Islamic FinTech has a bright future

  • Islamic Finance is faith based and complies with Sharia law which prohibits usery fees such as interest, and has prohibitions such as alcohol.
  • There are other key trends emerging in Islamic FinTech that are worth noting. We will soon see Islamic Digital Challenger banks and Sukuk (bond) ETFs enter the market.
  • Sharia compliant investment Funds are currently being designed to use to invest in micro, small and medium size enterprises and digital infrastructure.
  • Blockchain will enable the opportunity to revolutionize Islamic banking by adapting standard Islamic finance contracts to smart contracts and cutting cost of services by up to 95% with an immutable record of ownership and assets.
  • Islamic Fintech promotes ethical responsible finance, and presents an opportunity to lead and influence all forms of finance globally.
  • Last year, less than 3% of global venture capital went into Islamic geographies. MENA and Sub Sahara Africa (SSA) will be 50% of the world’s population by 2100, and there are 1.8 Billion potential customers of Islamic FinTech in the world today.
  • Islamic Fintech offers the opportunity to transform the lives of millions of people globally, and to help transform the Islamic FinTech hubs into 4th Industrial Revolution digital leaders.

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