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

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 2023, it was estimated that approximately ** percent of the Indonesian population were Muslim, accounting for the highest share of Muslims in any Southeast Asian country. Indonesia also has the world's largest Muslim population, with an estimated *** million Muslims. Demographics of Indonesia The total population of Indonesia was estimated to reach around *** million in 2028. The median age of the population in the country was at an all-time high in 2020 and was projected to increase continuously until the end of the century. In 2020, the population density in Indonesia reached its highest value recorded at about ***** people per square kilometer. Shopping behavior during Ramadan in Indonesia Nearly all Muslims in Indonesia celebrated Ramadan in 2022. During the month of Ramadan, ** percent of Indonesian users utilized online applications to order food. Many Indonesians planned to shop online or offline during Ramadan, with around ** percent of online users planning to purchase fashion wear and accessories. Shopee was the most used app for shopping purposes during that period.

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.

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.

This statistic shows the estimated number of Muslims living in different European countries as of 2016. Approximately **** million Muslims were estimated to live in France, the most of any country listed. Germany and the United Kingdom also have large muslim populations with **** million and **** million respectively.

The average for 2013 based on 18 countries was 52.9 percent. The highest value was in Jordan: 96 percent and the lowest value was in Iran: 9 percent. The indicator is available from 1960 to 2013. Below is a chart for all countries where data are available.

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.

Halal Certification Services Market Outlook

According to our latest research, the Halal Certification Services market size reached USD 4.6 billion in 2024, demonstrating robust expansion driven by increasing global demand for halal-compliant products across diverse industries. The market is exhibiting a notable compound annual growth rate (CAGR) of 10.8% from 2025 to 2033. By the end of 2033, the market is projected to reach a value of USD 11.5 billion, propelled by the rising awareness of halal standards, expanding Muslim populations, and the globalization of food and non-food supply chains. As per our latest research, key growth drivers include stringent regulatory requirements, consumer preference for quality assurance, and the rapid expansion of halal-certified product portfolios across both developed and emerging markets.

One of the primary growth factors for the halal certification services market is the significant increase in the global Muslim population, which is expected to surpass 2.2 billion by 2030. This demographic shift is fueling demand for halal-certified products, not only in food and beverages but also in pharmaceuticals, cosmetics, and personal care. As Muslim consumers become more conscious of their dietary and lifestyle choices, manufacturers and service providers are compelled to adhere to halal standards to capture this expanding market segment. This trend is further amplified by the growing middle class in Muslim-majority countries, leading to higher disposable incomes and increased spending on halal-certified goods and services.

Another key driver is the globalization of supply chains and the increasing complexity of international trade. As products cross borders, there is a heightened need for credible and recognized halal certification services to ensure compliance with diverse regulatory frameworks. Multinational corporations, exporters, and retailers are seeking reliable certification partners to facilitate market access and build consumer trust. The proliferation of halal certification bodies and the harmonization of standards across regions are also supporting market growth, enabling smoother trade and reducing barriers for halal-certified products in both Muslim-majority and non-Muslim-majority countries.

Technological advancements and digitization are also playing a pivotal role in shaping the growth trajectory of the halal certification services market. The adoption of blockchain, artificial intelligence, and digital traceability solutions is enhancing transparency, efficiency, and trust in the certification process. These innovations are helping to address common challenges such as fraud, mislabeling, and supply chain opacity. As regulatory authorities and consumers demand greater assurance regarding the authenticity of halal claims, technology-driven certification services are becoming increasingly attractive to businesses seeking to differentiate themselves in a competitive marketplace.

From a regional perspective, the Asia Pacific region dominates the halal certification services market, accounting for over 45% of the global market share in 2024. This is primarily due to the large Muslim populations in Indonesia, Malaysia, India, and Pakistan, as well as the proactive efforts of governments in these countries to promote halal industries. The Middle East & Africa region follows closely, driven by strong religious adherence and government mandates. North America and Europe are experiencing steady growth, fueled by increasing awareness among non-Muslim consumers and the diversification of halal-certified offerings beyond traditional food and beverage products. Each region presents unique opportunities and challenges, reflecting variations in consumer preferences, regulatory landscapes, and market maturity.

Service Type Analysis

The service type segment of the halal certification services market is categorized into product certification, process certification, system certification, and others. Product certification remains the most sought-after service, accounting for the largest share of the market in 2024. This dominance is attributed to the growing demand for halal-certified food, beverages, pharmaceuticals, and cosmetics, as consumers and regulatory authorities emphasize the importance of product integrity and compliance. Product certification services ensure that each item meets the stringent requirements o

Halal-Friendly Menu Implementation Market Outlook

According to our latest research, the Global Halal-Friendly Menu Implementation market size was valued at $22.7 billion in 2024 and is projected to reach $48.5 billion by 2033, expanding at a CAGR of 8.7% during 2024–2033. The primary driver for this robust expansion is the increasing demand for halal-certified offerings among both Muslim and non-Muslim consumers, driven by rising health consciousness, globalization of food cultures, and growing awareness of ethical food sourcing. As consumer preferences evolve and regulatory frameworks strengthen, businesses across the hospitality, food service, and retail sectors are rapidly adopting halal-friendly menu strategies to capture a broader market share and ensure compliance with global halal standards.

Regional Outlook

The Asia Pacific region currently holds the largest share of the Halal-Friendly Menu Implementation market, accounting for approximately 38% of the global market value in 2024. This dominance is attributed to the presence of the world’s largest Muslim populations in countries such as Indonesia, Malaysia, and India, where halal dietary laws are deeply embedded in daily life and culture. Governments in these countries have established stringent halal certification bodies and policies, ensuring consumer trust and fostering a mature ecosystem for halal menu offerings. Additionally, the proliferation of international tourism and the expansion of global food service chains have further solidified Asia Pacific’s leadership in this market. The region’s mature regulatory environment, coupled with a robust network of suppliers and distributors, continues to support sustained market growth and innovation in halal-friendly offerings.

The Middle East & Africa is emerging as the fastest-growing region in the Halal-Friendly Menu Implementation market, estimated to register a CAGR of 9.8% from 2024 to 2033. This rapid growth is underpinned by significant investments in hospitality and tourism infrastructure, particularly in the Gulf Cooperation Council (GCC) countries, where halal compliance is mandatory. Governments and private enterprises are actively promoting halal tourism and culinary experiences, attracting both local and international visitors seeking authentic halal options. The region’s focus on diversifying its economies beyond oil, coupled with strategic partnerships with global food and beverage brands, is accelerating the adoption of halal-friendly menu practices. The increasing influx of expatriates and tourists, alongside growing urbanization, further reinforces the region’s position as a dynamic growth hub for halal-certified food services.

In emerging economies across Latin America and parts of Europe, the adoption of halal-friendly menu implementation is gaining traction, though challenges remain. Limited awareness, fragmented certification processes, and varying degrees of regulatory oversight have slowed widespread adoption. However, rising Muslim populations, increased cross-cultural exchange, and the globalization of food trends are gradually stimulating demand in these markets. Local businesses are beginning to recognize the commercial potential of halal certification, especially in urban centers with diverse demographics. Policy harmonization, capacity-building initiatives, and targeted marketing campaigns are expected to bridge adoption gaps, enabling these regions to tap into the lucrative halal market while addressing consumer trust and standardization challenges.

Report Scope

This study explores the nature and conceptualisation of mental health and well-being among Indonesians living in an urban environment. Little is known about the nature of mental health and well-being in the everyday living context in developing countries. In Indonesia, as one of the most populous countries and the largest Muslim population in the world, the incidence of mental health problems has increased immensely in the last decade. However, there is a very limited number of studies that incorporate relevant cultural contexts into the understanding of mental health and well-being in Indonesia. This study aims to elucidate the relationship of specific psychosocial factors, as protective and risk factors, to mental health and well-being in the everyday urban living contexts experienced by a growing middle class in Indonesia in the perspective of Keyes' model of mental well-being. The data for this study were collected through semi-structured interviews and were analysed using Giorgi’s descriptive phenomenological approach.

Halal Tourism Market Outlook

According to our latest research, the global Halal Tourism market size reached USD 255.6 billion in 2024, reflecting robust demand from Muslim and non-Muslim travelers seeking halal-compliant experiences. The market is forecasted to grow at a CAGR of 8.3% from 2025 to 2033, reaching a projected value of USD 502.1 billion by 2033. This growth trajectory is driven by rising disposable incomes in Muslim-majority countries, increasing awareness of halal tourism offerings, and a growing focus on culturally sensitive travel experiences. As per our latest research, the expansion of digital booking platforms and enhanced halal-friendly infrastructure in key destinations are further propelling market growth.

One of the primary growth factors in the Halal Tourism market is the increasing population of Muslim travelers worldwide, particularly in regions like Southeast Asia, the Middle East, and parts of Europe. The global Muslim population, which is expected to surpass 2.2 billion by 2030, is driving demand for travel services that align with Islamic principles, such as halal-certified food, prayer facilities, and alcohol-free environments. Destinations and service providers are responding by investing in halal-friendly accommodations, transportation, and attractions, thereby attracting not only Muslim travelers but also non-Muslims seeking ethical and wellness-oriented travel. This demographic shift, coupled with rising purchasing power, is significantly enhancing the market’s growth prospects.

The proliferation of digital technologies and online travel platforms is another crucial driver for the Halal Tourism market. With the increasing use of smartphones and internet penetration in emerging economies, travelers now have easier access to information on halal-friendly destinations, services, and travel packages. Online travel agencies (OTAs) and direct booking platforms are leveraging advanced algorithms and AI-driven personalization to cater to the unique preferences of halal tourists, making the booking process seamless and more transparent. This digital shift is also enabling small and medium-sized enterprises to reach a global audience, thus democratizing access to halal tourism and fostering greater competition and innovation in the market.

Government initiatives and public-private partnerships are playing a pivotal role in shaping the future of the Halal Tourism market. Several countries, particularly in the Asia Pacific and Middle East regions, are prioritizing halal tourism as part of their national tourism strategies. Investments in infrastructure, certification programs, and marketing campaigns are enhancing the visibility and credibility of halal-friendly destinations. For example, Malaysia, Indonesia, and the United Arab Emirates have established themselves as leading halal tourism hubs by offering comprehensive services and amenities tailored to Muslim travelers. These efforts are not only boosting international arrivals but also promoting sustainable and inclusive tourism development.

From a regional perspective, the Asia Pacific region dominates the Halal Tourism market, accounting for the largest share in 2024, followed by the Middle East & Africa and Europe. The robust growth in Asia Pacific is attributed to the presence of large Muslim populations, well-developed tourism infrastructure, and aggressive promotional activities by local governments. Meanwhile, the Middle East & Africa region is witnessing significant investments in luxury and religious tourism, further enhancing its appeal to halal travelers. Europe, with its rich cultural heritage and increasing focus on diversity and inclusion, is also emerging as a popular destination for halal tourism, particularly among millennial and Generation X travelers.

Service Type Analysis

Within the Halal Tourism market, the service type segment is a critical determinant of consumer preferences and market dynamics. Accommodation services, encompassing hotels, resorts, an

Halal Supplements Market Outlook

According to our latest research, the global Halal Supplements market size reached USD 6.2 billion in 2024, reflecting the growing demand for dietary supplements that comply with Islamic dietary laws. The market is experiencing robust momentum, with a compound annual growth rate (CAGR) of 8.1% expected from 2025 to 2033. By the end of 2033, the Halal Supplements market is forecasted to reach a value of USD 12.2 billion. This growth is primarily driven by rising Muslim populations, greater health awareness, and increasing consumer preference for clean-label and ethically sourced supplements.

One of the most significant growth factors for the Halal Supplements market is the expanding global Muslim demographic, which is projected to reach nearly 30% of the world’s population by 2050. This demographic shift is fueling demand for products that align with religious and ethical values, particularly in regions with substantial Muslim communities such as Southeast Asia, the Middle East, and parts of Africa. The surge in disposable income and urbanization in these regions is also contributing to higher spending on health and wellness products, including Halal-certified supplements. Moreover, the increasing prevalence of lifestyle-related diseases and a heightened focus on preventive healthcare are prompting consumers to seek dietary supplements that not only support their health but also adhere to their religious beliefs, further propelling the market’s growth trajectory.

Another key driver is the rising trend of clean-label and natural products, which resonates strongly with the Halal Supplements market. Modern consumers, both Muslim and non-Muslim, are increasingly scrutinizing product ingredients and manufacturing processes. Halal certification assures consumers that products are free from prohibited substances such as pork derivatives, alcohol, and non-halal animal sources, and that they meet stringent hygiene and ethical standards. This assurance is particularly appealing in an era where food safety scandals and concerns over synthetic additives have eroded consumer trust. As a result, Halal Supplements are gaining traction not only in traditional Muslim-majority markets but also in Western countries where ethical and clean-label consumption is on the rise.

The market is also being shaped by innovation in product formats and distribution channels. Companies are launching a diverse array of Halal Supplements, including gummies, effervescent tablets, and functional beverages, to cater to evolving consumer preferences. Digital transformation is playing a pivotal role, with online sales channels and direct-to-consumer models gaining prominence. E-commerce platforms have enabled brands to reach wider audiences, particularly in regions where access to specialty stores may be limited. Furthermore, partnerships with local distributors and pharmacies are expanding market penetration and ensuring that Halal Supplements are accessible to a broader consumer base. These factors collectively create a dynamic and rapidly evolving market landscape.

From a regional perspective, the Asia Pacific region is the largest and fastest-growing market for Halal Supplements, accounting for over 40% of the global market share in 2024. This is followed by the Middle East & Africa, which holds significant potential due to its large Muslim population and increasing health consciousness. North America and Europe are also witnessing notable growth, driven by the presence of sizeable Muslim communities and the rising adoption of Halal-certified products among mainstream consumers. Latin America, while currently a smaller market, is expected to register steady growth as awareness of Halal certification and dietary supplements increases. Overall, the global Halal Supplements market is characterized by strong growth prospects, driven by demographic, cultural, and health trends.

Product Type Analysis

The Product Type segment of the Halal Supplements market encompasses a diverse array of offerings, including Vitamins & Minerals, Protein & Amino Acids, Herbal Supplements, Omega-3 & Fatty Acids, and Others. Among these, Vitamins & Minerals hold the largest share, accounting for approximately 35% of the market in 2024. This dominance can be attributed to the widespread use of these supplements for general health maintenance and the gro

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.

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.

The average for 2013 based on 13 countries was 34.6 percent. The highest value was in Iran: 90 percent and the lowest value was in India: 3 percent. The indicator is available from 1960 to 2013. Below is a chart for all countries where data are available.

Islamic Insurance (Takaful) Market Outlook

According to our latest research, the global Islamic Insurance (Takaful) market size reached USD 32.7 billion in 2024, demonstrating robust expansion driven by increasing demand for Sharia-compliant financial products. The market is projected to grow at a CAGR of 13.2% during the forecast period, reaching approximately USD 89.6 billion by 2033. The primary growth factor for this market is the rising awareness and acceptance of ethical and interest-free insurance solutions across both Muslim-majority and non-Muslim-majority countries. This surge in demand is further supported by favorable regulatory reforms and the growing presence of Takaful operators globally.

One of the significant growth drivers for the Islamic Insurance (Takaful) market is the increasing consumer preference for ethical and Sharia-compliant financial solutions. As awareness of Islamic finance principles expands, more individuals and businesses are seeking insurance products that align with their religious and ethical beliefs. Takaful, based on the principles of mutual cooperation and shared responsibility, offers an attractive alternative to conventional insurance, which often involves elements of uncertainty (gharar) and interest (riba) prohibited under Islamic law. This shift in consumer behavior is particularly pronounced in regions with large Muslim populations, such as the Middle East, Southeast Asia, and North Africa, but is also gaining traction in Western markets as financial inclusivity and ethical investing become more mainstream.

Another key factor fueling the growth of the Takaful market is the proactive stance of regulatory authorities in developing frameworks that support Islamic insurance operations. Governments in countries like Malaysia, Saudi Arabia, and the United Arab Emirates have introduced comprehensive regulations to ensure the soundness and transparency of Takaful operations, thereby fostering investor confidence and encouraging market entry by new players. Additionally, global standard-setting bodies such as the Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) are continuously working to harmonize standards, which is expected to further propel market growth by reducing operational uncertainties and facilitating cross-border expansion.

The integration of digital technologies and innovative distribution channels is also playing a pivotal role in shaping the future of the Islamic Insurance (Takaful) market. The rise of digital platforms, mobile applications, and online aggregators has made Takaful products more accessible to a broader customer base, especially among tech-savvy younger generations. Insurtech innovations are streamlining processes, enhancing customer experiences, and reducing administrative costs, thereby making Takaful solutions more competitive and appealing. The adoption of artificial intelligence, blockchain, and big data analytics is expected to further transform the market landscape, enabling Takaful operators to offer personalized products, improve risk assessment, and enhance claims management.

Regionally, the Middle East and Southeast Asia remain the largest and most dynamic markets for Islamic Insurance (Takaful), accounting for a significant share of global premiums. However, there is growing interest and market penetration in Africa, South Asia, and even parts of Europe and North America, driven by increasing Muslim populations and greater awareness of Sharia-compliant financial services. The expansion of Takaful into new geographies is being facilitated by strategic alliances, bancassurance partnerships, and the entry of multinational insurers seeking to diversify their portfolios. As a result, the global Takaful market is expected to witness accelerated growth, with emerging markets playing a crucial role in shaping its trajectory over the next decade.

Type Analysis

The Islamic Insurance (Takaful) market is broadly catego

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 2016, it was estimated that Birmingham had the largest Muslim population of any local authority in England and Wales at approximately 280 thousand people. Newham and Tower Hamlets, both boroughs of London, had the second and third-largest Muslim populations at 135 and 128 thousand respectively.