OIC markets key players in global Islamic fintech space
Key Organisation of Islamic Cooperation (OIC) economies continue to dominate the global Islamic fintech space, with Southeast Asia and GCC regions emerging as strong regional centres for Islamic fintech activity, a recent report has revealed.
Saudi Arabia, Iran, Malaysia, the UAE, Indonesia, and Kuwait have emerged as top six Islamic fintech markets by transaction volume and assets under management, accounting for 85% of the global market size, according to the Global Islamic Fintech (GIFT) Report 2023/24 launched on Thursday.
Abdul Haseeb Basit, co-founder and principal at ethical digital finance advisory and investment firm Elipses and co-author of the GIFT 2023/24 report, said that diversification and consolidation being led by the mature players in the sector sets the precedent from where future growth may emerge.
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