According to the Global Islamic Fintech Report 2021, the volume of total Islamic fintech transactions originating from the OIC amounted to US$49 billion in 2020. This is envisaged to rise to US$128 billion by 2025, with a compounded annual growth rate (CAGR) of 21%. The figure outpaces conventional fintech’s projected CAGR of 15% for the same period. Taking into account Islamic fintech’s current share of only 0.7% of global fintech transactions, regulators and global players will have to make concerted efforts to achieve this target.

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