The Traditional Commercial Banking market in Western Asia is experiencing significant growth and development, driven by various factors shaping the region's banking landscape.
Customer preferences: Customers in Western Asia are increasingly seeking personalized banking services tailored to their individual needs and preferences. They are looking for convenient digital banking solutions that offer ease of access and seamless transactions. Additionally, there is a growing demand for sustainable banking practices and ethical investments among customers in the region.
Trends in the market: In countries like Saudi Arabia and the United Arab Emirates, there is a trend towards digital transformation in the banking sector, with traditional banks investing in technology to enhance their service offerings and improve customer experience. Islamic banking, which complies with Sharia principles, is also gaining prominence in the region, catering to the needs of Muslim customers seeking financial services that align with their faith.
Local special circumstances: One of the unique aspects of the Traditional Commercial Banking market in Western Asia is the prevalence of Islamic banking principles. Islamic banks operate based on the principles of Sharia law, which prohibit the payment or receipt of interest (riba) and promote risk-sharing and ethical investment practices. This has led to the growth of Islamic banking institutions in the region, offering a distinct banking experience compared to conventional banks.
Underlying macroeconomic factors: The economic diversification efforts undertaken by many countries in Western Asia, such as the Vision 2030 initiative in Saudi Arabia, are driving growth and innovation in the banking sector. As these countries seek to reduce their dependence on oil revenues and promote non-oil sectors, the banking industry plays a crucial role in supporting economic development through financing businesses and infrastructure projects. Additionally, favorable regulatory environments and government support for the banking sector are contributing to the overall growth and stability of the Traditional Commercial Banking market in Western Asia.
Data coverage:
Data encompasses B2B and B2C enterprises. Figures are based on Net Interest Income, Bank Account Penetration rate, the value of Deposits, the number of depositors, the value of Loans, the number of borrowers, Credit Card Interest Income, the number of ATMs as well as the number of Bank Branches.Modeling approach / Market size:
Market sizes are determined by a combined Top-Down and Bottom-Up approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use data provided by the IMF, World Bank and the annual reports of the top 1000 Banks by asset size. Next we use relevant key market indicators and data from country-specific associations such as GDP, deposit interest rates, lending interest rates or bank account penetration rates. This data helps us to estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, the S-curve function and exponential trend smoothing are well suited to forecast financial services for digital as well as traditional products and services.Additional Notes:
The market is updated twice per year in case market dynamics change.
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