Reports say that Islamic Fintech is among themost intersting fields to startup owners. Islamic Fintech is expected to keep pace with Fintechs like Insha, Zoya Finance reaching 128billion dollars making speedy growth by 2025.
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Islamic startups have endeavored in recent years to help Muslims with different services. These services are in different fields from food and fashion to entertainment and tourism.
The Center for Glonal Muslim Life which is a California-based non-profit organization focused on production and teaching digital media for Muslims and their social and spiritual impact in the biggest and most diverse religious society in the world has focused in its latest report on the issues related with Islamic startups across the globe.
Based on this report 70 companies out of nearly 700 Islamic startups and companies have earned more than 400 to 500 million dollars in humanitarian and risky investments. In a 2022 list by this organization 19 companies have earned nearly 212 million dollars.
Despite expectations, a number of these companies were launched by women entrepreneurs and 42 companies out of 100 outstanding companies listed in 2022 were founded by women. A number of these startups, althought not popular, have perfectly advanced for instance LaunchGood with over 100 forces across the globe and a sum of 275 million dollars in 151 countries.
Another part of the study says 175 of the 220 companies are still active. They are from 20 countris and their headquarters are active in 65 cities across the world.
Surprisingly enough 89 of the companies are located in the United States making 40.8 percent of the introduced companies mainly in New York, South California, San Francisco Bay and Texas.
32 companies are from Britain and 27 are based in London. London has the most number ofIslamic startups in it. 29 companies are located across Southeast Asia in Malaysia, Indonesia and Singapore.
Not everything is positive on this report. For instance a renowned entrepreneur named Aziz Com Mirza accused of fraud was arrested and jailed in Dubai and another shame with Muslim Pro had reportedly sold the information on their users to the US army bringing sharp decline in use of the app.
Islamic startups are active in different fields includeing the media startups, blockchain and metverse startups, Islamic financing and fintech startups, child education, fashion and Halal cusmetics,Halal foods and drinks.
Following are some of the renowned and potential stratups for 2022.
Marhaba DeFi
The headquarter for this startup active in the field ofIslamic financeis located in Sydney Australia. It was launched by Naqib Mohammad and renowned sponsors like Australian Gulf Capital were behind it. Marhaba is creating a moral ecosystem for DeFi (Decentralized Finance) and its main objective is providing simpler financial services like Islamic criptocurrency to people without the medium of banks and financial institutes.
Manzil
Active in the field of Islamic FinTech, Manzil’s headquarter is located in Toronto, Canada and its has earned 2.6 million dollars. It is the first Islamic digital bank in Canada and endeavors to find Islamic financing solutions for the Canadians who intend to use financial services particularly to but house.
Insha
With its headquarter in Berlin, Germany, Insha has introduced itself as the first mobile profitless banking service in Europe. Insha is in fact an Islamic bank and according to the founders it recieves the least amount of commission for all extra services it provides.
Islamic Shop India
Based in Chennai India, the Islamic Shop India is active in ecommerce. This startup, as the name reveals, provides Halal services and products for the Muslim community across India.
Rabata
Rabata’s headquarter is in Minneapolis Minnesota and it is active in the field of Islamic education, women eduacation. Rabat provides the grounds for increasing number ofMuslim women who turn into scientists, leaders and positive cultural changemakers. Through online classes and mentoring the startup endeavors to promote social skills among women in regards to Islamic Sharia.
