Islamic Banking Software Market Scope
Islamic Banking is a fast-growing sector, expanding beyond the Middle East, Asia and Africa, where some Banks have turned to Islamic Banking services as a new approach to ethical banking, and therefore need Islamic Banking software to manage those services Islamic Banking software solution covers the full spectrum of functional requirements in accordance with the Islamic principles of Shari’a Law. It ensures full Islamic Banking offerings, featuring complete management of products and mechanisms to serve operations according to the Shari’a rules & standards. A solution that supports the innovative and rapid rollout of Sharia-compliant products can help Islamic financial institutions gain a competitive edge
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Oracle (United States), Temenos (Switzerland), AutoSoft Dynamics, BML Istisharat (Lebanon), EdgeVerve(Infosys) (India), ICS Financial Systems (United Kingdom), Infopro (United States), Infrasoft Technologies (India ), Intertech(United States) and Millennium Information Solution (Bangladesh) |
CAGR | % |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies. Research Analyst at AMA estimates that United Kingdom Players will contribute to the maximum growth of Europe Islamic Banking Software market throughout the predicted period.
Oracle (United States), Temenos (Switzerland), AutoSoft Dynamics, BML Istisharat (Lebanon), EdgeVerve(Infosys) (India), ICS Financial Systems (United Kingdom), Infopro (United States), Infrasoft Technologies (India ), Intertech(United States) and Millennium Information Solution (Bangladesh) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research are Nucleus Software Exports (United States), SAB (Russia), Silverlake Axis (Malaysia), Sopra Banking Software (United Kingdom), Tata Consultancy Services (IndiA), Path Solutions(United States) and Virmati Software & Telecommunications (India).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Europe Islamic Banking Software market by Type , by Application (Retail Islamic banking software and Corporate Islamic banking software) and Region with country level break-up.
On the basis of geography, the market of Islamic Banking Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In January, 2024 Kurdistan International Islamic Bank for Investment and Development ("KIB"), a leading Islamic financial institution in Iraq, has embarked on a digital transformation journey with the adoption of iMALTM, the industry-leading Islamic core banking platform from Azentio Software, a Singapore-headquartered technology firm owned by funds advised by Apax Partners.
In January 2024, Qatar Islamic Bank (QIB), a digital bank, has announced the launch of the QIB Lite App, a simplified version of the QIB Mobile App.
“Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Acts”
Influencing Trend:
The growth of the halal industry
Market Growth Drivers:
Increasing adoption of the Islamic banking software across the globe owing to low participation of Muslims in banking due to the prohibition of riba
Challenges:
Lack of awareness and The decline of shari'a rule by other communities
Restraints:
Scalability to manage large volumes, and a competitive cost structure.
Opportunities:
Rising demand for Sharia-compliant Islamic banking products
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Islamic Banking Software Developer, Government Regulatory and Research Organizations and End-Use Industry