The estimated size of Islamic fintech in Muslim-majority countries was $49 billion in 2020, according to a study released Wednesday (March 17) by DinarStandard and Elipses.
This amount is an estimate of transaction volumes and not corporate revenues.
The $49 billion estimate represents 0.72% of the current global fintech market size based on transaction volumes, said the Global Islamic Fintech Report 2021.
Five jurisdictions account for 75% of the Islamic fintech market size of Muslim-majority countries.
The biggest markets were Saudi Arabia ($17.9 billion), Iran ($9.2 billion), the United Arab Emirates ($3.7 billion), Malaysia ($3 billion), and Indonesia ($2.9 billion).
DinarStandard, the parent company of Salaam Gateway, and Ellipses project that Islamic fintech in Muslim-majority countries will grow 21% CAGR to reach $128 billion by 2025.
This compares favourably to the CAGR of 15% for the conventional fintech sector, say the authors.
The Global Islamic Fintech Report 2021 produced by DinarStandard and Elipses can be downloaded in full from here.
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