In 2024, Nigeria had the largest Muslim population in Africa, with around 105 million people who belonged to an Islamic denomination. Egypt and Algeria followed with 90.4 million and 39.4 million Muslims, respectively. Muslims have a significant presence in Africa, with an estimated 50 percent of the continent's population identifying as Muslim. The spread of Islam in Africa began in the 7th century with the arrival of Arab traders, and it continued through Islamic scholars and missionaries.

Islam is the major religion in many African countries, especially in the north of the continent. In Comoros, Libya, Western Sahara, at least 99 percent of the population was Muslim as of 202. These were the highest percentages on the continent. However, also in many other African nations, the majority of the population was Muslim. In Egypt, for instance, Islam was the religion of 79 percent of the people. Islam and other religions in Africa Africa accounts for an important share of the world’s Muslim population. As of 2019, 16 percent of the Muslims worldwide lived in Sub-Saharan Africa, while 20 percent of them lived in the Middle East and North Africa (MENA) region. Together with Christianity, Islam is the most common religious affiliation in Africa, followed by several traditional African religions. Although to a smaller extent, numerous other religions are practiced on the continent: these include Judaism, the Baha’i Faith, Hinduism, and Buddhism. Number of Muslims worldwide Islam is one of the most widespread religions in the world. There are approximately 1.9 billion Muslims globally, with the largest Muslim communities living in the Asia-Pacific region. Specifically, Indonesia hosts the highest number of Muslims worldwide, amounting to over 200 million, followed by India, Pakistan, and Bangladesh. Islam is also present in Europe and America. The largest Islamic communities in Europe are in France (5.72 million), Germany (4.95 million), and the United Kingdom (4.13 million). In the United States, there is an estimated number of around 3.45 million Muslims.

In 2024, Nigeria accounted for 7.08 percent of the global Muslim population, the highest share among African countries. Egypt and Algeria followed, with shares of 6.12 percent and 2.67 percent, respectively. Islam has a significant presence in Africa, with an estimated 50 percent of the continent's population identifying as Muslim. The spread of Islam in Africa began in the 7th century with the arrival of Arab traders, and later continued through Islamic scholars and missionaries.

Christianity is the major religion in numerous African countries. As of 2024, around 96 percent of the population of Zambia was Christian, representing the highest percentage on the continent. Seychelles and Rwanda followed with roughly 95 percent and 94 percent of the population being Christian, respectively. While these countries present the highest percentages, Christianity was also prevalent in many other African nations. For instance, in South Africa, Christianity was the religion of nearly 85 percent of the people, while the share corresponded to 71 percent in Ghana. Religious variations across Africa Christianity and Islam are the most practiced religions in Africa. Christian adherents are prevalent below the Sahara, while North Africa is predominantly Muslim. In 2020, Christians accounted for around 60 percent of the Sub-Saharan African population, followed by Muslims with a share of roughly 30 percent. In absolute terms, there were approximately 650 million Christians in the region, a number forecast to increase to over one billion by 2050. In contrast, Islam is most prevalent in North Africa, being the religion of over 90 percent of the population in Algeria, Morocco, Tunisia, and Libya. Christianity in the world As opposed to other religions, Christianity is widely spread across continents worldwide. In fact, Sub-Saharan Africa, Latin America and the Caribbean, and Europe each account for around 25 percent of the global Christian population. By comparison, Asia-Pacific and North America make up 13 percent and 12 percent of Christians worldwide, respectively. In several regions, Christians also suffer persecution on religious grounds. Somalia and Libya presented the most critical situation in Africa in 2021, reporting the strongest suppression of Christians worldwide just after North Korea and Afghanistan.

Christianity is the main religion in Sub-Saharan Africa. As of 2020, over 650 million people in the region were Christian. Muslims followed, amounting to around 330 million. Moreover, folk religions counted over 33 million adherents, while the unaffiliated were approximately 31 million.

Christianity is the main religion in Sub-Saharan Africa. As of 2020, over 650 million people in the region were Christian. Muslims followed, amounting to around 330 million, while folk religions counted over 33 million adherents. By 2050, the number of Christians in Sub-Saharan Africa is forecast to exceed 1.1 billion, Muslims are forecast to be around 670 million, and folk religions to account for about 61 million adherents.

Middle East and Africa Halal Food & Beverage Market was valued at USD 60 Billion in 2024 and is projected to reach USD 110 Billion by 2032, growing at a CAGR of 7.87% from 2025 to 2032.

Middle East and Africa Halal Food & Beverage Market Drivers

Large and Growing Muslim Population: The MEA region has a large and predominantly Muslim population, for whom Halal certification is a religious requirement for food and beverage consumption. This is the primary driver of the market.
Increasing Religious Observance: There’s a growing trend of religious observance among Muslims in the MEA region, further increasing the demand for Halal-certified products.
Rising Disposable Incomes: Increasing disposable incomes in many MEA countries enable consumers to purchase a wider variety of food and beverage products, including Halal-certified ones.
Growing Awareness of Halal Standards: Consumers are becoming more aware of what Halal certification entails, including not only the permissibility of ingredients but also ethical sourcing and hygiene standards.

In 2022, Indonesia has the largest population of Muslims worldwide with around 241.5 million. This was followed with around 225.6 million Muslims in Pakistan and 211.16 million Muslims in India.

Islam and Christianity form the two dominant religions in Nigeria. Since colonialism, approximately 90 percent of the Nigerian people identify themselves as Islamic or Christian. The northern region of Nigeria is predominately Islamic, while the southern region is predominately Christian.

Nigeria’s contact with Islam predated that of Christianity and European colonialism; its spread was facilitated into Sub-Saharan Africa through trade and commerce. The northern part of Nigeria is symbolic to the history of Islam, as it penetrated the area through the Kanem-Borno Empire in the 11th century before spreading to other predominately Hausa states. Islam was then introduced into the traditional societies of the Yoruba-speaking people of south-west Nigeria through their established commercial relationship with people of the north, particularly the Nupe and Fulani.

Christianity reached Nigeria in the 15th century with the visitation of Catholic missionaries to the coastal areas of the Niger-Delta region. Christianity soon recorded a boost in the southern region given its opposition to the slave trade and its promotion of Western education.

The distinct religious divide has instigated violence in present-day Nigeria, including the Sharia riot in Kaduna in 2000, ongoing ethno-religious violence in Jos since 2001, and the 2011 post-election violence that erupted in some northern states, particularly in the city of Maiduguri. Nigerians’ continued loyalty to religion compared to that of the country continues to sustain major political debate, conflict, and violent outbreaks between populations of the two faiths.

ISO3-International Organization for Standardization 3-digit country code

NAME-Name of religious institution

TYPE-Type of religious institution

CITY-City religious institution is located in

SPA_ACC-Spatial accuracy of site location 1- high, 2 – medium, 3 - low

SOURCE_DT-Source creation date

SOURCE-Primary source

SOURCE2_DT-Secondary source creation date

SOURCE2-Secondary source

Collection

This HGIS was created using information collected from the web sites GCatholic.org, Islamic Finder, Wikimapia, and BBBike.org, which uses OpenStreetMap, a crowd-source collaboration project that geo-locates sites throughout the world. After collection, all education institutions were geo-located.

The data included herein have not been derived from a registered survey and should be considered approximate unless otherwise defined. While rigorous steps have been taken to ensure the quality of each dataset, DigitalGlobe Analytics is not responsible for the accuracy and completeness of data compiled from outside sources.

Sources (HGIS)

BBBike, "Nigeria." Last modified 2013. Accessed March 19, 2013. http://extract.bbbike.org.

GCatholic.org, "Catholic Churches in Federal Republic of Nigeria." Last modified 2013. Accessed April 4, 2013. http://www.gcatholic.org/.

Islamic Finder, "Nigeria." Last modified 2013. Accessed April 4, 2013. http://islamicfinder.org/.

Olanrewaju, Timothy. The Sun, "oko Haram attacks church in Maiduguri." Last modified 2013. Accessed April 9, 2013. http://sunnewsonline.com/.

Wikimapia, "Nigeria:Mosques/Churches." Last modified 2013. Accessed April 4, 2013. http://wikimapia.org/

World Watch Monitor, "Muslim Threat to Attack Church Raises Tensions." Last modified 2012. Accessed April 9, 2013. http://www.worldwatchmonitor.org/.

Sources (Metadata)

Danjibo, N.D. "Islamic Fundamentalism and Sectarian Violence: The "Maitatsine" and "Boko Haram" Crises in Northern Nigeria." manuscript., University of Ibadan, 2010. http://www.ifra-nigeria.org.

Olanrewaju, Timothy. The Sun, "oko Haram attacks church in Maiduguri." Last modified 2013. Accessed April 9, 2013. http://sunnewsonline.com/.

Onapajo, Hakeem. "Politics for God: Religion, Politics, and Conflict in Democratic Nigeria." Journal of Pan African Studies. 4. no. 9 (2012): 42-66. http://web.ebscohost.com (accessed March 26, 2013).

World Watch Monitor, "Muslim Threat to Attack Church Raises Tensions." Last modified 2012. Accessed April 9, 2013. http://www.worldwatchmonitor.org/.

In around 716 AD, the city of Santarém, Portugal, was conquered by the Berber and Arab armies that swept the Iberian Peninsula and went on to rule the region until the 12th century. Archaeological excavations in 2007/08 discovered an Islamic necropolis (Avenida 5 de Outubro #2–8) that appears to contain the remains of an early Muslim population in Santarém (8th– 10th century). In this study, skeletal material from 58 adult individuals was analysed for stable carbon (δ13Ccol; δ13Cap), nitrogen (δ15N) and sulphur (δ34S) isotope ratios in bones, and stable oxygen (δ18O), carbon (δ13Cen) and radiogenic strontium (87Sr/86Sr) isotopes in tooth enamel. The results of this study revealed a dietary pattern of predominantly C3-plant and domestic C3-fed herbivore consumption during adulthood (δ13Ccol and δ15N, respectively) but a higher proportion of C4-plant input during childhood (δ13Cen) for some individuals—interpreted as possible childhood consumption of millet porridge, a common practice in North Africa—in those with unorthodox burial types (Groups 1 and 2) that was not practiced in the individuals with canonical burials (Group 3). In this first mobility study of a medieval Muslim population in Portugal, δ18ODW values revealed greater heterogeneity in Groups 1 and 2, consistent with diverse origins, some in more humid regions than Santarém when compared to regional precipitation δ18O data, contrasting the more homogenous Group 3, consistent with the local precipitation δ18O range. Ancient DNA analysis conducted on three individuals revealed maternal (mtDNA) and paternal (Y-chromosome) lineages compatible with a North African origin for (at least) some of the individuals. Additionally, mobility of females in this population was higher than males, potentially resulting from a patrilocal social system, practiced in Berber and Arab communities. These results serve to offer a more detailed insight into the ancestry and cultural practices of early Muslim populations in Iberia.

Snapshot img

Islamic Clothing Market Size 2025-2029

The Islamic clothing market size is forecast to increase by USD 59.2 billion, at a CAGR of 9.1% between 2024 and 2029.

The market, encompassing apparel, sports apparel, swimwear, and ethnic wear, is experiencing significant growth in the digital realm. Key drivers include the rise in product visibility and accessibility through e-commerce platforms, as well as the increasing adoption of omni-channel retailing. However, challenges persist, such as the availability of counterfeit Islamic clothing items online. Brands and retailers must prioritize logistics and security measures to ensure authenticity and customer satisfaction. In the US and North American markets, labels specializing in Islamic clothing continue to expand their online presence, catering to the needs of a growing consumer base seeking modest and culturally appropriate attire. The use of technology, including computers and mobile devices, facilitates seamless shopping experiences for this demographic.

What will be the Size of the Islamic Clothing Market During the Forecast Period?

Request Free Sample

The market, also known as the Muslim consumer segment within the Islamic fashion industry, caters to the unique needs and preferences of the global Islamic population. This market encompasses a diverse range of apparel, including abayas, hijabs, prayer outfits, thobes, jubbas, and various forms of head coverings such as the burqa and niqab. The market's growth is driven by the increasing global Islamic population, which is projected to reach 2.2 billion by 2030, and the rising demand for modest fashion that adheres to Islamic dress codes. Online retail distribution channels have significantly influenced the market's expansion, providing convenience and accessibility to consumers.
The lifestyle apparel sector, which includes sportswear for both Islamic men and women, has also gained traction due to the growing interest in health and fitness. Multinational fashion brands have increasingly entered this market, recognizing the potential for consumer investments and product consumption. Despite the growth, challenges persist, including negative reviews and the need for improved product quality and authenticity. Overall, the market continues to evolve, reflecting the diverse needs and preferences of its global consumer base.

How is this Islamic Clothing Industry segmented and which is the largest segment?

The Islamic clothing industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product

  Ethnic wear
  Sustainable fashion
  Sports wear


End-user

  Islamic women
  Islamic men


Distribution Channel

  Online
  Offline


Geography

  Middle East and Africa

    Egypt
    Nigeria


  APAC

    India
    South Korea


  Europe



  North America

    US


  South America

By Product Insights

The ethnic wear segment is estimated to witness significant growth during the forecast period.

The market caters to the unique needs of Muslim consumers, offering apparel that adheres to Islamic principles. This market encompasses various segments, including abayas, hijabs, prayer outfits, burqas, and niqabs for women, and thobes, jubbas, and sports and fitness wear for men. The Muslim population, estimated at 1.8 billion, presents a significant potential customer base for this industry. Islamic fashion industry growth is driven by cultural and lifestyle factors, particularly in Muslim majority economies. Younger generations are increasingly embracing innovative clothing designs that blend traditional Islamic clothing with contemporary styles, creating a demand for modest fashion wear. Ethnic wear, a popular segment, is particularly sought after during cultural events and significant occasions.

The sports industry also presents opportunities for the market growth, with the increasing popularity of sports hijabs. Consumer investments in sustainable fashion are also influencing the industry. Multinational fashion brands and high street brands are increasingly catering to this market, offering a range of options from luxury to affordable prices. E-commerce platforms are facilitating online retail distribution, addressing logistical issues and expanding market reach.

Get a glance at the market report of the share of various segments Request Free Sample

The ethnic wear segment was valued at USD 69.50 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 39% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

For more insig

In 2024, Ethiopia had the largest Christian population in Africa, with around 77.5 million people who identified as Christian. The second highest Christian population was in Nigeria, with 74.4 million people. Christianity has a significant presence in Africa, with its history on the continent dating back to the fourth century in Ethiopia. Furthermore, Christianity has spread throughout Africa with different denominations and traditions, taking root in various regions. Some of the largest Christian denominations in Africa include the Roman Catholic Church, the Anglican Church, and the Pentecostal and Charismatic movements.

Snapshot img

Halal Food Market Size 2025-2029

The halal food market size is forecast to increase by USD 355 billion, at a CAGR of 3.6% between 2024 and 2029.

The market exhibits significant growth, driven by increasing consumer expenditure on halal food and the expansion of the organized retail sector. However, challenges persist, including the threat of counterfeit halal food and food scams. This trend is particularly relevant to various sectors such as dairy food, pork-free alternatives, cosmetic products, waxes, seafood, fruits and vegetables, and confectionery. Consumers' growing awareness and demand for authentic halal products necessitate stringent regulations and certification processes. This market analysis report provides a comprehensive evaluation of these factors and their impact on the halal food industry.

What will be the Size of the Halal Food Market During the Forecast Period?

Request Free Sample

The market, a significant segment of the global food industry, caters to consumers adhering to Islamic dietary laws. These laws prohibit the consumption of pork and alcohol, as well as foods contaminated with non-permissible substances. The market's growth is driven by the increasing global Muslim population and the rising demand for certified Halal products. Halal certification, ensuring compliance with Islamic law, is a critical factor influencing consumer purchasing decisions. Manufacturers produce a diverse range of products, including fruits and vegetables, dairy products, cereals and grains, confectionery, and meat. 
Traditional retailers, supermarkets and hypermarkets, and online retailers play crucial roles in the food supply chain, catering to the evolving preferences of Muslim buyers. The industry encompasses various sectors, including meat sales and grocery stores. Innovation continues to shape the market, with the introduction of plant-based alternatives, such as sunflower protein burgers, gaining popularity among consumers seeking ethical and sustainable food options. The market's future direction reflects the ongoing trend towards cleanliness, transparency, and convenience, as well as the growing demand for Halal-certified products in various food categories.

How is this Halal Food Industry segmented and which is the largest segment?

The report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Product

  Halal MPS
  Halal BCC
  Halal FVN
  Halal beverages
  Others


Distribution Channel

  Offline
  Online


Type

  Organic
  Inorganic


Geography

  APAC

    China
    India
    Japan
    South Korea


  Middle East and Africa

    South Africa
    Egypt
    Nigeria


  Europe



  South America



  North America

By Product Insights

The halal MPS segment is estimated to witness significant growth during the forecast period.

The market encompasses a range of food products that adhere to Islamic dietary laws, primarily consisting of beef, lamb, goat, chicken, Turkey, and fish. This market can be segmented into fresh halal meat, poultry, and seafood (MPS); minimally processed halal MPS; and heavily processed halal MPS. Minimally processed halal MPS products maintain their natural characteristics, free from artificial additives or color. Heavily processed halal MPS include halal sausages, salami, corned beef, canned meat, poultry, and seafood, and frozen meat, poultry, and seafood. Halal certification ensures compliance with Islamic law, prohibiting the consumption of pork, alcohol, and non-permissible foods. Food manufacturers prioritize cleanliness, impurities, quality, and taste level to cater to Muslim buyers.

Halal certification is essential for meat, poultry, and seafood, as well as dairy products, cereals and grains, confectionery, and traditional retailers. Supermarkets and hypermarkets, online retailers, and food supply chain players offer a wide range of halal-certified products. Halal cuisine is a significant part of religious identity, emphasizing meals safety, hygiene, reliability, and nutritional benefits. Products include own-brand halal-ready meals, chicken arrabbiata, chicken hotpot, chicken jalfrezi, and chicken tikka masala, as well as meat and plant-based alternatives, such as sunflower protein, fava beans, and peas.

Get a glance at the market report of share of various segments Request Free Sample

The halal MPS segment was valued at USD 414.60 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 51% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

For more insights on the market size o

In around 716 AD, the city of Santarém, Portugal, was conquered by the Berber and Arab armies that swept the Iberian Peninsula and went on to rule the region until the 12th century. Archaeological excavations in 2007/08 discovered an Islamic necropolis (Avenida 5 de Outubro #2–8) that appears to contain the remains of an early Muslim population in Santarém (8th– 10th century). In this study, skeletal material from 58 adult individuals was analysed for stable carbon (δ13Ccol; δ13Cap), nitrogen (δ15N) and sulphur (δ34S) isotope ratios in bones, and stable oxygen (δ18O), carbon (δ13Cen) and radiogenic strontium (87Sr/86Sr) isotopes in tooth enamel. The results of this study revealed a dietary pattern of predominantly C3-plant and domestic C3-fed herbivore consumption during adulthood (δ13Ccol and δ15N, respectively) but a higher proportion of C4-plant input during childhood (δ13Cen) for some individuals—interpreted as possible childhood consumption of millet porridge, a common practice in North Africa—in those with unorthodox burial types (Groups 1 and 2) that was not practiced in the individuals with canonical burials (Group 3). In this first mobility study of a medieval Muslim population in Portugal, δ18ODW values revealed greater heterogeneity in Groups 1 and 2, consistent with diverse origins, some in more humid regions than Santarém when compared to regional precipitation δ18O data, contrasting the more homogenous Group 3, consistent with the local precipitation δ18O range. Ancient DNA analysis conducted on three individuals revealed maternal (mtDNA) and paternal (Y-chromosome) lineages compatible with a North African origin for (at least) some of the individuals. Additionally, mobility of females in this population was higher than males, potentially resulting from a patrilocal social system, practiced in Berber and Arab communities. These results serve to offer a more detailed insight into the ancestry and cultural practices of early Muslim populations in Iberia.

Christianity is the main religion in Sub-Saharan Africa. As of 2020, 62 percent of the region's population was Christian. Muslims followed, accounting for 31.4 percent of the total population. In addition, 3.2 percent of the people in Sub-Saharan Africa practiced traditional African religions, while the unaffiliated constituted three percent of the population.

δ13C and δ15N uncertainties calculated from Szpak et al.

In around 716 AD, the city of Santarém, Portugal, was conquered by the Berber and Arab armies that swept the Iberian Peninsula and went on to rule the region until the 12th century. Archaeological excavations in 2007/08 discovered an Islamic necropolis (Avenida 5 de Outubro #2–8) that appears to contain the remains of an early Muslim population in Santarém (8th– 10th century). In this study, skeletal material from 58 adult individuals was analysed for stable carbon (δ13Ccol; δ13Cap), nitrogen (δ15N) and sulphur (δ34S) isotope ratios in bones, and stable oxygen (δ18O), carbon (δ13Cen) and radiogenic strontium (87Sr/86Sr) isotopes in tooth enamel. The results of this study revealed a dietary pattern of predominantly C3-plant and domestic C3-fed herbivore consumption during adulthood (δ13Ccol and δ15N, respectively) but a higher proportion of C4-plant input during childhood (δ13Cen) for some individuals—interpreted as possible childhood consumption of millet porridge, a common practice in North Africa—in those with unorthodox burial types (Groups 1 and 2) that was not practiced in the individuals with canonical burials (Group 3). In this first mobility study of a medieval Muslim population in Portugal, δ18ODW values revealed greater heterogeneity in Groups 1 and 2, consistent with diverse origins, some in more humid regions than Santarém when compared to regional precipitation δ18O data, contrasting the more homogenous Group 3, consistent with the local precipitation δ18O range. Ancient DNA analysis conducted on three individuals revealed maternal (mtDNA) and paternal (Y-chromosome) lineages compatible with a North African origin for (at least) some of the individuals. Additionally, mobility of females in this population was higher than males, potentially resulting from a patrilocal social system, practiced in Berber and Arab communities. These results serve to offer a more detailed insight into the ancestry and cultural practices of early Muslim populations in Iberia.

Snapshot img

Islamic Banking Software Market Size 2024-2028

The islamic banking software market size is forecast to increase by USD 3.28 billion at a CAGR of 11.53% between 2023 and 2028.

The market is experiencing significant growth, driven by the increasing issuance of smart cards by Islamic banks and the adoption of blockchain technology. These trends are transforming the industry by enhancing security, efficiency, and transparency in Islamic financial transactions. However, challenges persist, including the lack of expertise, awareness, and training in Islamic banking software. 
Cloud-based solutions, artificial intelligence, and blockchain technology are transforming Islamic finance by streamlining processes, enhancing security, and enabling real-time transactions. Regulatory initiatives and fintech partnerships are further driving the adoption of advanced technology In the banking industry. Retail sector players are also leveraging Islamic banking software for asset administration and cellular banking services.
Addressing these challenges will require ongoing investment in education and technology to ensure the continued growth and success of the Islamic banking sector. The market analysis report provides a comprehensive overview of these trends and challenges, offering valuable insights for stakeholders seeking to capitalize on the opportunities presented by the market.

What will be the Size of the Islamic Banking Software Market During the Forecast Period?

Request Free Sample

The market caters to the unique needs of financial institutions offering Sharia-compliant products and services. Unlike conventional banking, Islamic banking operates on the principles of profit-and-loss sharing, asset-backed financing, and avoidance of interest. To meet the growing demand for automation and efficiency in Islamic banking operations, software providers offer solutions for risk administration, analytics and reporting, smart cards, and sukuk issuances. The market is expected to witness significant growth due to the increasing number of financial institutions offering Islamic banking services and the need for more sophisticated technology to manage complex financial transactions.

How is this Islamic Banking Software Industry segmented and which is the largest segment?

The islamic banking software industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Application

  Retail
  Corporate
  Others


Deployment

  On-premises
  Cloud


Geography

  Middle East and Africa



  APAC



  Europe



  North America



  South America

By Application Insights

The retail segment is estimated to witness significant growth during the forecast period.

The retail segment of the market caters to the unique needs of Islamic banks, offering compliant solutions for various retail banking products and services. These software platforms and modules facilitate savings accounts, current accounts, term deposits, personal loans, mortgages, auto loans, credit cards, and wealth management services, ensuring adherence to Islamic Shariah law. Automation and streamlining of retail banking procedures are achieved through these software solutions, providing consumers with a seamless experience.

Get a glance at the Islamic Banking Software Industry report of share of various segments Request Free Sample

The Retail segment was valued at USD 1.51 billion in 2018 and showed a gradual increase during the forecast period.

Regional Analysis

Middle East and Africa is estimated to contribute 67% to the growth of the global market during the forecast period.

Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

For more insights on the market share of various regions, Request Free Sample

The market In the Middle East and Africa (MEA) is experiencing significant growth due to the region's large Muslim population, driving the demand for Sharia-compliant banking solutions. Notable institutions, such as Dubai Islamic Bank, have played a pivotal role In the debt capital markets, with SUKUK investments increasing from 14.2% in 2016 to 24% in 2022. This banking powerhouse has overseen 45 transactions worth over USD2 8 billion in Environmental, Social, and Governance (ESG) SUKUK deals, solidifying its position as a market leader. In Bahrain, ila Bank alburaq, an Islamic banking portal, ensures regulatory compliance by maintaining a distinct organizational structure for Shariah-compliant activities.

Asset-backed financing, automation, risk administration, analytics and reporting, integration skills, asset administration, cellular banking, fintech partnerships, data protection, cybersecurity, s

In 2020, around 98.5 percent of the Iranian population identified as Muslim. Around 81 percent identified as Shia Muslims in the same year, while a much smaller share followed the Sunni Muslim religion. In Iran, most Sunni Muslims belong to ethnic minority groups.

Iran’s demographics
The total population in Iran has grown steadily and is expected to surpass 90 million in 2028. The vast majority of the population in the country was between 15 and 64 years of age. At the same time, the share of people aged above 64 increased in recent years and constituted over seven percent of the total population.

Muslim population worldwide

In Europe, it was estimated that the Muslim population could triple by the middle of the century. In Southeast Asia, Indonesia had the largest share of Muslims as a proportion of its population. On the African continent, the highest number of Muslims was estimated in Nigeria, with close to a hundred million Islam followers. In the United States, less than one percent of the population identified as Muslims.