Islamic Fintechs to Grow to USD 128 Billion by 2025: Global Islamic Fintech Report 2021

According to the Global Islamic Fintech Report 2021, Islamic fintech transaction volumes for 2020 within the Organisation of Islamic Cooperation (OIC) countries amounted to an estimated USD 49 billion. Saudi Arabia, Iran, the UAE, Malaysia and Indonesia saw the largest volumes. Meanwhile, the GIFT Index of 64 countries ranked Malaysia, Saudi Arabia, the UAE, Indonesia and the UK as the 5 strongest ecosystems. The GIFT Index is a composite index covering 32 indicators across 5 categories: the Islamic fintech market and ecosystem, talent, regulation, infrastructure and capital. Also, Kuwait, Pakistan, Qatar, Bahrain, and Jordan have been noted as fast-maturing ecosystems.

Why it matters?

While these Islamic fintech volumes represent a mere 0.7% of globa...