TechNavio recognizes the following companies as the key players in the Global Islamic Banking Market: Kuwait Finance House K.S.C and Subsidiaries (KFH), Al Rajhi Bank, Malayan Banking Berhad, and Qatar International Islamic Bank (QIIB).
Commenting on the report, an analyst from TechNavio’s team said: “The introduction of new products in Islamic banking is one of the major trends being witnessed in the market in recent years. Most of the players in this market do not have an adequate product portfolio that satisfies all the needs of clients in various countries. For instance, there is a shortage of liquidity instruments and marketable securities that are required to cover liquidity shortage or absorb excess liquidity. Islamic scholars are now developing and introducing new products to cater to the varying demands of the market. Thus, the introduction of new products in Islamic banking is expected to foster the growth of the market during the forecast period.”
According to the report, one of the major drivers in this market is the rapid growth of the Global Halal Food industry, which adopts banking products and services that are strictly consistent with Sharia laws. This leads them to the only alternative to conventional banking, which is Islamic banking. Islamic banking accounted for a 1.5 percent share of the global banking assets in 2012, which indicates that the market has immense growth prospects.
Further, the report states that one of the main challenges in this market is the lack of awareness about Islamic banking and its principles among the people. Since it is a relatively new concept, many Islamic and non-Islamic countries are not aware of Islamic banking and its products.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. For further information on this report, please visit https://www.technavio.com/report/global-islamic-banking-market-2012-2016
TechNavio, the market research platform of Infiniti Research Ltd., publishes periodic market research reports on niche and emerging technologies. For more information on our market research, please visit https://www.technavio.com/it-hardware-software-services
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TechNavio Announces the Publication of its Research Report -Global Islamic Banking Market 2012-2016
