Islamic fintech market to hit $128bln by 2025
Tuesday, 03 23 2021, Category: Technology, Country: World
The Islamic Fintech market size within the Organisation of Islamic Cooperation (OIC) countries was $49 billion in 2020 and is projected to grow at 21 percent CAGR to $128 billion by 2025, according to a new report.
While this is a higher growth projection compared to conventional fintech market, forecasted to grow at 15 percent CAGR for the same period, in terms of volume it represents only 0.7 percent of global fintech transaction volume, the Global Islamic Fintech Report 2021 produced by Islamic economy consultancy DinarStandard and investment firm Elipses noted.
The top five OIC markets by transaction volume for Islamic fintech are Saudi Arabia, UAE, Malaysia, Turkey and Kuwait, indicating a strong dominance by MENAT region countries. Collectively, the top five markets account for 75 percent of the OIC Islamic fintech market size, the report said.