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Islamic finance: High growth potential but serious challenges persist

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The Islamic finance industry has witnessed strong double-digit growth in recent years, and yet serious problems persist that are likely to stop it from growing beyond a certain point. These include a lack of access to financial institutions in Muslim majority nations, general instability in large parts of the Muslim world, as well as a lack of consensus amongst the Islamic clergy from their various respective schools of thought, as to what exactly is "Islamic finance".
Key Findings
Covers the background of the Islamic finance industry
States the most common types of Islamic financial services
Outlines in which countries the industry has grown the most and where it has the potential to continue doing so
Assesses serious problems within the industry
It concludes that the strong growth potential of this industry cannot be achieved if these serious problems are not resolved.
Reasons to Buy
What is the Islamic finance industry?
Which types of Islamic financial services exist?
Where is this industry the most dominant?
Which serious problems still trouble the industry?
Key Highlights
Whilst sharia-compliant financial services have existed ever since the beginning of Islam in some shape or form, it is only in the 1970s that they were increasingly centralized and adapted to better fit the modern economic system.
According to one study, around 40% of Muslims rejected non-sharia loans, which is around 700 million people, a massive number.
Despite strong growth potential, serious problems persist in this industry. These range from banks and financial institutions often finding themselves unable to reach large proportions of their customer base, to a general lack of scholarly consensus with regards to what qualifies as sharia-compliant finance.
READ MORE

Table Of Content

Scope

Overview

Catalyst

Summary

Islamic finance-The Basics

History of Islamic finance

Some major forms of Islamic finance

Sukuk

Ijarah

Mudaraba

Islamic finance today-the numbers

Nine countries dominate the Islamic finance industry

Non-Islamic banks and countries increasingly opening up to Islamic finance

Strong Potential for Growth in the Islamic finance Industry

MENA (excluding GCC), West Africa and Central Asia largely untapped

Sharia compliant microfinance schemes have large potential, as a third of Muslims live in poverty

Problems the Islamic finance industry is facing

Lack of access to financial institutions in Muslim majority nations

Political instability discouraging interest

Differences amongst the clergy with regards to what amounts to sharia compliant finance

Conclusions

Strong growth potential in this industry if scholarly consensus, political stability and greater geographic reach can be

achieved

Appendix

Sources

Further Reading

Ask the analyst

About MarketLine

Disclaimer


List Of Figure

Figure 1: Al Rajhi Bank, currently the world's largest Islamic bank based on assets

Figure 2: David Cameron speaking at the 'World Islamic Economic Forum' held in London, 2013

Figure 3: Countries by population living in urban areas, 2015


List Of Table

Table 1: Top nine Islamic finance markets total population's, 2016

Table 2: Islamic finance national market share in terms of total banking assets, 2015

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Report can be used by individual purchaser only

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Company Profile

Company Profile Title

The Islamic finance industry has witnessed strong double-digit growth in recent years, and yet serious problems persist that are likely to stop it from growing beyond a certain point. These include a lack of access to financial institutions in Muslim majority nations, general instability in large parts of the Muslim world, as well as a lack of consensus amongst the Islamic clergy from their various respective schools of thought, as to what exactly is "Islamic finance".
Key Findings
Covers the background of the Islamic finance industry
States the most common types of Islamic financial services
Outlines in which countries the industry has grown the most and where it has the potential to continue doing so
Assesses serious problems within the industry
It concludes that the strong growth potential of this industry cannot be achieved if these serious problems are not resolved.
Reasons to Buy
What is the Islamic finance industry?
Which types of Islamic financial services exist?
Where is this industry the most dominant?
Which serious problems still trouble the industry?
Key Highlights
Whilst sharia-compliant financial services have existed ever since the beginning of Islam in some shape or form, it is only in the 1970s that they were increasingly centralized and adapted to better fit the modern economic system.
According to one study, around 40% of Muslims rejected non-sharia loans, which is around 700 million people, a massive number.
Despite strong growth potential, serious problems persist in this industry. These range from banks and financial institutions often finding themselves unable to reach large proportions of their customer base, to a general lack of scholarly consensus with regards to what qualifies as sharia-compliant finance.
READ MORE

Scope

Overview

Catalyst

Summary

Islamic finance-The Basics

History of Islamic finance

Some major forms of Islamic finance

Sukuk

Ijarah

Mudaraba

Islamic finance today-the numbers

Nine countries dominate the Islamic finance industry

Non-Islamic banks and countries increasingly opening up to Islamic finance

Strong Potential for Growth in the Islamic finance Industry

MENA (excluding GCC), West Africa and Central Asia largely untapped

Sharia compliant microfinance schemes have large potential, as a third of Muslims live in poverty

Problems the Islamic finance industry is facing

Lack of access to financial institutions in Muslim majority nations

Political instability discouraging interest

Differences amongst the clergy with regards to what amounts to sharia compliant finance

Conclusions

Strong growth potential in this industry if scholarly consensus, political stability and greater geographic reach can be

achieved

Appendix

Sources

Further Reading

Ask the analyst

About MarketLine

Disclaimer


List Of Figure

Figure 1: Al Rajhi Bank, currently the world's largest Islamic bank based on assets

Figure 2: David Cameron speaking at the 'World Islamic Economic Forum' held in London, 2013

Figure 3: Countries by population living in urban areas, 2015


List Of Table

Table 1: Top nine Islamic finance markets total population's, 2016

Table 2: Islamic finance national market share in terms of total banking assets, 2015

Single User License:
Report can be used by individual purchaser only

Site License: 
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License:  
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

To know more information on Purchase by Section, please send a mail to support@kenresearch.com

INQUIRE FOR COVID-19 IMPACT ANALYSIS