Market Size of Middle East Islamic Finance Industry
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 2 Trillion |
| Market Size (2029) | USD 2.57 Trillion |
| CAGR (2024 - 2029) | 5.12 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Middle East and Africa |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Middle East Islamic Finance Market Analysis
The Middle East Islamic Finance Market size is estimated at USD 2 trillion in 2024, and is expected to reach USD 2.57 trillion by 2029, growing at a CAGR of 5.12% during the forecast period (2024-2029).
- The importance of the wider Middle East region continues to be clear, accounting for 77.4% of total Sharia-compliant assets in the latest ranking. Iran and Saudi Arabia remain by far the largest markets when it comes to Sharia-compliant assets, with both markets having more than $400bn in assets.
- Six of the 10 largest Islamic lenders come from those two countries, with only one, Malaysia’s Malayan Banking Berhad (Maybank), coming from outside the Middle East. Islamic finance is deeply rooted in the Middle East, a region that continues to shape the modern Islamic finance industry globally. Commanding the lion's share of global Islamic banking and finance assets and wielding enormous influence in the industry, the Middle East has always been an integral part of Islamic finance.
- The post-COVID scenario of the Middle East Islamic finance market has seen a steady recovery with increased demand for Sharia-compliant financial products and services. Islamic banks have adapted to the new normal by leveraging digital platforms and expanding their offerings. Overall, the market is showing resilience and growth opportunities.
