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Islamic Banking Software Market size is set to grow by USD 3.28 billion from 2024-2028, Issue of smart cards by islamic banks boost the market, AI Role and Impact, Technavio

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2 years ago

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NEW YORK, Aug. 22, 2024 /PRNewswire/ — The global islamic banking software market size is estimated to grow by USD 3.28 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  11.53%  during the forecast period. Issue of smart cards by islamic banks is driving market growth, with a trend towards adoption of blockchain technology. However, lack of expertise, awareness and training in islamic banking software  poses a challenge. Key market players include 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., Sopra Steria Group SA, Tata Consultancy Services Ltd., Temenos AG, and Virmati Infotech Pvt. Ltd..

Get a detailed analysis on regions, market segments, customer landscape, and companies- View the snapshot of this report

Islamic Banking Software Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 11.53%

Market growth 2024-2028

USD 3281.3 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

10.45

Regional analysis

Middle East and Africa, APAC, Europe, North America, and South America

Performing market contribution

Middle East and Africa at 67%

Key countries

Saudi Arabia, Malaysia, United Arab Emirates, Kuwait, and Qatar

Key companies profiled

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., Sopra Steria Group SA, Tata Consultancy Services Ltd., Temenos AG, and Virmati Infotech Pvt. Ltd.

Market Driver

The Islamic banking industry is experiencing digital transformation, driven by the adoption of blockchain technology, IoT, and supply chain analytics. This technological shift is particularly noticeable in industry verticals like BFSI and manufacturing. Blockchain enables real-time tracking of end-to-end transactions, using technologies like Smart Contracts for seamless online transactions. Cloud computing solutions facilitate IoT implementation, allowing manufacturers to connect sensors and devices, reducing per-person access costs, and fostering collaboration with suppliers and customers. The flexibility and rapidly changing technology landscape are expected to increase demand for hosted and cloud-based solutions in the Islamic banking software market. 

The Islamic banking software market is experiencing significant trends in the banking industry. With industry saturation, fintech upheaval, and increasing regulatory initiatives, Islamic banks and financial institutions are seeking efficient and compliant solutions for their operations. On-premises and cloud-based solutions are popular choices, with hybrid options also gaining traction. Islamic finance institutions catering to large enterprises, mid-sized companies, retail sector, SMEs, and large corporations are integrating smart cards, sukuk issuances, and automation into their processes. Fintech companies and software providers are offering cloud-based solutions, incorporating artificial intelligence, blockchain technology, and cloud computing. Sharia compliance, risk administration, analytics and reporting, asset administration, and cellular banking are key features in demand. Integration skills, data protection, cybersecurity, sustainability, and moral investing are essential considerations. Fintech partnerships are crucial for enhancing services, ensuring regulatory compliance, and offering innovative solutions such as automation, risk management, and remittances. 

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Market Challenges

The integration of advanced IT products and services into Islamic banking systems is a complex process for many financial institutions. While the adoption of new technology can enhance customer service and product offerings, it necessitates specialized training for banking staff. Providing this training is a significant challenge due to the time, cost, and resources required. Failure to adequately train staff may result in misaligned products and a damaged brand image. Moreover, the integration of various systems can be problematic due to the lack of technical expertise within banking firms. This deficiency in knowledge and awareness may hinder the growth of the global Islamic banking software market during the forecast period.The Islamic banking software market faces several challenges in the dynamic banking industry. Industry saturation poses competition among software providers to offer innovative solutions to Islamic banks, large enterprises, mid-sized companies, and SMEs. Fintech upheaval brings disruption through fintech companies, pushing for cloud-based solutions over traditional on-premises systems. Islamic finance institutions grapple with automating operations, including smart cards, sukuk issuances, and Sharia compliance, while adapting to regulatory initiatives. Technological advancements like artificial intelligence, blockchain technology, and cloud computing require integration skills. Islamic banks must balance the need for data protection and cybersecurity with the benefits of these technologies. Sustainability and moral investing are also growing concerns. Partnerships with fintech companies and software providers are essential for remaining competitive. Asset administration, risk administration, analytics and reporting, and automation are key areas for improvement. Additionally, retail sector, wealth management, insurance, asset management, remittances, and cellular banking require specialized solutions.

For more insights on driver and challenges – Request a sample report!

Segment Overview 

This islamic banking software market report extensively covers market segmentation by  

Application 1.1 Retail1.2 Corporate1.3 OthersDeployment 2.1 On-premises2.2 CloudGeography 3.1 Middle East and Africa3.2 APAC3.3 Europe3.4 North America3.5 South America

1.1 Retail-  The Islamic banking software market is growing steadily due to the increasing demand for Shariah-compliant financial solutions. Banks and financial institutions are investing in advanced software to manage their Islamic banking operations efficiently. These solutions facilitate the implementation of Islamic financing and banking principles, such as profit and loss sharing, riba-free transactions, and ethical investment. The software streamlines processes, enhances transparency, and ensures regulatory compliance, making it an essential tool for Islamic financial institutions.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017-2021) – Download a Sample Report

Research Analysis

The Islamic banking software market is witnessing significant growth due to the increasing demand for Sharia-compliant financial solutions. This market caters to the unique needs of financial institutions offering Islamic banking operations, which differ from conventional banking in their rejection of interest-based financing and adoption of profit-and-loss sharing, asset-backed financing, and sukuk issuances. Automation, risk administration, analytics, and reporting are crucial components of Islamic banking software, enabling efficient management of transactions and regulatory compliance. Smart cards, cellular banking, and fintech partnerships expand accessibility to Islamic finance. Cloud-based solutions, artificial intelligence, blockchain technology, and cloud computing are transforming the industry, offering advanced features and enhanced security. Regulatory initiatives worldwide are driving the adoption of these technologies, ensuring transparency and compliance with Islamic finance principles. Software providers and fintech companies are at the forefront of this innovation, catering to the retail sector and asset administration needs of Islamic financial institutions.

Market Research Overview

The Islamic Banking Software Market is witnessing significant growth due to the increasing demand for Sharia-compliant financial solutions. This market caters to the unique needs of Islamic banks and financial institutions, enabling them to automate their operations while adhering to the principles of Islamic finance, which prohibits the collection and payment of interest. Key features of Islamic banking software include asset-backed financing, risk administration, analytics and reporting, asset administration, cellular banking, and integration skills. The market is also witnessing trends such as fintech partnerships, data protection, cybersecurity, sustainability, and moral investing. The market is saturated with on-premises, cloud-based, and hybrid solutions catering to various segments such as Islamic banks, large enterprises, mid-sized companies, retail sector, SMEs, large corporations, wealth management, insurance, asset management, and remittances. Moreover, the market is witnessing the adoption of advanced technologies such as artificial intelligence, blockchain technology, cloud computing, and regulatory initiatives. Fintech companies and software providers are also playing a crucial role in the growth of the market. Islamic banking operations are increasingly relying on cloud-based solutions for their efficiency and cost-effectiveness. Sukuk issuances, smart cards, and other digital initiatives are also driving the growth of the market. However, the market faces challenges such as industry saturation and fintech upheaval, which require continuous innovation and adaptation.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationRetailCorporateOthersDeploymentOn-premisesCloudGeographyMiddle East And AfricaAPACEuropeNorth AmericaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

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4 hours ago

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October 25, 2026

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Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/st-engineering-idirect-and-mbsat-partner-to-build-next-generation-sovereign-connectivity-services-across-oman-and-the-middle-east-302918467.html

SOURCE ST Engineering iDirect

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Technology

ST Engineering iDirect and MBSat Partner to Build Next-Generation Sovereign Connectivity Services Across Oman and the Middle East

Published

4 hours ago

on

October 25, 2026

By

Intuition ground system selected to support MBSat’s planned 2027 service launch, enabling accelerated deployment, dynamic resource management and scalable service growth

HERNDON, Va., Oct. 25, 2026 /PRNewswire/ — ST Engineering iDirect today announced a strategic partnership with Mohammed Al Barwani Satellite Company (MBSat), part of Mohammed Al Barwani Group, to provide the ground system technology foundation for MBSat’s next-generation satellite gateway and network operations across Oman and the wider Middle East region. Intuition will provide a flexible, software-defined foundation to support sovereign connectivity services, enabling efficient service deployment, dynamic resource management and scalable network operations.

Intuition will deliver a turnkey ground segment solution that accelerates deployment, simplifies operations and gives MBSat the flexibility to scale services as demand grows. The software-defined platform enables dynamic resource management, service automation and seamless integration with existing and future operational systems. The solution also includes Ka-band gateway infrastructure, service provisioning and management capabilities, open API integration frameworks, training and full-lifecycle support. Together, these capabilities will help MBSat launch and operate services efficiently while adapting to evolving market requirements.

The network will leverage capacity from MB Sat-1, a sovereign MicroGEO satellite, with planned service launch in 2027, to support flexible, scalable connectivity services across the region.

The partnership reflects growing investment in sovereign communications infrastructure across the Middle East as operators seek greater control over service delivery, network expansion and long-term technology evolution.

“This partnership represents an important milestone in our efforts to build an advanced satellite communications platform in Oman and the region,” said Ammar Al Rawahi, General Manager, MBSat. “Through our collaboration with ST Engineering iDirect, we are establishing the technical infrastructure required to launch services efficiently, respond to evolving customer needs and expand into new markets, supporting the sustainable long-term growth of our business.”

“We are providing MBSat with a flexible, software-defined ground platform that integrates with its existing operational environment,” said Sridhar Kuppanna, Chief Executive Officer, ST Engineering iDirect. “This enables more efficient service deployment and operations today, with the flexibility to scale, introduce new capabilities and evolve as requirements change.”

About ST Engineering iDirect

ST Engineering iDirect, a subsidiary of ST Engineering, is a global leader in satellite communications, providing technology and solutions that enable its customers to expand their business, differentiate their services and optimize their networks. Through its portfolio of ground infrastructure, intelligent networking and advanced satellite communications solutions, the company supports operators, service providers, governments and enterprises worldwide.

View original content to download multimedia:https://www.prnewswire.com/news-releases/st-engineering-idirect-and-mbsat-partner-to-build-next-generation-sovereign-connectivity-services-across-oman-and-the-middle-east-302918467.html

SOURCE ST Engineering iDirect

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Global Security & Technology Summit Unveils Month-Long Program of Activities Ahead of December Event

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11 hours ago

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October 24, 2026

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RIYADH, Saudi Arabia, Oct. 24, 2026 /PRNewswire/ — The Organizing Committee of the Global Security & Technology Summit (GSTS) held an introductory session today at the Ministry of Interior’s headquarters in Riyadh, bringing together representatives from the government, private, and nonprofit sectors to introduce the program of activities leading up to the summit. The upcoming summit will be held in Riyadh under the patronage of HRH Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, under the supervision of HRH Prince Abdulaziz bin Saud bin Naif bin Abdulaziz Al Saud, Minister of Interior, and organized by the Ministry of Interior in cooperation with Tuwaiq Academy.

During the session, the Organizing Committee presented the comprehensive GSTS program, comprising three key components: GSTS Month, running from November 1 to 30, 2026; the Global Security & Innovation Fair (SAIF), taking place from November 24 to 26, 2026; and the main Summit, scheduled for December 18 to 20, 2026, in Riyadh. Together, these events form an integrated program designed to advance security and technology innovation, strengthen national capabilities, and foster international cooperation.

GSTS Month will feature working groups, boot camps, training programs, knowledge-sharing sessions, and technical workshops across Saudi Arabia’s 13 administrative regions, delivered both in person and remotely in collaboration with specialized entities. The month-long program aims to develop national capabilities, identify emerging talent, enrich knowledge-sharing opportunities, and equip professionals with the knowledge and skills needed to develop innovative solutions to future security and technology challenges.

The main Summit will bring together global leaders, decision-makers, experts, and innovators to explore the future of security and technology, promote the integration of advanced technologies within the security sector, strengthen national capabilities, support innovation, and foster international cooperation, further positioning the Kingdom as a global hub for security and technology.

Showcasing the latest technological breakthroughs and security solutions, the summit will bring together government entities, private sector organizations, academic institutions, and research centers to facilitate knowledge exchange and collaboration across key fields, including cybersecurity, artificial intelligence (AI), the Internet of Things (IoT), smart security solutions, emerging technologies, and crisis management. The program will also feature main sessions, specialized discussions, and interactive exhibitions. Registration is available at gsts.sa.

Advisor to HRH the Minister of Interior and Chairman of the GSTS Organizing Committee, Ahmed Altowayan, stated that the summit builds on Saudi Arabia’s efforts to establish an advanced security and technology ecosystem focused on knowledge and innovation, keeping pace with rapid developments and future challenges.

Mr. Altowayan noted that the summit is a global platform for strengthening cooperation and exchanging expertise, anticipating future developments in security and technology, and developing strategic partnerships and innovative solutions that enhance the efficiency and readiness of security systems.

Vice Chairman of the GSTS Organizing Committee, Eng. Abdulaziz Alhammadi, said that the summit will offer a range of integrated programs and activities focused on enhancing national skills, encouraging innovation, and supporting international cooperation.

He added that GSTS Month will help build national capabilities, discover talent, and develop skills, with SAIF providing a platform for innovators and researchers from around the world to showcase leading technological solutions, while the main Summit will bring together leaders and experts to discuss the future of security and technology and explore new strategic partnership opportunities.

SAIF will take place at the Riyadh International Convention & Exhibition Center, bringing together innovators, researchers, technology talents, and industry experts from around the world to showcase promising innovations and projects across 14 fields of technology and innovation. The fair will provide opportunities to engage with project owners, including students, graduates, and entrepreneurs, and explore the different stages of innovation development through interactive zones, panel discussions on emerging security and innovation trends, and knowledge-sharing workshops led by specialists. Visitor registration is open to participants from within and outside the Kingdom through saifair.sa.

The introductory session also featured contributions from representatives of government, private, and nonprofit sector entities, alongside members of the media. Discussions focused on developing national capabilities in security and technology, strengthening students’ technical expertise, translating scientific research into practical solutions, and supporting Saudi companies in developing security and technology solutions and advancing digital transformation.

Organized by the Ministry of Interior in cooperation with Tuwaiq Academy, GSTS is produced by Tahaluf, with the Ministry of Education serving as Strategic Scientific Partner, Tahakom as Founding Partner, and Elm as Principal Partner.

Registration for participants from within and outside the Kingdom is available at gsts.sa.

Click here to view the media kit. 

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