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 1015 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 1015 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.

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