The main factors of the industry's expansion are :
first, , the strong demand from a large number
of non- immigrant and immigrant Muslims for
Shariah-compliant financial services and transactions; first, the
growing oil wealth, with a trend for suitable investments soaring
in the Gulf region; and third, the competitiveness of many of the
products, attempting to attract Muslim and non-Muslim
investors.
The next 10–15 years will provide tremendous
potential to expansion as well as the
diversification of Islamic financing The following are the primary
reasons behind its prospects: first, Institutions of Islamic
finance largely avoided during global of financial
crisis. Second, Islamic finance has great potential to
expand into new development sectors such as trade and
infrastructure financing in Asia and developing economies; and
third, Islamic finance may aim to address rising demand for simpler
and more transparent products as well as 'back-to-basics'
finance.The shifting face of the sector has three major management
ramifications. To begin, knowing how IFPs vary from CFPs is likely
to result in the refinement of these products' marketing methods. A
specific emphasis on raising awareness among Muslim customers about
the religious and commercial feasibility of IFPs is expected to aid
in future market penetration. For example, the Islamic insurance
goods industry is still in its infancy due to concerns that it may
conflict with Muslim religious beliefs. To attract more clients,
IFPs must be sold in a Shariah-compliant manner. Second, Asia
offers untapped potential for expanding the market for IFPs. The
Gulf and North African areas account for around 72 percent of the
market while having only 28 percent of the worldwide Muslim
population, whereas Asia has 41 percent of the Muslim population
but only 22 percent of the global market for IFPs. Third, items
that are already in great demand (for example, banking services)
and places that have a substantial market share.
Iran accounts for 35.7 percent of overall Islamic financing
assets in the MENA area. Saudi Arabia accounts for 13.9 percent of
total Islamic financial assets in the GCC area, followed by the
United Arab Emirates (UAE) at 8.7 percent, Kuwait at 7.3 percent,
Bahrain at 5.3 percent, and Qatar at 4.8 percent. Malaysia too has
a 12.3 percent market share in Asia. Islamic financial institutions
operating in these nations are anticipated to support the
industry's future growth as well as its extension and development
into other markets. Other Middle Eastern nations, such as Turkey,
Sudan, Egypt, Jordan, and Syria, are seeing tremendous growth in
the Islamic financial business. Nigeria is stepping up attempts to
profit from the SSA region's Islamic financial business. In Asia,
Indonesia, and Bangladesh, which have the biggest indigenous Muslim
populations, each account for around 1% of the worldwide Islamic
financial business.
Takaful is quite popular in Iran, Malaysia, Saudi Arabia,
and the UAE. Islamic investment business assets make up a
considerable portion of the market in Kuwait. Iranian Islamic
finance assets totaled $388 billion in 2011.
Implications of Business Marketing Practice
The next 10–15 years will provide tremendous potential to the
expansion as well as the diversification of Islamic financing . The
main reasons for its prospects are as follows: first, Islamic
financial institutions largely avoided significant damage during
the global financial crisis; second, Islamic finance has
significant potential to diversify into new growth areas such as
trade and infrastructure financing in Asia and emerging markets;
and third, Islamic finance can also seek to meet increased demand
for simpler and more transparent products and back to
basics finance. The shifting face of the sector has three major
management ramifications. To begin, knowing how IFPs vary from CFPs
is likely to result in the refinement of these products' marketing
methods. A specific emphasis on raising awareness among Muslim
customers about the religious and commercial feasibility of IFPs is
expected to aid in future market penetration. For example, the
Islamic insurance goods industry is still in its infancy due to
concerns that it may conflict with Muslim religious beliefs. To
attract more clients, IFPs must be sold in a Shariah-compliant
manner. Second, Asia offers untapped potential for expanding the
market for IFPs. The Gulf and North African area account for around
72 percent of the market while having only 28 percent of the
worldwide Muslim population, whereas Asia has 41 percent of the
Muslim population but only 22 percent of the global market for
IFPs. Third, items that are already in great demand (for example,
financial services) and places that have a substantial market
share.
please paraphrase the above
