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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