April 19, 2024
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Fintech Propels Islamic Banking to $4 Trillion: Exclusive Report Explores the Future

Islamic banking is undergoing a historic transformation propelled by groundbreaking fintech advancements. In the last four years, assets in Islamic banking have surged from $1.8 trillion to $2.8 trillion, with a projected leap to an astounding $4 trillion by 2026, primarily driven by the GCC nations. The new exclusive report by red_mad_robot, titled “State of Fintech: The Islamic Banking Industry,” provides an in-depth exploration of this financial evolution.

Discover:

  • The current state of Islamic banking by countries and regions
  • How fintech firms are reshaping Islamic finance
  • New digital solutions and services revolutionizing the operations of Islamic banking
  • Promising regions, including the UK, Russia, Kazakhstan, and Australia, poised to set new standards in Islamic banking
  • The main challenges of Islamic fintech and the digitalization of Islamic banking

Islamic finance is an integral part of the Islamic economic system, encompassing economic relations adhering to Islamic law regarding fund distribution and utilization. Originally emerging in rural and agricultural economies, Islamic banking has evolved into a coherent system of financial services, products, and principles.

The report delves into the variation in banking systems across countries, where some are entirely based on Sharia principles, while others incorporate Islamic financial services within conventional banks. For a detailed analysis and more information on these differences, refer to the report.

Digital transformation and fintech in Islamic banking present many opportunities. Islamic financial institutions seek to differentiate their business while ensuring competitive prices to capture new market space and generate economic demand.

The global Islamic fintech market is estimated to reach around $79 billion in transactions in 2021, with an expected average annual growth of 18%, reaching $179 billion by 2026. The largest fintech markets are in Saudi Arabia, Iran, Turkey, UAE, Malaysia, and Indonesia, with Indonesia leading in the number of Islamic Fintechs. Crowdfunding, investment platforms, robo-advisors, payment services, digital banks, smart contracts, blockchain, cryptocurrencies, information security in the financial sector, and insurtech are promising directions for the digital transformation of Islamic banking.

Last Updated on 5 months by Middle East News 247

    Middle East News 247

    Middle East News 247

    Middle East News 247 delivers the latest business and lifestyle news and essential infotainment for, and from the Middle East region, with key focus on the GCC nations: United Arab Emirates (UAE), Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman.
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