Third edition of the Global Islamic Fintech Report launched in London

12 Shaʻban, 1445 AH

Assalamualaikum,

The Islamic fintech market has shown promising growth, backed by a burgeoning Muslim population and demand for Shariah-compliant financial services.  

As the Islamic fintech industry continues to mature, it is poised for further growth and is forecast to record $306 billion in transaction volumes by 2027, up from $138 billion in 2022/2023, according to the Global Islamic Fintech (GIFT) Report 2023/24. 

The report - which was recently launched in London by Shariah-compliant fintech and our launch partner Wahed - identified 417 Islamic fintech firms operating globally.

Saudi Arabia, Iran, Malaysia, the UAE, Indonesia, and Kuwait have emerged as the top six Islamic fintech markets by transaction volume and assets under management, accounting for 85% of the global market size.

Meanwhile, the GIFT Index 2023/24 lists Malaysia, Saudi Arabia, Indonesia, the UAE, and the UK as the top five Islamic fintech conducive ecosystems in the world.

Launch event:

We are excited to announce the London launch of the State of the Global Islamic Economy 2023/24 Report, scheduled for Saturday, February 24th, 2024, alongside the London Muslim Shopping Festival 2024 and the Muslim Travel Show, at ExCel London.

The launch will feature a presentation on the report’s findings, followed by an engaging panel discussion with industry experts from across the halal economy’s diverse sectors.