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.

As of 2010, Christianity was the religion with the most followers worldwide, followed by Islam (Muslims) and Hinduism. In the forty years between 2010 and 2050, it is projected that the landscape of world religions will undergo some noticeable changes, with the number of Muslims almost catching up to Christians. The changes in population sizes of each religious group is largely dependent on demographic development, for example, the rise in the world's Christian population will largely be driven by population growth in Sub-Saharan Africa, while Muslim populations will rise across various regions of Africa and South Asia. As India's population is set to grow while China's goes into decline, this will be reflected in the fact that Hindus will outnumber the unaffiliated by 2050. In fact, India may be home to both the largest Hindu and Muslim populations in the world by the middle of this century.

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.

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.

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.

Census: Population: by Religion: Christian: Meghalaya data was reported at 2,213,027.000 Person in 03-01-2011. This records an increase from the previous number of 1,628,986.000 Person for 03-01-2001. Census: Population: by Religion: Christian: Meghalaya data is updated decadal, averaging 1,921,006.500 Person from Mar 2001 (Median) to 03-01-2011, with 2 observations. The data reached an all-time high of 2,213,027.000 Person in 03-01-2011 and a record low of 1,628,986.000 Person in 03-01-2001. Census: Population: by Religion: Christian: Meghalaya 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.GAE004: Census: Population: by Religion: Christian.

Census: Population: by Religion: Christian: Tamil Nadu data was reported at 4,418,331.000 Person in 03-01-2011. This records an increase from the previous number of 3,785,060.000 Person for 03-01-2001. Census: Population: by Religion: Christian: Tamil Nadu data is updated decadal, averaging 4,101,695.500 Person from Mar 2001 (Median) to 03-01-2011, with 2 observations. The data reached an all-time high of 4,418,331.000 Person in 03-01-2011 and a record low of 3,785,060.000 Person in 03-01-2001. Census: Population: by Religion: Christian: Tamil Nadu 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.GAE004: Census: Population: by Religion: Christian.

Philippines Population: RA: Iglesia ni Cristo data was reported at 2,664,498.000 Person in 2015. This records an increase from the previous number of 2,469,957.000 Person for 2010. Philippines Population: RA: Iglesia ni Cristo data is updated yearly, averaging 2,469,957.000 Person from Dec 2000 (Median) to 2015, with 3 observations. The data reached an all-time high of 2,664,498.000 Person in 2015 and a record low of 1,762,845.000 Person in 2000. Philippines Population: RA: Iglesia ni Cristo data remains active status in CEIC and is reported by Philippine Statistics Authority. The data is categorized under Global Database’s Philippines – Table PH.G003: Population: Religious: Affiliation.

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 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...

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.

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.

According to a survey conducted in South Korea in 2023, over ** percent of respondents reported no religious affiliation, while approximately ** percent identified as Christians and ** percent as Buddhists. Religious population South Korea is a multi-religious society where Christianity, Buddhism, and various other religions coexist with shamanism. According to a previous study, the domestic religious population appeared to decline over time after reaching its peak in 2005, at nearly ** million people. In contrast, the share of people who are religiously unaffiliated has increased in recent years. Within the last two decades, the religiously unaffiliated population has increased from about ** percent to more than ** percent. Shamanism Shamanism has continued to significantly influence the daily lives of many South Koreans. According to a survey conducted in 2023, about ** percent of respondents reported having consulted a fortune-teller within the past year. Roughly ** percent of those respondents were already affiliated with a religion.

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.

Philippines Population: RA: Crusaders of the Divine Church of Christ, Inc data was reported at 47,877.000 Person in 2015. This records a decrease from the previous number of 65,008.000 Person for 2010. Philippines Population: RA: Crusaders of the Divine Church of Christ, Inc data is updated yearly, averaging 56,442.500 Person from Dec 2010 (Median) to 2015, with 2 observations. The data reached an all-time high of 65,008.000 Person in 2010 and a record low of 47,877.000 Person in 2015. Philippines Population: RA: Crusaders of the Divine Church of Christ, Inc data remains active status in CEIC and is reported by Philippine Statistics Authority. The data is categorized under Global Database’s Philippines – Table PH.G003: Population: Religious: Affiliation.

In Brazil, 70 percent of the respondents believed in God as described in the holy scriptures, and another 19 percent believed in a higher power or spirit. In South Africa, the figures were 73 and 16 percent respectively. By contrast, less than one in five in Japan and only one in three in South Korea believed in God or some form of spirit or higher power.

In 2022, around 31.6 percent of the global population were identify as Christian. Around 25.8 percent of the global population identify as Muslims, followed by 15.1 percent of global populations as Hindu.

As of May 2024, 79 percent of the world's internet population lived in countries where individuals were arrested or imprisoned for posting content on political, social, or religious issues. Around 66 percent of internet population lived in countries where authorities deployed pro-government commentators to manipulate discussions on online platforms. A further 67 percent lived in countries where people were attacked or killed because of online activities.

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.

The majority of Japanese adhere to Shintoism, a traditional Japanese religion focusing on rituals and worship at shrines. In 2021, around 48.6 percent of the total population of Japan participated in Shinto practices. Closely behind is Buddhism, with more than 46 percent of the population adhering to its practices. Most Japanese thus practice both religions. The original ShintoShintoism adherents worship spirits or gods at shrines, often publicly, through rituals and traditions. Shintoism is deeply ingrained in the Japanese culture and way of life, but the number of followers has been decreasing over the past years, as has the number of Japanese who are adhering to any kind of religion. Tradition seems to have to make way for modern attitudes and choices – still the number of people who call themselves Shinto adherents is quite high, even if they do not actively practice it. Everything zen in BuddhismWhile Shintoism seems to become a thing of the past, the number of Buddhists, on the other hand, has been stable over the last decade, and if anything, has only slightly decreased. Japan is, in fact, among the countries with the largest Buddhist communities, right after China, of course, and Thailand. This might be due to Buddhism being able to adapt much easier to modern times and its adherents’ everyday lives, as well as a better PR machine – Buddhism is, after all, also quite popular in the Western world.