What is 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
The Islamic Banking Software market study is being classified, by Application (Retail Islamic banking software and Corporate Islamic banking software) and major geographies with country level break-up.
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 predicts that Players from United States and India will contribute to the maximum growth of Global 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 profiled in the study. 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).
Analyst at AMA have segmented the market study of Global Islamic Banking Software market by Type, Application and Region.
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).
“Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Acts”
Influencing Market Trend
- The growth of the halal industry
- Increasing adoption of the Islamic banking software across the globe owing to low participation of Muslims in banking due to the prohibition of riba
- Rising demand for Sharia-compliant Islamic banking products
- Scalability to manage large volumes, and a competitive cost structure.
- Lack of awareness
- The decline of shari'a rule by other communities
Key Target AudienceNew Entrants/Investors, Analysts and Strategic Business Planners, Islamic Banking Software Developer, Government Regulatory and Research Organizations and End-Use Industry
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