In 2020, Indonesia recorded the largest population of Muslims worldwide, with around 239 million. This was followed with around 226.88 million Muslims in Pakistan and 213 million Muslims in India.

Associated with manuscript titled: Fifty Muslim-majority countries have fewer COVID-19 cases and deaths than the 50 richest non-Muslim countriesThe objective of this research was to determine the difference in the total number of COVID-19 cases and deaths between Muslim-majority and non-Muslim countries, and investigate reasons for the disparities. Methods: The 50 Muslim-majority countries had more than 50.0% Muslims with an average of 87.5%. The non-Muslim country sample consisted of 50 countries with the highest GDP while omitting any Muslim-majority countries listed. The non-Muslim countries’ average percentage of Muslims was 4.7%. Data pulled on September 18, 2020 included the percentage of Muslim population per country by World Population Review15 and GDP per country, population count, and total number of COVID-19 cases and deaths by Worldometers.16 The data set was transferred via an Excel spreadsheet on September 23, 2020 and analyzed. To measure COVID-19’s incidence in the countries, three different Average Treatment Methods (ATE) were used to validate the results. Results published as a preprint at https://doi.org/10.31235/osf.io/84zq5(15) Muslim Majority Countries 2020 [Internet]. Walnut (CA): World Population Review. 2020- [Cited 2020 Sept 28]. Available from: http://worldpopulationreview.com/country-rankings/muslim-majority-countries (16) Worldometers.info. Worldometer. Dover (DE): Worldometer; 2020 [cited 2020 Sept 28]. Available from: http://worldometers.info

The average for 2013 based on 46 countries was 43.9 percent. The highest value was in Algeria: 100 percent and the lowest value was in Angola: 0 percent. The indicator is available from 1960 to 2013. Below is a chart for all countries where data are available.

The average for 2013 based on 27 countries was 12.7 percent. The highest value was in Turkey: 99 percent and the lowest value was in Belarus: 0 percent. The indicator is available from 1960 to 2013. Below is a chart for all countries where data are available.

Religion and Bangladesh

Religion in Bangladesh is a sensitive issue, mostly because Bangladesh is officially a secular state but recognizes Islam as an official, state religion. Historically and doctrinally, Islamic scholars don’t accept nations that are secular because they think that religion, society and private life are all part of the great community they like to call ‘umma’.

The main religion in Bangladesh is Islam because it is practiced by almost 90 percent of the country’s population. The rest of 10 percent adhere to Hinduism. The type of Islam that is practiced in Bangladesh is Sunni Islam with a lot of Sufi influences. Sunni is the most numerous branch of Islam in the world. Countries like Egypt and Saudi Arabia have Sunni majority populations. The Sufi practices that influence the Islamic religion in Bangladesh are commonly known as mysticism. Sufi followers are poor men that don’t eat, don’t drink and spend their days in deep prayer in order to achieve spiritual connection with God.

Bangladesh has the fourth largest Muslim population in the world, with over 130 million followers, right after Indonesia, Pakistan and India. In its constitution, Bangladesh is recognized as a secular state. For a short period of time, when Bangladesh was under Pakistani rule, Islam was made the state’s official religion. But the Supreme Court or High Court of Bangladesh ruled that Bangladesh must return to the principles of the 1972 constitution, meaning that it mustn’t have an official religion.

The problem with Islam gaining too much power in Bangladesh is that it unbalances the genders issues. Islamic edicts or fatwas have been issued mostly against women by religious courts as punishments for their nonreligious behavior. Global NGO’s are fighting such edicts in order to maintain a fair judgment when it comes to men and women. Bangladesh is a country where gender issues, as well as religious issues are very sensitive subjects.

In 2021, Muslims around the world spent a total of *** trillion U.S. dollars across the food, pharmaceutical, cosmetics, fashion, travel, and media/recreation sectors. The global Muslim market has the potential to grow to about *** trillion dollars by 2025. The largest market for Muslim consumers is the halal food and beverage sector.

This dataset was derived from Swivel.com at: http://www.swivel.com/data_sets/show/1011482 Which cites the CIA Fact book as the official Source. https://www.cia.gov/library/publications/the-world-factbook/ Data is available for 60 countries around the world, and lists the Muslim Population for each. This data was collected on January 15, 2008.

In 2023, over ** percent of Indonesians declared themselves to be Muslim, followed by *** percent who were Christians. Indonesia has the largest Islamic population in the world and for this reason is often recognized as a Muslim nation. However, Indonesia is not a Muslim nation according to its constitution. The archipelago is a multifaith country and officially recognizes six religions – Islam, Protestantism, Catholicism, Buddhism, Hinduism, and Confucianism. Not all provinces in Indonesia are Muslim majority The spread of Islam in Indonesia began on the west side of the archipelago, where the main maritime trade routes were located. Until today, most of the Indonesian Muslim population are residing in Western and Central Indonesia, while the majority religion of several provinces in Eastern Indonesia, such as East Nusa Tenggara and Bali, is Christian and Hindu, respectively. Discrimination towards other beliefs in Indonesia The Indonesian constitution provides for freedom of religion. However, the Government Restrictions Index Score on religion in Indonesia is relatively high. Indonesians who practice unrecognized religions, including Indonesia’s indigenous or traditional belief systems, such as animism, dynamism, and totemism, face legal restrictions and discrimination. Indonesian law requires its citizens to put one of the recognized religions on their national identity cards, with some exceptions for indigenous religions. Although legally citizens may leave the section blank, atheism or agnosticism is considered uncommon in Indonesia.

According to the population census data in 2010, ***** percent of the population in East Nusa Tenggara, Indonesia were Catholics. East Nusa Tenggara is the province with the least Muslim population in Indonesia. Indonesia has the largest Islamic population in the world. However, Indonesia is a multi-faith country that recognizes *** official religions – Islam, Protestantism, Catholicism, Buddhism, Hinduism, and Confucianism.

India Census: Population: by Religion: Muslim: Urban data was reported at 68,740,419.000 Person in 2011. This records an increase from the previous number of 49,393,496.000 Person for 2001. India Census: Population: by Religion: Muslim: Urban data is updated yearly, averaging 59,066,957.500 Person from Mar 2001 (Median) to 2011, with 2 observations. The data reached an all-time high of 68,740,419.000 Person in 2011 and a record low of 49,393,496.000 Person in 2001. India Census: Population: by Religion: Muslim: Urban data remains active status in CEIC and is reported by Census of India. The data is categorized under India Premium Database’s Demographic – Table IN.GAE001: Census: Population: by Religion.

Census: Population: by Religion: Muslim: Uttarakhand data was reported at 1,406,825.000 Person in 03-01-2011. This records an increase from the previous number of 1,012,141.000 Person for 03-01-2001. Census: Population: by Religion: Muslim: Uttarakhand data is updated decadal, averaging 1,209,483.000 Person from Mar 2001 (Median) to 03-01-2011, with 2 observations. The data reached an all-time high of 1,406,825.000 Person in 03-01-2011 and a record low of 1,012,141.000 Person in 03-01-2001. Census: Population: by Religion: Muslim: Uttarakhand data remains active status in CEIC and is reported by Office of the Registrar General & Census Commissioner, India. The data is categorized under India Premium Database’s Demographic – Table IN.GAE003: Census: Population: by Religion: Muslim.

According to Cognitive Market Research, the global Islamic Financing market size was USD 2514.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 10.50% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 1005.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 754.26 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 578.27 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.5% from 2024 to 2031.
The Latin American market will account for more than 5% of global revenue and have a market size of USD 125.71 million in 2024. It will grow at a compound annual growth rate (CAGR) of 9.9% from 2024 to 2031.
The Middle East and Africa held the major markets, accounting for around 2% of the global revenue. The market was USD 50.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.2% from 2024 to 2031.
The Individual held the highest Islamic Financing market revenue share in 2024.

Market Dynamics of Islamic Financing Market

Key Drivers of Islamic Financing Market

Growing Muslim Population to Increase the Demand Globally

The growing Muslim population globally is expected to significantly increase the demand for Islamic financial products and services in the coming years. With Muslims comprising a substantial portion of the world's population, estimated to reach nearly 30% by 2050 according to demographic projections, there is a natural market for Sharia-compliant banking and investment solutions. As incomes rise and financial literacy improves in Muslim-majority countries and beyond, more individuals and businesses are seeking financial services that align with their religious beliefs and ethical values. Moreover, the increasing affluence and urbanization among Muslim populations contribute to a greater demand for sophisticated financial products, including Islamic mortgages, savings accounts, and investment funds. This growing demand is wider than in Muslim-majority countries. Still, it extends to Muslim communities and individuals residing in non-Muslim-majority countries, as well as non-Muslims who are attracted to the ethical principles and risk-sharing mechanisms inherent in Islamic finance.

Economic Development in Muslim-majority Countries to Propel Market Growth

Economic development in Muslim-majority countries is poised to propel significant growth within the Islamic finance market. As these countries experience robust economic growth, driven by factors such as population growth, urbanization, and natural resource wealth, a corresponding demand for sophisticated financial services that comply with Islamic principles emerges. This demand stems from both individuals and businesses seeking ethical and Sharia-compliant financial solutions to meet their diverse needs. Moreover, the expanding middle class within these countries signifies an increasing appetite for diverse banking and investment products, including Islamic mortgages, savings accounts, and investment funds. As disposable incomes rise and financial literacy improves, more people are turning towards Islamic finance as a viable alternative to conventional banking, recognizing its alignment with their religious beliefs and ethical values.

Restraint Factors Of Islamic Financing Market

Limited Product Offering to Limit the Sales

The limited product offering within the Islamic finance market poses a significant challenge, potentially constraining sales and market growth. Compared to conventional banking, Islamic finance products and services are often more specialized and may only cover part of the spectrum of financial needs for individuals and businesses. This limited range of options can deter potential customers who require a broader array of financial solutions. One of the primary reasons for the limited product offering is the adherence to Sharia principles, which prohibit certain financial activities such as interest (riba) and speculative transactions (gharar). While Islamic finance emphasizes ethical and socially responsible investing, it also imposes constraints on product innovation and development, particularly in areas where conventional finance has more f...

In 2023, approximately ***** million people in Indonesia identified as Muslims. Indonesia has the largest Islamic population in the world. However, it is a multi-faith country and officially recognizes six religions: Islam, Protestantism, Catholicism, Buddhism, Hinduism, and Confucianism.

Takaful Market Outlook

The global Takaful market size was valued at approximately USD 25 billion in 2023 and is anticipated to reach around USD 45 billion by 2032, achieving a compound annual growth rate (CAGR) of approximately 7%. This growth is driven by the increasing demand for Sharia-compliant insurance products, which are gaining traction among both Muslim and non-Muslim populations interested in ethical financial products. The rising awareness and acceptance of Takaful as a viable alternative to conventional insurance is further propelling market expansion. A growing middle-class population and economic development in key regions are also major contributors to the burgeoning Takaful market.

One of the primary growth drivers in the Takaful market is the increasing demand for Islamic financial products that adhere to Sharia law, which prohibits interest (riba) and excessive uncertainty (gharar). Takaful, a cooperative model of insurance, aligns perfectly with these principles, offering a risk-sharing approach that is in harmony with Islamic teachings. As awareness of Islamic finance grows, particularly in regions with significant Muslim populations, the market for Takaful is expanding. Moreover, the alignment of Takaful products with ethical and socially responsible investing is attracting a broader customer base, including non-Muslims who value ethical and transparent financial dealings.

The expansion of Takaful is also facilitated by supportive regulatory frameworks in various countries, which are establishing clear guidelines to promote the growth of Islamic finance. Several governments in predominantly Muslim countries, as well as in regions with substantial Muslim communities, are encouraging the adoption of Takaful by offering tax incentives and easing regulatory procedures. This is coupled with the increasing professionalization of the Takaful sector, as more trained professionals and institutions begin to enter the market, thus improving service delivery and product offerings. These factors, combined with a growing digital infrastructure that allows for more efficient service delivery and customer engagement, are significantly boosting the Takaful market's growth prospects.

A crucial factor in the growth of the Takaful market is the increasing penetration of Islamic banking and finance sectors across the globe. Islamic banking, which is growing at a fast pace, provides a solid foundation for the Takaful market by offering complementary financial services. The integration of Takaful products within the Islamic banking system is enhancing the distribution channels and accessibility of these products. Furthermore, the cross-selling of Takaful products through Islamic banking networks has been an effective strategy in driving customer acquisition and retention, thus bolstering the market's growth trajectory.

Regionally, the Takaful market is experiencing varied growth patterns, with the Middle East and Asia Pacific regions being the primary growth engines due to their large Muslim populations and supportive regulatory environments. The Middle East holds a significant share of the market, primarily due to the presence of countries like Saudi Arabia and the UAE, which have well-established Takaful industries. In contrast, regions like North America and Europe, though still nascent in Takaful adoption, are witnessing steady growth driven by increasing awareness and the presence of expatriate communities. These regions are gradually developing their regulatory frameworks to accommodate Islamic finance, opening up new avenues for market expansion.

Product Type Analysis

The Takaful market is segmented into Family Takaful and General Takaful, each serving distinct customer needs and playing a critical role in the overall growth of the market. Family Takaful, akin to life insurance in conventional finance, provides financial security to an individual's family in the event of the policyholder's death or disability. This segment is witnessing considerable growth due to increasing consumer awareness about financial planning and security. As individuals become more proactive in securing their financial futures, especially in regions with a high density of Muslim populations, the demand for Family Takaful products is surging. The introduction of innovative products tailored to meet diverse customer needs is further fueling this segment's expansion.

General Takaful, which offers coverage for various risks such as health, property, and motor insurance, is also experiencing robust growth. The increasing urbanization and rising disposable incomes

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.

Pew Research Center surveyed 13,122 adults across six countries in Asia about religious identity, beliefs, and practices, using nationally representative methods. Interviews were conducted face-to-face in Cambodia, Indonesia, Sri Lanka, and Thailand. They were conducted on mobile phones in Malaysia and Singapore. Local interviewers administered the survey from June to September 2022, in eight languages.

This survey is part of the Pew-Templeton Global Religious Futures project, a broader effort by Pew Research Center to study religious change and its impact on societies around the world. The Center previously has conducted religion-focused surveys across sub-Saharan Africa; the Middle East-North Africa region and many countries with large Muslim populations; Latin America; Israel; Central and Eastern Europe; Western Europe; India; and the United States.

This survey includes three countries in which Buddhists make up a majority of the population (Cambodia, Sri Lanka, and Thailand); two countries with Muslim majorities (Malaysia and Indonesia); and one country that is religiously diverse, with no single group forming a majority (Singapore). We also are surveying five additional countries and territories in Asia, to be covered in a future report.

Pew Research Center has produced a supplemental syntax file containing SPSS code to generate common analytic variables in the survey's corresponding report and toplines. The ARDA has provided this syntax in a copyable PDF document as an additional download.

Abstract

The World Values Survey (www.worldvaluessurvey.org) is a global network of social scientists studying changing values and their impact on social and political life, led by an international team of scholars, with the WVS association and secretariat headquartered in Stockholm, Sweden. The survey, which started in 1981, seeks to use the most rigorous, high-quality research designs in each country. The WVS consists of nationally representative surveys conducted in almost 100 countries which contain almost 90 percent of the world’s population, using a common questionnaire. The WVS is the largest non-commercial, cross-national, time series investigation of human beliefs and values ever executed, currently including interviews with almost 400,000 respondents. Moreover the WVS is the only academic study covering the full range of global variations, from very poor to very rich countries, in all of the world’s major cultural zones. The WVS seeks to help scientists and policy makers understand changes in the beliefs, values and motivations of people throughout the world. Thousands of political scientists, sociologists, social psychologists, anthropologists and economists have used these data to analyze such topics as economic development, democratization, religion, gender equality, social capital, and subjective well-being. These data have also been widely used by government officials, journalists and students, and groups at the World Bank have analyzed the linkages between cultural factors and economic development.

Geographic coverage

This survey covers the Philippines.

Analysis unit

• Household
• Individual

Universe

The WVS for the Philippines covers national population, aged 18 years and over, for both sexes.

Kind of data

Sample survey data [ssd]

Sampling procedure

The sample size for the Philippines is N=1200 and covers national population, aged 18 years and over, for both sexes.

Mode of data collection

Face-to-face [f2f]

Research instrument

Some special variable labels have been included, such as: V56 Neighbours: Muslims and V149 Institution: ASEAN. Special categories labels are: V167 Least liked groups: 1 stands for Muslims, 3 for Hard Lined Communists and 7 for Extreme Rightists. V179 Religion has many categories that have been recoded to 8 (Other) except for 4 (protestant) recoded to 2, 7 (Islam) recoded to 5, 19 (Pentecostal) recoded to 11 and 21 (Evangelist) recoded to 10. V203/ V204: Geographical affinity, 3 stands for ‘Philippines’ and 4 stands for ‘Asia’. Country Specific variables included are: V232 Size of the town is missing (but present in printed questionnaire); V208: Ethnic identification: 1. Hispano Filipino, 2. American Filipino 3. Chinese Filipino 4. Japanese Filipino, 5. Filipino then ethnic and 6. Ethnic then Filipino; V209: Language at home. The variables political parties V210 a V212; Ethic group: V 233; Region: V 234 and V235 Interview language are also included as country specific variables.

Sampling error estimates

+/- 2,9%

A survey conducted in May 2022 revealed that ** percent of Indonesian Muslim consumers shopped online at least once a week. Meanwhile, ** percent of them stated that they made online purchases at least once a month.

Spending patterns in the halal industry

Indonesia, known as the country with the largest Muslim population in the world, is one of the leading countries in terms of halal food consumption and the use of halal cosmetics. In 2020, Indonesian Muslim consumers spent a total of approximately *** billion U.S. dollars on halal products and services. Looking at current spending patterns, consumer spending on halal products has the potential to continue to increase in the coming years. Among the frequently used halal personal care and beauty products were toothpaste, shampoo, facial cleansers, and deodorants.

Halal services, payments, and banking

Despite the increasing focus on halal products and services, a 2023 survey revealed that a significant number of Indonesians still rely on conventional banks rather than opting for Sharia banks. Among those with Sharia bank accounts, the most popular Sharia banks were Bank Syariah Indonesia (BSI) and BCA Syariah. Furthermore, in terms of payment methods, both for online and in-person transactions, the most popular payment services among Indonesian Muslim consumers were GoPay and Ovo.

A 2022 survey found that all respondents in Indonesia believed in God or unseen beings, and around ** percent considered religion very important in their lives. Indonesia has the largest Muslim population in the world. However, it is not a Muslim nation by constitution. The country recognizes six official religions: Islam, Protestantism, Catholicism, Hinduism, Buddhism, and Confucianism.

A 2022 survey found that approximately ** percent of respondents in Indonesia prayed daily. Meanwhile, around four percent of survey participants stated that they prayed weekly. Indonesia has the largest Muslim population in the world. However, it is not a Muslim nation by constitution. The country recognizes six official religions: Islam, Protestantism, Catholicism, Hinduism, Buddhism, and Confucianism.