null Islamic FinTech is on the rise in Saudi Arabia, UAE and globally
Islamic FinTech is on the rise in Saudi Arabia, UAE and globally
23 Mar 2021 | Tuesday Source: Arabian Business
Islamic fintech is a fast-growing segment of financial technology among Organisation of Islamic Cooperation (OIC) countries, with the UAE and Saudi Arabia leading in transaction volume and ecosystem creation.
The Global Islamic Fintech Report (GIFR) 2021 estimated that last year’s volume of Islamic FinTech transactions within OIC countries was at $49 billion. While that constitutes only 0.7 percent of global FinTech transactions, Islamic FinTechs are projected to grow to $128 billion by 2025 at a 21 percent compound annual growth rate.
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