Islamic finance has segued from a once-nuanced offering into the mainstream, helping unlock access and encourage inclusion for more than two billion Muslims the world over. 

Islamic fintech, in particular, holds tremendous potential and ability to draw a vast majority of Muslims into the financial ecosystem, all while spurring innovative business models and unlocking new revenue streams. 

Leveraging innovations such as open banking not only helps create new retail offerings such as mobile apps for Zakat calculations, Waqf management and inheritance planning, but also help broaden the product gamut for corporate transactions and business banking. 

“Islamic financial solutions today require three capabilities: accuracy in Shariah classification, real-time validation of customer profiles, and seamless integration with banks and Shariah auditors," Faysal Ghauri, founder and CEO of Halal Payments Network, tells Salaam Gateway. 

"Open banking enables this by automatically mapping all customer bank assets; screening financial activities; creating digital Islamic marketplaces that connect banks, Takaful operators, Islamic wealth advisory firms and regulatory bodies; and powering Islamic financing models using transparent API integration with core banking and treasury systems.” 

Open banking enables authorized third-party providers to access customer data in a secure and standardized format, through application programming interfaces (APIs). 

Islamic fintechs could use open banking and APIs to integrate with Islamic lenders, melding the robustness and legitimacy of banks with the agility and ingenuity of emerging tech.  

“Open banking is not only about digital access to financial data. Its real value lies in how Islamic fintech can use this access to embed Shariah principles in digital services. With secure APIs, Islamic fintechs can deliver financial products in a structured, compliant, and digitally measurable way,” adds Ghauri.

Broadering the product portfolio   
The merits of open banking are visible in its ability to integrate Islamic profit-loss-sharing (PLS) products such as Musharakah and Mudarabah with innovative software that could ease accounting and cash flow management for lenders.

Mudarabah is a profit-and-loss arrangement whereby the investor provides the capital, and the entrepreneur runs the business, with profits shared according to pre-agreed ratios and losses borne solely by the financier. In Musharakah, all parties contribute capital and share profits and losses. 

Banks gravitate towards Ijarah (rent-based contracts) and Murabahah (purchase-based contracts) primarily due to the high degree of monitoring required for contracts such as Musharakah and Mudarabah. Lenders, in general, find it tedious to maintain consistent oversight to gauge performance markers of a business.   

Islamic fintech can help bridge the gap by connecting business financing with cash flow management software, enabling real-time monitoring of a business’s performance, expenses and cash flows – the degree of oversight necessary for the implementation of profit and loss contracts. 

“Historically, when Islamic banks wanted to do more Musharakah and Mudarabah, the combination of information asymmetry, monitoring cost and accounting complexity has made them look 'messy' on the balance sheet compared with Murabahah and Ijarah. Some complained that profit–loss sharing financing can drag on headline profitability metrics, which naturally pushes management back towards debt-like contracts,” Najmul Haque Kawsar, senior consultant at DinarStandard, tells Salaam Gateway. 

“Open banking and API-first architectures change that equation: they turn what used to be opaque, manually monitored PLS exposures into data-rich, continuously observed relationships that can be priced, monitored and reported almost like traded assets.”

Growing trend
The trend is visible - Fintech platform Tarabut partnered with Saudi Arabia’s payment solutions provider Geidea to explore flexible financing solutions to shed barriers such as protracted approval processes or complex credit checks. Bahrain Islamic Bank also inked an agreement with Tarabut to develop a financing solution that helps SMEs and corporates access funding based on their daily point-of-sale transactions.

“Conceptually, that is exactly the type of data backbone a Musharakah working-capital facility would need: the bank’s profit share can be linked to actual turnover and margin patterns, and covenants can be automated around drops in sales, chargebacks or average ticket size,” adds Kawsar.

“Instead of sending auditors into the business once a year, the bank and fintech can watch the health of the venture in real time, making it far more practical to structure the exposure as genuine risk sharing rather than synthetic debt.” 

Modern banking platforms like Mambu and Tuum are offering modules for Islamic funding - such as Mudarabah and financing - such as Murabaha and Tawarruq (sale and resale transaction), deploying APIs and tools to launch Shariah-compliant accounts, loans and investment products.

Tuum’s cloud-native suite also automates Islamic profit-sharing and Tawarruq contracts to enable real-time compliance with AAOIFI standards. 

“For an Islamic bank, that means you no longer need a bespoke back-office for every PLS product; Musharakah or Mudarabah structures can sit on standardised modules, with APIs exposing profit rates, accrued shares and pool performance into mobile apps, treasury systems and even third-party wealth platforms,” adds Kawsar. 
 

Children’s animation centered around Islamic values has passed the tipping point in terms of growth and demand, undergoing a dramatic shift in recent years. The once-esoteric, media outlier has expanded from a niche space into one of the fastest growing segments of the global industry. 

The visibility is long overdue, given its under-representation for decades – according to a 2021 study, less than 2% among 8,500 characters from 200 major films spanning the US, UK, Australia, and New Zealand, were Muslim. 

A surge in demand has paved the way for new platforms, studios, and creators, boosted by growing interest from Muslim households and streamers, investments from deep Gulf pockets, and new production hubs in Southeast Asia. 
 
Investment reshapes the narrative

Investment from Gulf-based cultural institutions - particularly Saudi Arabia and the UAE - has emerged as a prominent driver. Grants, accelerator programs, and co-production schemes have been rolled out, that have rapidly elevated production quality across the region.

In the UAE, this momentum builds on an existing tradition of animation centered on local values, heritage, and moral storytelling. This foundation has helped the country expand its creative infrastructure to produce content that resonates with Muslim and Arab audiences. 

A flagship example is Mansour, the Emirati series that first aired more than a decade ago. In 2024, it returned with a major reboot - The Adventures of Mansour: Age of AI - featuring 52 new episodes. 

Blending themes such as artificial intelligence, climate change, and space exploration with lessons on family and friendship, the series embodies the region’s drive toward culturally rooted yet globally competitive animation. It debuted on MBC’s streaming platform Shahid, reaching audiences across MENA.

At the same time, Gulf studios are delivering broadcast-level 2D and 3D animation and developing original content inspired by Islamic history, ethics, and culture.

Saudi Arabia’s creative sector is at the forefront of this shift. A standout example is Azooma Escape, a homegrown PC game by Ash Games Studio that emerged from the NEOM-backed Level Up Accelerator. The action-adventure title – which centers on a young guest trying to slip out of an overly generous Saudi gathering - shot to the top of online game platform, Steam’s upcoming chart, on launch day. 

Abbas Saleem, a transmedia specialist and executive producer for Azooma Escape says the pace of change across the region’s animation landscape has been swift and unmistakable. Which is why, Azooma Escape is a major intellectual property with potential to grow far beyond gaming. 

“This is a transmedia experience. Although the concepts are Islamic in nature, everyone gets them, and the humor is universal,” he tells Salaam Gateway.

“There’s been a lot of movement in Saudi Arabia in terms of animation… the GCC, especially Saudi, is now a primary hub for Islamic animation and gaming.”

A recent partnership between Riyadh’s Public Investment Fund-backed Savvy Games Group and London animation studio Feed Me Light underscores this ambition. Led by acclaimed motion designer Denis Bodart, the studio will open a new Riyadh-based creative hub - uniting international specialists with a growing Saudi talent pool.

“Saudi Arabian enterprises are bringing in a lot of creative studios … At the same time, they're investing a lot in the country and setting up production facilities. NEOM is one of them,” adds Saleem.

“People think NEOM is a line in the desert. It's actually a large-scale cultural transformation project of the country. Saudi Arabia - and the GCC more broadly - aren’t trying to replicate the West; they’re building a production economy with runway and infrastructure to sustain it. That’s the true game changer.”

Muslim stories enter mainstream galleries

Saudi Arabia’s cultural momentum has also attracted international creators. This year’s debut of the Canadian-produced animated film Time Hoppers: The Silk Road in Riyadh and Jeddah signals a new global appetite for Muslim-centered storytelling.

Developed by Alberta-based production house Milo Productions with US distributor Fathom Entertainment, the film celebrates the Golden Age of Islam and highlights historical figures such as Al-Khwarizmi, Ibn al-Haytham, Maryam al-Astrolabi, and Mansa Musa.

“We really wanted to showcase the contributions of Muslims and Arab scholars throughout time, and that’s something we want to continue doing,” says Flordeliza Dayrit, co-founder and chief creative officer at Milo Productions.

The film is part of a broader multimedia franchise - including a game, a TV series, and a planned sequel. 

“We would definitely like to see investors and people in the field join us on this journey,” adds Dayrit.

Time Hoppers is slated for release in 200 theaters across MENA, and in more than 500 theaters in the US, UK, and Canada next February - making it the first Muslim animated film to receive a nationwide US release.

“There are over two billion Muslims around the world, yet it's an untapped market. If we want to capitalize on that and make an impact, it does require investment,” Michael Milo, CEO of Milo Productions tells Salaam Gateway. 

Milo Productions is positioning its streaming service, Muslim Kids TV, to be a key access point.

“We have direct access to the end consumer… and the ability to market content through other channels, be it Netflix or Apple TV,” Milo says.

Competing with global giants

Despite rapid growth, Islamic animation still faces structural hurdles.

Major children’s media is dominated by global franchises - Disney, Barbie, and others - with vast budgets and established merchandising pipelines.

Another challenge, says Milo, is the industry-wide tendency to create “generic” content for broad appeal. 

“If we look at the successes of the Korean or Turkish animation industry, they're unapologetic about their culture; they represent who they are. Kids don't mind seeing things that are different and learning from them, and they like to see themselves reflected in the media that they're watching.”

Despite the odds, demand for Islamic values-aligned children’s content is rising, but the larger trend points to something deeper: a global appetite for Muslim stories narrated with creativity, cultural confidence, and commercial ambition.

Backed by interest, investment and inclination, the next generation of Islamic values-inspired animation is poised to be more sophisticated, exportable, and influential. 
 

Tourism has been hit by turbulence in the form of geopolitical tensions, rising costs, and policy-related concerns, but countries that have weathered these storms have emerged as winners on the other side. Despite the headwinds mentioned earlier, there has been an overall 5% increase in international tourism for 2025. One country that has played a significant role in increasing these numbers is Türkiye, which, according to data provided by the Turkish Statistical Institute, has recorded tourism revenue increases of up to $61.1 billion in 2024, along with welcoming 62.3 million visitors, both all-time highs. 

Behind the impressive numbers lies a deliberate strategy that blends sustainability mandates, digital marketing, airline-driven connectivity, and new visa pathways to attract a wider range of travelers. Combined with its strong appeal to Muslim visitors, Türkiye is positioning itself as one of the world’s most adaptive and forward-looking tourism destinations.

Imbibing sustainability as a standard
Türkiye is now the first country to make sustainability mandatory across its tourism industry. The National Sustainable Tourism Program, launched by the Türkiye Tourism Promotion and Development Agency (TGA) in partnership with the Global Sustainable Tourism Council (GSTC), requires all hotels and tourism businesses to meet global standards through third-party auditing. In 2025, more than 2,000 hotels had earned GSTC-recognized certification, turning sustainability from a voluntary marketing label into a condition for doing business. This move has given international buyers and tour operators a rare sense of predictability and credibility at a national level. 

Converting stopovers into stays
At the heart of Türkiye’s tourism strategy is Turkish Airlines (THY), the country’s flag carrier and one of its most powerful marketing tools. As Istanbul Airport continues to rank as Europe’s busiest hub by daily traffic, handling 39.1 million passengers in the first half of 2025, THY has expanded its “Stopover in Istanbul” program — offering up to two free hotel nights for economy passengers and three for business travelers with long layovers. The offer now covers key markets, including the U.S., Canada, Japan, and Singapore, converting transit passengers into first-time visitors. 

In parallel, THY’s Hotel Service provides accommodation for eligible travelers with extended layovers, easing transit fatigue and introducing Istanbul to millions of potential return visitors. These airline-led experiences have proven to increase repeat travel and length of stay, helping turn a connecting flight into an immersive first impression.

Leveraging digital storytelling at global scale
In the digital sphere, Türkiye has become a powerhouse. GoTürkiye, the nation’s official tourism platform, now ranks among the most-followed destination brands globally, with fast-growing audiences across TikTok, YouTube, and Instagram. In 2025 alone, its campaigns generated hundreds of millions of video views, translating traditional tourism marketing into continuous mobile engagement. This “always-on” strategy ensures Türkiye remains top of mind in traveler discovery feeds, where decisions are increasingly shaped by short-form video and influencer-driven storytelling rather than brochures or billboards.

Laying out the red carpet for digital nomads 
In 2024, Türkiye launched a Digital Nomad Visa, offering long-stay options for remote workers from select countries. The initiative targets off-peak season travelers who spend more per stay and contribute to local economies over longer periods. Simultaneously, the cruise sector has rebounded to levels not seen in over a decade. By August 2025, Türkiye’s 18 cruise ports had welcomed around 1.5 million passengers, the highest figure in 12 years. Ports like Galataport Istanbul and major Aegean stops have become anchors for a broader shore-excursion economy. Together, these initiatives extend tourism beyond summer peaks, attracting digital professionals and cruise travelers who spread economic benefits to coastal towns and heritage cities.

The tariff effect 
Beyond its own reforms, Türkiye has also benefited from shifts in global travel demand. The U.S. tourism market softened in 2025 amid tariff disputes and political uncertainty, resulting in forecast downgrades and declining bookings from key origin countries. Analysts report double-digit declines in bookings from Canada, Japan, and Germany, a gap that value-driven destinations like Türkiye are filling.  Türkiye has cleverly positioned itself, promoting its advantages: strong value for money, simplified e-visa systems, and an expanding global network through Turkish Airlines. Its connectivity and affordability make it a natural alternative for travelers redirecting trips once bound for the U.S.

The Muslim traveler base
Türkiye already ranks among the top global destinations for Muslim travelers. The 2025 Mastercard–CrescentRating Global Muslim Travel Index (GMTI) ranks it near the top, citing its extensive halal dining options, prayer facilities, family-friendly hospitality, and rich Islamic heritage, from Istanbul to Konya. Yet Türkiye’s growth is not confined to one segment. Its infrastructure, from halal food standards to multi-generational lodging, also resonates with non-Muslim travelers seeking quality, safety, and value. Its sustainability credentials attract eco-conscious Europeans, while the digital-nomad visa appeals to location-independent professionals. The country’s cruise resurgence, coupled with a thriving art and culinary scene amplified by GoTürkiye’s social storytelling, positions it as a multifaceted destination for families, culture seekers, adventure travelers, and remote workers alike.

Remittances are among the most important financial lifelines for developing economies. Not only are they vital for household incomes, but also for macro-economic stability, serving as a major source of foreign exchange and often outweighing foreign direct investment or development aid. According to the World Bank’s Migration & Development Brief (June 2024), remittance flows to low- and middle-income countries reached $647 billion in 2023 and as per the most recent estimates, increased to $685 billion in 2024.

The difficulty of measuring remittances

Measuring remittances remains a major challenge because much of the money moves through informal or hard-to-track channels. Official data typically record only a fraction of total transfers, as reliable and timely reporting systems are still limited. In most countries, the responsibility for collecting and publishing official remittance data is defined by national law and typically lies with the central bank. These figures are compiled as part of the Balance of Payments (BoP), with the central bank’s statistics division setting reporting rules for individuals, businesses, and financial institutions. To ensure accuracy and consistency, central banks collaborate closely with other government bodies involved in economic data, including national statistics offices, ministries of finance, and other relevant agencies and stakeholders.

However, central banks struggle to keep pace with rapid changes in financial markets — from new money transfer operators to digital platforms like mobile wallets, which complicate the process of updating reporting frameworks and harmonizing them with anti–money laundering and transaction reporting rules.

Adding to this complexity is the diversity of transfer methods: funds can move through formal systems, such as banks and licensed money transfer operators, or informal networks, including hawala, personal cash deliveries, and in-kind exchanges. This patchwork makes it difficult to accurately capture the true scale of remittance flows, especially in the least developed countries, where limited resources hinder the development of advanced monitoring systems.

Methodology behind using 2023 data 
In compiling the list, we kept our ranking firmly anchored in the 2023 calendar-year figures for a few important reasons. First, the World Bank provides a consistent and comparable dataset for that year, allowing apples-to-apples comparison across OIC nations. Second, while many countries now publish year-to-date or fiscal-year-to-date data for 2024, full-year 2024 figures are still being finalised, meaning there is potential for revision or inconsistency. Third, in some regions—such as the Middle East and North Africa—the World Bank itself has flagged that 2023 flows were under-recorded due to parallel foreign exchange markets and informal channels, meaning 2023 remains the latest robust benchmark. 

When presenting the ranking, keep in mind that the figures provided are estimates and represent a trend. According to the World Bank brief, remittances to South Asia are expected to grow by 11.8% in 2024, driven by countries such as Pakistan and Bangladesh. 

The following ranking identifies the Top 10 OIC remittance-recipient countries by volume, based on the most reliable data for the calendar year 2023, and it also shows the emerging trend for 2024.

1. Pakistan — $27.0 billion 
Pakistan remains the largest remittance recipient among OIC nations in terms of volume, as highlighted in the World Bank’s Migration & Development Brief 40. Flows mainly originate from Pakistani workers in the Gulf region, the UK, and North America. The remittances were further expected to increase to $28 billion in 2024. 

2. Egypt — $24.0 billion 
Egypt remains the top recipient in the Arab region, according to the World Bank’s December 2023 brief. However, the Bank warned that official 2023 inflows may be underreported due to informal foreign exchange channels. The 2024 estimate/partial data places expected remittances for 2024 at approximately $22.7 billion, according to World Bank data published in June 2025.

3. Bangladesh — $23.0 billion 
While Bangladesh’s final 2023 figure is still subject to revision, the World Bank projected around $23 billion in remittances for that year. The flows are driven largely by Bangladeshi workers in the Gulf and Southeast Asia. 

4. Nigeria — $19.5 billion
Nigeria tops remittance inflows in Sub-Saharan Africa, according to the country press, citing the World Bank. The Nigerian diaspora in Europe and North America provides a substantial share of foreign receipts.  The 2024 estimate/partial data places expected remittances for 2024, show a modest growth forecast for expected remittances in 2024, aligning with global trends. However, no full-year national figure has been published yet.

5. Uzbekistan — $16.1 billion 
Remittances to Uzbekistan remain high, largely from workers in Russia and Central Asia. The 2023 estimate was about $16.1 billion. The 2024 estimate/partial data suggest that expected remittances for 2024 are expected to stabilize or mildly recover; however, full-year data have not yet been published.

6. Indonesia — $14.47 billion
Indonesia’s remittance inflows reflect millions of migrant workers across Malaysia, Saudi Arabia, and Taiwan. The World Bank’s WDI dataset shows approximately $14.5 billion for 2023; some sources project more than $16 billion for 2024.

7. Morocco — $11.8 billion
Morocco remains the second-largest remittance recipient in North Africa after Egypt, with major flows from Moroccans working in France, Spain, and Belgium. There is no 2024 estimate/partial data as a complete full-year figure has not been made public yet.

8. Lebanon — $6.7 billion
Despite its economic crisis, Lebanon’s remittances remain substantial, representing more than 30% of its GDP.  For 2024, anecdotal data suggest strong flows via the Lebanese diaspora, but no consistent national full-year figure has yet been published.

9. Jordan — $4.48 billion
Jordan receives significant remittances from its citizens abroad, particularly in the Gulf and the United States. However, no full-year 2024 figure has been published yet.

10. Tunisia — $2.87 billion
Rounding out the top ten is Tunisia, with remittances largely from Tunisians in France, Italy, and Germany. These flows often exceed tourism receipts in years of economic instability.

Precision medicine is fast emerging as a transformative force across the Organisation of Islamic Cooperation (OIC) countries. 

By harnessing breakthroughs in genomics, biotechnology, and artificial intelligence, these nations are laying the groundwork for a future of personalized prevention and treatment.

Several Muslim-majority nations are developing large-scale, population-specific genetic databases to tackle regional health challenges — particularly inherited and chronic diseases.

While disparities in infrastructure and research capacity persist, growing investments in biomedical innovation, digital health, and scientific training are positioning OIC countries to enhance health outcomes, lower costs, and strengthen self-reliance in medical science.

“The rise of individualized medicines is going to be a massive boom for the pharmaceutical industry - imagine a future where treatments are tailored to the unique genetic and biological makeup of each of the planet’s eight billion people,” Richard Staynings, chief security strategist at US-based Cylera, tells Salaam Gateway.

To make large-scale personalization feasible and affordable, he adds, the sector will need to embrace “advanced automation, artificial intelligence, and data-driven manufacturing at unprecedented levels.”

Malaysia’s leap into genomic medicine

Malaysia is emerging as a regional leader in integrating precision medicine into its healthcare system through collaboration between academia, government, and the private sector.

In 2024, the Ministry of Science, Technology and Innovation and the Ministry of Health launched the MyGenom Project, to conduct large-scale genome sequencing and build a national genomic reference database that reflects the country’s ethnic diversity. 

“This genomic infrastructure will strengthen Malaysia’s capacity for precision medicine, enabling more accurate disease prediction, personalized treatment, and improved pharmacogenomics,” Fadzhairi Jabar, CEO of Malaysian biotechnology company Arcadia Life Sciences tells Salaam Gateway.

Institutions like the Universiti Kebangsaan Malaysia Medical Molecular Biology Institute are spearheading clinical research on how genetics interact with environmental factors to influence disease, paving the way for tailored healthcare solutions.

Private-sector partnerships are also taking shape. Prudential Malaysia, for example, is working with healthcare providers to include precision medicine in cancer treatment plans, improving accessibility and affordability.

“Growing collaboration among government, academia, and industry, and supported by initiatives like the MyGenom Project and Clinical Research Malaysia, is driving progress in genomics, pharmacogenomics, and clinical trials across the OIC country,” says Jabar.

Malaysia’s multicultural makeup - comprising Malay, Chinese, Indian, and indigenous populations - presents both opportunity and challenge.

“This diversity enables the development of a rich, representative national genomic reference that can address gaps in global datasets and improve understanding of population-specific health risks,” says Jabar.

“It also supports efforts to reduce adverse drug reactions and enhance outcomes in chronic diseases such as cardiovascular, diabetes, and cancer. However, ensuring equitable representation of all ethnic groups remains a key challenge.”

AI and big data are central to these efforts. Programs like MyGenom integrate genomic, clinical, and population data for predictive analytics.

“Arcadia Life Sciences contributes by developing multi-omics biomarker platforms that combine genomic, proteomic, and metabolomic data with AI-driven analytics,” Jabar adds. 

“This enables discovery of disease-specific biomarkers and supports pharmacogenomics and personalized treatment.”

The company is now working with universities, hospitals, and research institutes locally and abroad to validate biomarkers and embed AI into clinical workflows - a move expected to boost Malaysia’s bioinformatics and translational research capacity.

GCC: A genomic frontier

Across the Gulf, precision medicine is rapidly evolving.

The UAE has emerged as a frontrunner, combining national programs with global partnerships involving AbbVie, AstraZeneca, and Harvard Medical School to develop diagnostics and advance personalized therapies. Its Emirati Genome Program, launched in 2019, has already sequenced more than 800,000 genomes, making it one of the world’s most comprehensive genetic datasets.

The personalised precision medicine programme for oncology has supported over 250 Emirati cancer patients through genomic screening and individualized care.

These efforts form part of Abu Dhabi’s Healthcare Life Science Vision 2030, which seeks to position the emirate as a global hub for precision medicine. The city’s Declaration on Longevity and Precision Medicine, launched in 2024, outlines a blueprint for integrating AI and genomics into mainstream healthcare.

Abu Dhabi showcased AI-powered diagnostic tools for early detection of chronic diseases like diabetes and cancer, at this year’s tech jamboree, Gitex. Integrated with the health information exchange platform, Malaffi, these innovations enhance data sharing and clinical coordination.

In January, researchers at Dubai’s Mohammed Bin Rashid University of Medicine and Health Sciences published a milestone study based on 53 individuals that strengthens the UAE’s National Genome Strategy. By March, the Emirates Genome Council was outlining plans to use genomic data to enhance public health outcomes.

Meanwhile, the Saudi Human Genome Program continues to advance the country’s personalized medicine capabilities by building a vast national genetic database. Institutions like King Faisal Specialist Hospital & Research Centre are pioneering genetic diagnostics and CAR-T cell therapies, while the King Abdullah International Medical Research Center leads gene therapy trials for rare diseases.

Saudi Arabia's embrace of AI-driven pharmacogenomics and digital health tools — including the world’s first diabetes command center launched recently — underscores its vision improve patient outcomes.

Meanwhile, Qatar has become a model for precision medicine integration. The Qatar Genome Programme has sequenced more than 30,000 citizens and 3,000 Arab residents, establishing critical datasets for regional populations. 

The newly formed Qatar Precision Health Institute is translating these findings into clinical practice, expanding pharmacogenomics implementation, and training healthcare professionals.

In 2024, Hamad Medical Corporation launched a pharmacogenomics initiative that embeds genetic testing into prescribing practices, enabling more effective drug therapy.

Smarter diagnostics and early detection

Early detection remains a cornerstone of precision medicine, aiming to identify disease long before symptoms emerge.

The UAE is pushing the frontier with AI-enhanced tools and screening programs like Detectiome, a multi-cancer test, capable of identifying tumors at their earliest stages. Saudi Arabia’s Food and Drug Authority has also approved an in vitro diagnostic test for early detection of Alzheimer’s disease - a 20-minute, non-invasive plasma biomarker assay hailed as a major step forward.

Radiology, too, is being transformed. “In radiological medicine, procedures that once relied on traditional CT scans to perform contrast tomography now use far lower doses of radiation,” says Staynings. “This produces a darker image that a radiologist can still interpret, but which can also be enhanced through AI technologies.”

The result, he explains, is sharper imaging that can detect subtle cellular changes — early indicators of tumor development invisible to the naked eye.

“That is a huge advantage, especially for fast-growing populations across the Muslim world, where the costs of managing millions of additional patients with chronic diseases could be enormous,” he adds. 

“If we can prevent those diseases from ever manifesting themselves, we can save national health systems billions of dollars.”

Islamic equity screening is at heart of halal investing - it demystifies a permissible stock, shapes how Shariah-compliant funds and indices are constructed, and underpins investor confidence across a global equity market worth around $6 trillion in assets.

At its core, screening occurs at the intersection of Islamic jurisprudence, accounting practices, and market mechanics. While most frameworks share the same foundational principles, differences in interpretation and implementation remain, raising critical questions pertinent to consistency, transparency and the overarching purpose of the underlying investment.

Common ground, diverging interpretation
Globally, Islamic equity screening is governed by a handful of key frameworks including the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in Bahrain and Malaysia’s Securities Commission (SC), as well as rules devised by major stock index providers like S&P Dow Jones, MSCI or FTSE.

Each framework adopts a similar two-pronged approach, which includes business activity filters that exclude impermissible sectors such as gambling, conventional finance, alcohol and pork. It also consists of financial ratio filters that assess a company’s leverage - or the amount of interest-bearing debt versus its equity structure - as well as determinants such as cash in the firm’s conventional accounts, or any accrued impure income. 

“The majority of Shariah screening methodologies, as far as business activity filters are concerned, are largely in conformity,” says Faraz Adam, a Shariah scholar and founder of Amanah Advisors, a UK-headquartered Shariah advisory firm. 

“They are consistent and cover almost all the same sectors and activities.”

However, subtle differences emerge, he notes, in financial filters. “Most standards overlap on key areas such as interest-bearing debt, receivables, and impure income. The main points of divergence tend to appear in the liquidity filter and ratio thresholds.”

For example, MSCI’s Islamic Index Series uses total assets as the denominator for its financial ratios, whereas S&P Dow Jones applies a 24-month average market capitalisation, capping both debt and interest-bearing items at 33% of that base.

Malaysia’s SC adds a 20% benchmark for mixed activities. For example, a hotel is Shariah-compliant but derives minor revenue from non-halal products.

“Most discrepancies come down to methodology and interpretation,” says Saad Malik, co-founder of Zoya, a Shariah-compliant stock-screening app. “The results can vary based on which ratios are used, how they’re calculated, and how certain revenue streams are categorised.”

While the differences may appear to be minor, they can alter a stock’s Shariah-compliance classification - an investable security certified halal by one platform may be shunned by its peer as impermissible, often creating confusion for investors scuttling between platforms. 

According to the London Stock Exchange Group, more than 9,000 stocks have been certified as Shariah-compliant globally after screening over 30,000 listed companies. 

Pragmatism over perfection
One common criticism of Shariah screening that has remained consistent over time is the inclusion of companies that may have indirect exposure or links to impermissible activities or products.

Dr Mohammad Akram Laldin, a Shariah scholar and professor at INCEIF University in Malaysia, argues that such concerns misconstrue the pragmatic spirit of Islamic finance.

“It’s almost impossible to find a company that is 100% halal,” he says. “That’s why scholars have set thresholds for non-permissible income and activities. These parameters reflect a pragmatic, gradual approach. If we restricted ourselves to companies that were perfectly pure, the investable universe would be extremely limited.”

These thresholds should evolve with markets, he adds.

“Ideally, they should remain dynamic, reviewed as the market evolves, so that one day, as more companies align with Shariah [principles], the standards can become even stricter.”

This flexibility is what keeps Islamic investing viable in global capital markets allowing for ijtihad or independent reasoning, while maintaining allegiance to Shariah principles.

Ambiguity, institutional complexity erode sheen 
A key element of Shariah compliance is purification, the cleansing of impure income (such as interest) through charitable donation. But the question of who bears responsibility for purification remains contested.

In practice, some funds purify at the institutional level and disclose the amount per share; others leave it to investors to calculate and donate themselves. Major index providers, like MSCI, incorporate purification into their total-return methodology, while firms like HSBC Asset Management conduct an annual Shariah audit to identify and donate prohibited income to charity.

The challenge is ensuring transparency. As retail participation grows through digital platforms, so does the appetite for information, from Shariah-compliant securities to the management of purification.

For global asset managers, balancing credibility, consistency, and cost is another challenge.

Sefian Kassem, global head of ETF & indexing investment specialists at HSBC Asset Management, says the firm’s suite of Shariah-compliant exchange-traded funds (ETFs) and index funds rely on third-party benchmark indices. And while it is beneficial to have standards, they must be legally and commercially viable, too.

“Global standards are helpful as baselines,” he says. “But the flexibility to apply local standards is important because Shariah boards in different jurisdictions can apply different standards according to local preferences.”

Furthermore, rules for managing a company’s transition from Shariah complaint to non-compliant and vice versa exist, too. “These are embedded within the index methodology and are ratified by both the relevant index providers’ Shariah board and HSBC's Shariah board,” he says. 

Active managers also face their own hurdles. Monem Salam of Saturna Capital says data gaps often make Shariah screening more art than science. “Often companies don’t report interest income or other metrics required for screening.”

“As active managers, we can usually work backwards from public accounts, but this is more difficult for passive managers,” adds Salam. 

Active asset management focuses on outperforming a benchmark such as the S&P 500 Index, with managers actively choosing investments. Conversely, passive management aims to match the market’s returns by replicating it. 

Restoring investor confidence
For all its progress, one of the greatest Shariah screening challenges remains that of trust and comprehension.

“Better understanding of portfolio construction by fund managers and investors would help the industry move forward,” Rizwan Malik, head of Islamic Finance Centre at Bahrain Institute of Banking and Finance tells Salaam Gateway. 

“More importantly engagement between fund managers and underlying companies should increase thereby making the data more accessible.”

Others see the diversity of approaches as a reflection of Islam’s intellectual richness and tradition. 

“Differences are not a weakness,” adds Zoya’s Malik. “They show that Shariah finance is living and adaptive.”