Significant Growth Anticipated in Islamic Fintech Solutions

Islamic financial technology (fintech) solutions, which remain underfunded and open to innovation, are said to have the potential to set dramatic disruption and transformation in the USD 2.7 trillion-valued Islamic finance industry.

Why it Matters?

The Islamic fintech transaction volume within the Organisation of Islamic Cooperation's (OIC) 57 member countries stood at USD 49 billion in 2020, accounting for only 0.7% of the global fintech transaction volume, as per DinarStandard (DS) and Elipses' Global Islamic Fintech Report 2021. However, Islamic fintech was expected to witness a compound annual growth rate (CAGR) of 21% by 2025 to reach USD 128 billion, outpacing the conventional fintech market's 15% CAGR over the same period. The lack of a unified...