Salaam Gateway, in partnership with DinarStandard, has released its first-ever list of Top 30 Digital Islamic Economy Startups.
The list features 30 digital-first, consumer-facing startups that are serving - wholly or partly - an Islamic values-based lifestyle market. It aims to highlight the growing prominence of digital startups servicing the Islamic/halal lifestyle market and serve as a benchmarking tool for its continued development.
To read a comprehensive summary of the ranking, click here
| Rank | Company Name | Sector | Country | Score |
|---|---|---|---|---|
| 1 | Wahed Invest |
Fintech
|
United States | 4.5 |
| 2 | Tabby |
Fintech
|
Saudi Arabia | 4.3 |
| 3 | Tamara |
Fintech
|
Saudi Arabia | 4.3 |
| 4 | Modanisa |
Clothing
|
Turkey | 4.2 |
| 5 | Muzz |
Media
|
United Kingdom | 4.2 |
| 6 | Hijra (Alami Sharia) |
Fintech
|
Indonesia | 4.2 |
| 7 | Evermos |
all-sectors
|
Indonesia | 4.1 |
| 8 | Kitabisa |
Fintech
|
Indonesia | 4.1 |
| 9 | Bitsmedia (Muslimpro) |
Media
|
Singapore | 4.0 |
| 10 | Halalbooking |
Travel Agencies and Tour Operators
|
United Kingdom | 4.0 |
| 11 | Lendo |
Fintech
|
Saudi Arabia | 3.9 |
| 12 | Alif |
Fintech
|
United Kingdom | 3.7 |
| 13 | Durioo |
Media
|
Malaysia | 3.7 |
| 14 | PolicyStreet |
Fintech
|
Malaysia | 3.5 |
| 15 | Ethis |
Fintech
|
Malaysia | 3.5 |
| 16 | Musaffa |
Fintech
|
United States | 3.4 |
| 17 | Sefamerve |
Clothing
|
Turkey | 3.4 |
| 18 | Fasset |
Fintech
|
UAE | 3.3 |
| 19 | Ayan Capital |
Fintech
|
United Kingdom | 3.3 |
| 20 | Funding Souq |
Fintech
|
UAE | 3.3 |
| 21 | Beehive |
Fintech
|
UAE | 3.3 |
| 22 | Muslima |
Media
|
Australia | 3.3 |
| 23 | Modaselvim |
Clothing
|
Turkey | 3.2 |
| 24 | Launchgood |
Fintech
|
United States | 3.2 |
| 25 | Manzil |
Fintech
|
Canada | 3.1 |
| 26 | Algbra |
Fintech
|
United Kingdom | 3.1 |
| 27 | Iman |
Fintech
|
Uzbekistan | 3.1 |
| 28 | IslamicFinder |
Media
|
UAE | 3.0 |
| 29 | Takadao |
Fintech
|
Saudi Arabia | 3.0 |
| 30 | Madfu |
Fintech
|
Saudi Arabia | 3.0 |
Methodology
The Top 30 Digital Islamic Economy Startups list has been compiled after extensive research on and analysis of digital Islamic economy players worldwide that offer consumer-facing products.
Companies were evaluated based on the following criteria:
Islamic Positioning (35%): Frequency and intensity of Islamic/Shariah values in their value proposition.
Latest Funding Value (25%): Funding raised from the year 2020 to date. If a company did not disclose its investment raised in the latest funding round, we assume the same to be 30% of its total funding.
Number of Employees (10%): Estimated number of employees based on LinkedIn data.
Web Traffic Rank (20%): Website ranking globally based on traffic using Similarweb data.
Media Mentions (10%): Estimated number of media mentions using Google searches during 2023/2024.
Data Sourcing
Data was collated from multiple sources, including DinarStandard's proprietary 'ImpactIntell' database, company websites, social media, and press releases as well as third-party intelligence tools (Crunchbase, Tracxn, Similarweb).
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