Saudi Arabia biggest market for Islamic fintech - study
Saudi Arabia is the biggest market for Islamic fintech among Muslim-majority countries, with $17.9 billion in estimated transaction volumes in 2020, according to a study released on Wednesday (March 17).
The study from DinarStandard--Salaam Gateway's parent company--and UK-based Elipses forecasts the Kingdom's Islamic fintech market size to grow by 22% CAGR to reach $47.5 billion in 2025.
Five jurisdictions contributed 75% of the market size in 2020: Saudi Arabia ($17.9 billion), Iran ($9.2 billion), the United Arab Emirates ($3.7 billion), Malaysia ($3 billion), and Indonesia ($2.9 billion).
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