Fintech promises to open up global Islamic finance markets
Sharia-compliant financial technology (fintech) provides opportunities for global growth if regulators and banks can get their heads around the concepts on the table.
London: Sharia-compliant fintech is poised for explosive growth across both Islamic and western jurisdictions with Refinitiv expecting the market to reach $4.9 trillion within three years.
The American-British global provider of financial market data owned by the London Stock Exchange (LSE) forecast the growth figures in its Refinitiv Islamic Finance Development Report 2021. The report states Islamic fintech providers were among the standout performers in the sector during 2020 “as regulators have moved fast to facilitate Islamic fintech players and digital banking after years of ‘sandboxing’ and building foundations”.
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Rose Pengelly