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.

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 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.

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.

According to Cognitive Market Research, the global Islamic Financing market size will be 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 mo...

This statistic displays the projected Muslim population proportions in selected European countries in 2050, by scenario. In 2010 the proportion of Muslims in the population of Germany was *** percent, compared with *** percent in the UK and *** percent in France. Depending on the different migration scenarios estimated here, Germany's share of Muslims in the population could rise up to **** percent of it's population by 2050, higher than both the UK and France, with projected Muslim populations of **** and ** percent respectively.

According to a survey conducted in selected Asian countries in February and March 2022, over 98 percent of all surveyed Muslim respondents stated to actively celebrate Ramadan every year. The share was highest in Indonesia at 99.8 percent. Uzbekistan was the only country in Asia where less than 90 percent of the surveyed Muslims stated to partake in Ramadan celebrations each year.

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.

The two countries with the greatest shares of the world's Jewish population are the United States and Israel. The United States had been a hub of Jewish immigration since the nineteenth century, as Jewish people sought to escape persecution in Europe by emigrating across the Atlantic. The Jewish population in the U.S. is largely congregated in major urban areas, such as New York, Los Angeles, and Chicago, with the New York metropolitan area being the city with the second largest Jewish population worldwide, after Tel Aviv, Israel. Israel is the world's only officially Jewish state, having been founded in 1948 following the first Arab-Israeli War. While Jews had been emigrating to the holy lands since the nineteenth century, when they were controlled by the Ottoman Empire, immigration increased rapidly following the establishment of the state of Israel. Jewish communities in Eastern Europe who had survived the Holocaust saw Israel as a haven from persecution, while the state encouraged immigration from Jewish communities in other regions, notably the Middle East & North Africa. Smaller Jewish communities remain in Europe in countries such as France, the UK, and Germany, and in other countries which were hotspots for Jewish migration in the twentieth century, such as Canada and Argentina.

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.

Kenya had a Muslim population of roughly 5.6 million people, according to the last country census conducted in 2019. Nearly 50 percent of individuals adhering to Islam lived in the Northern-East counties of Mandera (856.5 thousand people), Garissa (815.8 thousand people), and Wajir (767.3 thousand people). Overall, around 10 percent of Kenya's population identified as Muslim.

The global terrorism index systematically ranks countries of the world according to their terrorist activity. In 2024, Burkina Faso ranked first on the global terrorism index with a score of 8.58 points, making it the country most affected by terrorism on Earth. In 2023, the Democratic Republic of the Congo suffered from the fourth highest number of terrorist attacks.Additional information on the Global terrorism index The Global Terrorism Index is an annual ranking produced by the Institute for Economics and Peace. As even the definition of terrorism is hotly debated, it is essential to highlight that the methodologies used to measure terrorism are also contested. The Global Terrorism Index ranks 163 countries on four indicators weighted over five years. These four factors are: the number of terrorist incidents per year, the number of fatalities caused by terrorists per year, the number of injuries caused by terrorists per year, and total property damage caused by terrorism per year. Terrorist groups Terrorism comes in several forms from a variety of groups with differing intentions. Taliban regaining power in Afghanistan in 2021 can help explain the high ranking of Afghanistan, but the country has been plagued by terrorist activities for many decades. The operation of numerous groups alongside or in conflict with the Islamic State and the Taliban has led to Afghanistan falling victim to a high number of attacks. Moreover, IS now operates across several countries and regions, including in Burkina Faso. Economic damages On the non-human casualty side of the index, property loss is an important metric as loss of shelter or livelihood has a long lasting impact on those who survive the attack physically unharmed. The high percentage of attacks in advanced economies in the most expensive terrorist attacks by insured property loss demonstrates the limitation of using comparative financial data. Although the insured losses are lower in countries such as Iraq and Afghanistan, this does not suggest the impact of property loss is lower. The instability in these countries often makes insurance unaffordable for most citizens.

The Hajj to Mecca in Saudi Arabia is considered among the world’s largest human gatherings, with over **** million pilgrims in 2025. The Saudi government restricted Hajj to residents in Saudi Arabia only during the COVID-19 pandemic in 2020. The number of Hajj pilgrims dropped to about **** thousand in 2021. Like other religious pilgrimages, Hajj is considered an annual rite of passage to renew one's moral and spiritual connection. Approximately a quarter of the human population identify themselves as Muslims. According to their faith of Islam, it is one of their five religious duties to perform the Hajj at least once in their lifetime. Who are the pilgrims? According to Islamic tradition, any Muslim who has reached maturity is due to perform the Hajj. During the last Hajj season before the COVID-19 pandemic, about two thirds of the pilgrims to Mecca came from outside of the Saudi Arabian Kingdom. The government of Saudi Arabia issues each years’ Hajj visas on a country quota system, based on the size of the Muslim population .     Financial aspects   One main condition for a mature Muslim to qualify to perform the Hajj is to be free of debt and other financial and social obligations. Many Muslims around the world spend a significant amount of their life-savings to be able to make this spiritual journey. As an example, the cost of performing Hajj for a Malaysian Muslim was calculated at about ***** thousand Malaysian ringgits. For first time Hajj pilgrims, the Malaysian government subsidizes more than half of that amount. Some Muslims who can’t afford the financial or physical challenges of the Hajj sometimes perform the smaller Islamic pilgrimage to Mecca called Umrah, which can be attempted all year round.

In 2020, around 28.8 percent of the global population were identified as Christian. Around 25.6 percent of the global population identify as Muslims, followed by 14.9 percent of global populations as Hindu. The number of Muslims increased by 347 million, when compared to 2010 data, more than all other religions combined.

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 statistic displays the projected Muslim population of Europe from 2010 to 2050, compared with that of non-Muslims. For the 2050 projections, three different scenarios are presented, one for zero migration to Europe, one for medium migration and the last for a high level of immigration. In the scenario where zero-migration occurs the total non-Muslim population of Europe would actually decrease from ****** million people to ****** million people. In the high migration scenario, Muslims are predicted to number ***** million people, in which the total non-Muslim population of Europe is ****** million.

Niger has the highest child marriage rate in the world among girls. According to the most recent data, in this West African country, more than three-fourths of girls aged under 18 were married, with nearly 30 percent of them being younger than 15 years old. The Central African Republic, Chad, and Mali followed behind with rates ranging from 61 to 54 percent. This issue is globally spread, particularly in African countries. In many of these countries, the legal age to get married is lower for females than for males. In Niger and Chad, for instance, the legal age is 15 years for females and 18 for males. In Guinea, instead, the legal age for marriage is 17 for females and 18 for males. Child marriage is often related to poverty, with poor families choosing to marry away their girls, both to earn money as a wedding gift and as this means fewer mouths to feed.

Muslims residing in Oslo, Norway will be fasting in the middle of the month of Ramadan for a total of 13 hours and 51 minutes, between the times of 5:50 am and 7:41 pm. During the Islamic holy month of Ramadan, observing Muslims worldwide abstain from eating, drinking, smoking, and sexual activities from sunrise to sunset. RamadanThe Islamic calendar is based on the lunar year; therefore, it is ten days shorter than the Gregorian solar calendar. Thus, Ramadan will take place from the 1st to the 29th of March 2025. The fasting hours are calculated from dusk until dawn of each day for the whole of the month of Ramadan. Differing fasting times in different places result from the fact that the length of each day varies based on the latitude of each location and changes each day due to the Earth's orbit around the sun. However, there might be slight interpretational differences between different schools of thought and branches of Islam. Muslim worldAccording to the latest estimations there are over 1.7 billion Muslims worldwide. It is estimated that that by 2026 the Muslim population will increase to over 2.98 billion narrowing the gap with Christianity, whose community is projected to grow to just over three billion by then. The majority of Muslims worldwide are located in Asia, though it is only a quarter of the continent’s population.

In 2021, more than ** percent of the Thai population were Buddhists. This was followed by *** percent of Thais who were Muslim, and *** percent declared to be Christians. While Buddhism is prevalent all over the country, the Muslim community is primarily found in the southern provinces.

In 2021, 53.3 percent of the total population in Canada were Christian, 4.9 percent were Muslim, but almost more than a third are not religious at all – with the rest stating they adhere to Hinduism, Sikhism, Buddhism, the Jewish faith, and other Christian denominations. Canada’s religious pluralismCanada is not a very religious country in general. Canadians adhere to a wide variety of beliefs and faiths, with the majority following Christianity, followed by those who do not believe in any deity or religion at all. As with many Western countries, the younger generations are less inclined to identify with faith, and Christianity in particular is not as popular as it is among the older generations. Alternative worship for the younger generations?Canadian teenagers are no less enthusiastic about religion than their parents, and they are just as grounded in their faith as the older generations. They are, however, also just as indecisive when it comes to whether they would call themselves religious or not. Interestingly, they seem much more interested in traditional aboriginal spirituality than in the Judeo-Christian model. They also seem quite interested in another alternative to Christianity: Buddhism is quite popular among the younger generations. Whether this signifies a general trend away from Christianity and towards religious alternatives remains to be seen.