NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Islamic Fintech is a rapidly growing sector that leverages technology to deliver financial services in accordance with Shariah principles. This innovative approach is reshaping the way Islamic finance is conducted, offering greater accessibility, efficiency, and inclusivity. Islamic Fintech solutions encompass a wide range of services, including digital payments, crowdfunding, peer-to-peer lending, wealth management, and insurance. By combining traditional Islamic financial principles with cutting-edge technology, Islamic Fintech aims to meet the evolving needs of Muslim consumers and businesses while upholding ethical and socially responsible practices.

The Islamic Fintech sector has experienced substantial growth in recent years, propelled by technological advancements and the rising demand for Shariah-compliant financial services. The global Islamic Fintech market was valued at $100 billion, representing around 0.9% of total Fintech transactions worldwide. Projections indicate that the market is set to expand to $180 billion by 2026, with a compound annual growth rate (CAGR) of 17.9%, surpassing the overall global Fintech industry growth rate.