Islamic Banking Software Market Surges as Smart Cards and Sukuk Drive Digital Transformation in Finance

Dublin, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The "Global Islamic Banking Software Market 2023-2027" report has been added to's offering.

The Islamic banking software market is poised for substantial growth, with a projected increase of USD 2731.39 million during the period from 2022 to 2027, at an accelerating Compound Annual Growth Rate (CAGR) of 10.75% throughout the forecast period.

The comprehensive report on the Islamic banking software market provides a holistic analysis, including market size and forecasts, current trends, growth drivers, challenges, and vendor analysis, featuring approximately 25 vendors.

Key Market Drivers

Several key factors are driving the growth of the Islamic banking software market:

  1. Smart Cards by Islamic Banks: The issuance of smart cards by Islamic banks is a significant driver, enhancing the adoption of advanced software solutions.
  2. Increasing Sukuk Issuance: The growing issuance of sukuk (Islamic bonds) fuels the demand for specialized software to manage Islamic financial instruments.
  3. Mobility in Banking: The trend toward increased mobility in the banking industry further drives the need for software solutions that can support this shift.

Market Segmentation

The Islamic banking software market is segmented as follows:

By Application:

  1. Retail
  2. Corporate
  3. Others

By Deployment:

  1. On-premises
  2. Cloud

By Geographical Landscape:

  1. Middle East and Africa
  2. APAC
  3. Europe
  4. North America
  5. South America

Emerging Market Trends

The report identifies several emerging market trends, including:

  1. Blockchain Technology: The adoption of blockchain technology is a prime driver of market growth, offering security and transparency in Islamic financial transactions.
  2. Big Data and Analytics: The advent of big data and analytics enhances decision-making and risk management in Islamic banking.
  3. Cloud-Based Services: The adoption of cloud-based services for scalability and flexibility drives demand in the market.

Key Companies Mentioned

The report provides vendor analysis and mentions approximately 25 companies operating in the Islamic banking software market, including:

  • AutoSoft Dynamics Pvt. Ltd.
  • Azentio Software Pvt. Ltd.
  • Bank Albilad
  • Bank Alfalah Islamic Banking
  • BML Istisharat SAL
  • Codebase Technologies FZE
  • Craft Silicon Ltd.
  • First Abu Dhabi Bank PJSC
  • ICS Financial Systems Ltd.
  • INFOPRO Sdn Bhd
  • Infosys Ltd.
  • International Turnkey Systems Group
  • Millennium Information Solution Ltd.
  • Nucleus Software Exports Ltd.
  • Oracle Corp.
  • Silverlake Axis Ltd.
  • Sopra Steria Group SA
  • Tata Consultancy Services Ltd.
  • Temenos AG
  • Virmati Infotech Pvt. Ltd.

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