Islamic Fintech Report 2018-Current Landscape & Path Forward
This report has identified 90 Islamic fintech starts-ups globally that are delivering customer-facing financial service solutions
The Global Financial Services industry has
seen unprecedented change bought about
by three core technological drivers, all
linked closely to the fourth industrial revolution –
automation, disintermediation, and decentralization.
Young, digitally native customers are the main
stakeholders driving change, and startups are
responding – there are now over 12,000 startups
globally, with fintech investments reaching $57.9
billion in the first half of 2018.
The large established financial institutions are
embracing the change, with 74% of financial
institutions investing in data analytics, 34% in
Artificial Intelligence (AI), and with 77% expecting to
adopt blockchain by 2020.
The Islamic Finance Industry holds much promise,
with assets expected to reach $3.9 trillion by 2023
according to Thomson Reuters, however, Islamic
Fintech is at the very beginning of an exciting,
transformative journey for the industry, one still
dominated by large domestic and OIC-based
financial institutions. A young, digitally native Muslim
demographic that is on average younger than the
worlds non-Muslim population is driving the growth
of Islamic Finance.
This report has identified 90 Islamic Fintech startups
globally that are delivering customer-facing financial
service solutions, 65 of which are providing peer-to