic position in the world, which is expected to create lucrative opportunities for the Islamic financial market in Arabia. Saudi Arabia during the forecast period.
Rapid infrastructure development is driving market growth
The development of advanced infrastructure, new markets and new products and services in the region creates opportunities for the country’s economic growth. With the improvement of financial conditions in Saudi Arabia, the market is open to foreign investment for the development of the country. The Saudi market is one of the emerging markets that attracts many investors from all over the world. Saudi Vision 2030 primarily aims to develop Saudi capital markets to stabilize the economy and achieve sustainable growth over the forecast period.
The Islamic finance market in Saudi Arabia is segmented on the basis of regional breakdown of financial industry and enterprise. Based on the financial sector, the market is divided into Islamic banking, Islamic insurance, outstanding sukuk and others. To analyze the market based on region, the Islamic finance market in Saudi Arabia is studied across major regions i.e. North & Central Region, South Region, West Region and East Region.
Key players in the Islamic finance market in Saudi Arabia
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 some of the major players in the Saudi market. Platform from Saudi Arabia leading the market growth of the Islamic finance market in Saudi Arabia.
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