Beyond Brexit, UK Islamic fintechs face persistent longstanding industry challenges
UK Islamic fintech companies are unlikely to be significantly impacted by Brexit but face more inherent challenges, various stakeholders told Salaam Gateway.
Funding for growth remains a key issue. According to the Global Islamic Fintech report 2019, respondents identified the lack of access to capital as the biggest barrier to scaling for Islamic fintechs worldwide.
Harris Irfan, chairperson of the UK Islamic Fintech Panel that produced the report with digital finance firm Elipses, argues that Islamic finance has so far been concentrated within the Islamic banking sector and Shariah-sensitive investors seeking to invest in the financial services industry remain traditional in outlook.
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