![]() KEY PLAYERS IN ISLAMIC FINANCE IN THE CURRENT DIGITAL ECONOMY According to IFN Islamic Finance, the United Kingdom has the most Islamic fintechs with 27 companies followed by Malaysia with 19 companies, third is the United Arab Emirates (UAE) with at least 15 Islamic fintechs, fourth is Indonesia with 13, fifth is Saudi Arabia with 9 and tied with the USA which also reportedly has 9 companies. With regards to fintech, there are at least 127 Islamic fintech firms that offer Sharia-compliant financial products that had been launched, globally, from this past June. Islamic finance can be seen as a unique form of socially responsible investment. This also includes the types of investments that are permissible under this form of law. Islamic finance refers to how businesses and individuals raise capital in accordance with Sharia, or Islamic law. Its total assets have exceeded $2 trillion and it is expected to reach $3.8 trillion by 2023.Īccording to the Union of Arab Banks, ten countries accounted for 95 percent of the world’s Sharia-compliant assets with Iran at 30 percent of the global total, followed by Saudi Arabia at 24 percent, Malaysia at 11 percent, the United Arab Emirates (UAE) at 10 percent, Qatar at six percent, Kuwait at five percent, Bahrain at four percent, Bangladesh at 1.8 percent, Indonesia at 1.6 percent and Pakistan at one percent.Įven though Islamic finance existed in the seventh century, its formalisation began gradually since the 1960s. Islamic Finance is one of the fastest growing financial industries, even though it is still a small share of global finance. With an estimated 1.9 billion Muslims according to World Population Review, Islamic Finance has a large global reach. ![]() OVERVIEW OF ISLAMIC FINANCE Cities like London (pictured) as well as others like Kuala Lumpur and Dubai, to name a few, are often regarded as hubs for Islamic Finance IMAGE SOURCE GETTY ![]() ![]() Its importance spans across many parts of the world and is also embracing fintech and wider digitalisation solutions. Islamic Finance plays a significant role in the global economy and continues to do so in the increasingly global digital economy. ![]()
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