A report on Islamic FinTech in 2022 shows that its global value was $79 billion in 2021, making 0.8 percent of the world FinTech market.
According to a report by Dinar Standard and Elipses, the Islamic FinTech market is expected to grow up to $179 billion in 2026. The market scale stands for the appeal and potential success of a business.
Hamta loans platform has announced the rapid growth of Islamic FinTech and a clear opportunity to open its space within the global financial world.
Ali Ismaili, a representative of Hamta Qardus, regarding the socio-economic and geopolitical changes resulted by the COVID-19 pandemic, and the ongoing war in Ukraine, said, “Islamic FinTech has an opportunity not only to change into a reforming energy in global financial affairs but also a significant incentive in the global economy.
He added, “If FinTech maintains the same speed of growth, then it will appear as an option in line with Sharia for a wide range of new startups and FinTech giants.”
The global report of Islamic FinTech in 2022 also showed that 75 percent of Muslim youths demand their banks to carry out investments beneficial for the world, 62 percent oppose loans to tobacco companies, and 69 percent oppose loans to gambling institutes. Also, 74 percent of the Muslim youths insisted on having mobile apps to access banking services.
Islamic FinTech includes any financial technology developed based on Sharia which bans profits from loans and investment in businesses related to alcohol, tobacco, and gambling.
Source: Taghribnews Agency
