Islamic FinTech expected to swiftly grow in future
New study shows that Islamic FinTech is rapidly growing and is ready for still quicker growth in future.
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A global report on Islamic FinTech in 2022 shows that its global value is $79 billion in 2021 making 0.8 per cent of the world FinTech market.
According to a report by Dinar Standard and Elipses, Islamic FinTech market is expected to grow up to $179 billion in 2026. The scale of a market stands for the appeal and potential success of a business.
Hamta loans platform has announced to Hamta Qardus on rapid growth of Islamic FinTech and a clear opportunity to open its space within the global financial world.
Ali Ismail, representative of Qardus said,” Regarding the socio-economic changes, geopolitical changes resulted by COVID-19 pandemic and the ongoing war in Ukraine, Islamic FinTech has an opportunity not only to change into a reforming energy and a changing factor in global financial affairs but also an influential incentive in 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.”
Global report of Islamic FinTech in 2022 also showed that 75 per cent of Muslim youths demand their banks to carry out investments “beneficial for world”, 62 per cent oppose loans to tobacco companies and 69 per cent oppose loans to gambling institutes. Also 74 per cent of the Muslim youths insisted having mobiles apps to access banking services.
Islamic FinTech includes any economic technology developed based on Sharia which bans profits from loans and investment in businesses related to alcohol, tobacco and gambling.
