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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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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. 

Explore a 360° Analysis of the Market: Unveil the Impact of AI. For complete insights- Request Sample!

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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TiTE x IHT 2026: The Definitive Hub for Taiwan’s Hardware Manufacturing Excellence

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TAICHUNG, May 6, 2026 /PRNewswire/ — When sourcing from Taiwan, location is the ultimate strategic advantage. Don’t be misled by smaller, general trade shows held in city centers like Taipei. To truly connect with the source, you must go where the products are born. TiTE x IHT (Oct 20-22, 2026) in Taichung is the undisputed largest and most vital hardware industrial expo on the island. Hosted directly in the heart of Taiwan’s precision manufacturing cluster, this event features 1,000+ booths and 500+ top-tier manufacturers, offering a scale and industrial depth that no other exhibition can replicate.

Why Global Buyers Choose the Taichung Source Over Urban Trade Shows:

The Revolutionary “Exhibition as Factory” Model: Taichung is the global epicenter for hardware, home to 70% of Taiwan’s industry output. Our unique location enables the “30-Minute Sourcing Circle.” This allows you to verify high-end samples on the show floor in the morning and audit world-class production lines by the afternoon. By eliminating the travel gap between the booth and the factory, we reduce traditional procurement cycles from weeks to hours, providing unmatched transparency for R&D, capacity assessment, and quality control.ESG & CBAM Compliance for Western Markets: As the EU’s Carbon Border Adjustment Mechanism (CBAM) and global ESG mandates reshape trade, our exhibitors are already ahead of the curve. Discover CBAM-ready solutions and green manufacturing processes specifically designed to meet the strict sustainability requirements of the European and American markets. We provide more than just tools; we provide carbon-footprint-managed resilience for your brand.AI-Driven Smart Manufacturing: Address global labor shortages and rising costs with Taiwan’s latest innovations. The 2026 expo focuses on “AI Empowerment,” showcasing collaborative robotics, automated digital inspection, and data-driven supply chain management. These technologies ensure lead-time stability and high-precision consistency for premium global brand owners.Direct Sourcing & Global Matchmaking: Skip the middlemen and trading agencies. Our “Global Buyer Day” offers exclusive, pre-arranged matchmaking with the actual OEMs/ODMs. This is the primary decision-making platform for major distributors seeking resilient, direct-to-factory partnerships that guarantee the best pricing and priority production slots.

Experience the synergy of smart manufacturing and global trade. Stop at the source—where the world’s hardware is actually built. Secure your competitive edge in the true heart of the industry.

【TiTE x IHT】

Date: October 20-22, 2026Venue: TICEC, Taichung, TaiwanRegister Now: https://accu.ps/g8MZ1SHousing Subsidy: https://forms.gle/34VHVxSrEw7g8GxDAOfficial Website: https://www.hardwareexpotw.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/tite-x-iht-2026-the-definitive-hub-for-taiwans-hardware-manufacturing-excellence-302763625.html

SOURCE TiTE x IHT

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KIST Accelerates U.S. Expansion of Quantum Deep-Tech Startups Through SelectUSA 2026

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SEOUL, South Korea, May 5, 2026 /PRNewswire/ — The Korea Institute of Science and Technology (KIST) President Oh Sang-rok announced that it will participate in the SelectUSA Investment Summit 2026 as part of a Korean delegation, together with quantum technology startups supported by the Ministry of SMEs and Startups under the Deeptech Project (DIPS).

The initiative, supported by South Korea’s Ministry of SMEs and Startups (MSS), is part of the government’s “Deeptech Incubator Project for Startups” (DIPS) initiative, which aims to nurture globally competitive deep-tech ventures.

KIST, which serves as the lead institution for the quantum technology sector under the program, said it will oversee the global commercialization efforts of participating firms. In particular, the “Global Bridge Program,” jointly developed with the U.S. Embassy in Korea in September 2025, is an official program designed to generate tangible overseas expansion outcomes by linking investment attraction with local market entry through diplomatic channels.

Organized by the U.S. Department of Commerce, the SelectUSA Investment Summit is the largest investment promotion event in the US, connecting international startups with venture capital firms, corporate investors and state-level economic development agencies.

It serves as an execution-oriented platform that extends to investment, corporate establishment, site selection, and tax incentives, and is considered a key entry gateway for deep-tech companies, including those in quantum technology.

KIST said participation in the summit is particularly significant for deep-tech sectors such as quantum technology, where access to the US innovation ecosystem is seen as key to growth.

The program is conducted in two stages. From April 30 to May 1, companies took part in a spin-off program hosted by the State of Maryland, which included visits to research institutions and tours of the regional quantum technology ecosystem.

During this period, the delegation also conducted localized activities with the Maryland state government and its economic development agencies, focusing on investment attraction, corporate collaboration, and joint R&D. In addition, on May 5, the delegation held discussions with U.S. Department of Commerce Deputy Secretary William Kimmitt on potential areas of cooperation.

The delegation will also meet officials from Fairfax County Government to explore collaboration and investment opportunities.

The main summit, currently ongoing from May 3 to May 6, features exhibitions, pitching sessions and meetings with US state representatives, with participating firms expected to engage in discussions on investment and market entry.

The delegation is structured to encompass the entire quantum industry rather than a single technology domain.

The Korean delegation comprises five startups, alongside Kyung Hee University Department of Future Science & Technology Commercialization Policy and Entrepreneurship, with approximately 20 participants forming an integrated ecosystem that combines research institutes, academia, and startups, enabling a full-cycle support system from technology validation to commercialization and global expansion.

One of the firms, OptiQ-Labs, was selected for an official pitching session on May 4, where it presented its laser-based optical modules designed for ion-trap quantum computing systems.

This highly competitive program selects only around 100 companies from more than 20,000 applicants worldwide. If selected as the winner of the pitching session, the company will receive follow-up meetings with U.S. state governments and economic development agencies, access to global investor networks, support for local entity establishment, and connections to site selection and tax incentive programs.

Other participating companies include QUAD, which develops single-photon detection technology; SLEEX, focused on underwater sensing; Elixir (StatUp AI), which works on quantum-classical hybrid algorithms for healthcare; and SQK (QMEDIC), specializing in physics-based imaging solutions.

KIST Project Director, Kang Sunjoon, said, “This program represents a critical milestone for Korean quantum startups to directly connect with global investors and industry ecosystems. Via the DIPS program, we are actively promoting the global commercialization of quantum technologies.”

Through its participation in SelectUSA, KIST has established a package-type global expansion model that integrates technology validation, investment attraction, and U.S. market entry.

The summit serves as a turning point for South Korea’s quantum sector, enabling startups to move into the next phase of validation, investment, and overseas expansion.

For more information, visit https://eng.kist.re.kr/.

About KIST 

KIST was established in 1966 as the first government-funded research institute in South Korea. KIST now strives to solve national and social challenges and secure growth engines through leading and innovative research.

About Participating Quantum Startups

QUAD, led by Chief Executive Officer, Oh Byung-doo, develops quantum sensing technologies based on superconducting nanowire single-photon detectors (SNSPDs), offering high sensitivity and precision with applications spanning quantum communication, quantum computing, semiconductor inspection, and defense.

SLEEX is developing an advanced perception technology that combines quantum LiDAR and electric field sensing to overcome limitations of existing underwater sensors, particularly by eliminating blind zones within the 0–2 meter range, with strong potential in autonomous navigation, maritime security, and defense, with Lee Jeho at the helm as Chief Executive Officer.  (https://www.thesleex.com)

Elixir, headed by Chief Executive Officer Jang Jung-kwon, develops a drug discovery and biomarker analysis platform based on quantum-classical hybrid algorithms, targeting the precision medicine market through the integration of bioinformatics and quantum machine learning. (statupai.com)

SQK develops medical imaging AI based on quantum-physics constraints, addressing the hallucination issues of conventional AI by ensuring physical consistency in CT and MRI reconstruction. Under the leadership of Chief Executive Officer Kim Yoon-hak, SQK is improving reliability and reducing the need for re-scans in clinical settings. (www.sqkcloud.com)

View original content to download multimedia:https://www.prnewswire.com/news-releases/kist-accelerates-us-expansion-of-quantum-deep-tech-startups-through-selectusa-2026-302763636.html

SOURCE The Korea Institute of Science and Technology (KIST)

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Former Visa Asia Pacific Executive David Tay Joins YeahPay as Global Vice President

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SINGAPORE, May 6, 2026 /PRNewswire/ — YeahPay, the international payment brand under YEAHKA (9923.HK), has appointed David Tay, a former senior executive at Visa Asia Pacific, as Global Vice President, tasking him with overseeing the strategic direction and product ecosystem development of YEAHKA’s overseas payment business. The appointment comes as global digital trade enters a new phase defined by ecosystem integration, with payment infrastructure undergoing a generational shift in acceleration.

David Tay, a Singaporean national, is a rising leader in the payments industry. During his career at Visa, David played a key role in driving business growth across multiple Southeast Asian markets, demonstrating early promise in commercial insight and innovation. He subsequently moved into Visa’s Innovation division, where he rose to serve as Head of Innovation, leading Visa Pacific’s product innovation and new business.

In that capacity, David led the commercialization of cutting-edge payment paradigms including Visa Flex Credential and Pay by Palm. He was also involved in the evaluation and governance of strategic partners across the region, accumulating deep expertise in collaborating with banks, fintechs, and large-scale enterprise merchants.

David’s track record spans the full go-to-market lifecycle, from concept to pilot to scale, as well as deep capabilities in cross-institutional partnerships and ecosystem development. His appointment comes at an inflection point for YEAHKA’s international expansion. According to YEAHKA’s 2025 annual report, its overseas business delivered full-year Gross Payment Volume (GPV) surpassing RMB 5 billion, representing a 323.3% year-on-year surge from RMB 1.1 billion in 2024.

View original content:https://www.prnewswire.com/apac/news-releases/former-visa-asia-pacific-executive-david-tay-joins-yeahpay-as-global-vice-president-302763652.html

SOURCE Yeahka

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