The global Islamic fintech market is expected to reach $341 billion by 2029, driven by growing demand for digital assets and strong activity in the Middle East.
According to US-based Dinar Standard and UK-based Ellipse, the sector’s transaction volume is expected to be valued at $198 billion in 2024/25, growing at an annual rate of 11.5%. Both advisory firms partnered with Qatar Financial Center and the Islamic Development Banking Institute (IsDBI) to conduct research on Islamic fintech.
This market is dominated by several countries in the Gulf Cooperation Council (GCC) region, including Saudi Arabia, UAE, Kuwait, and Qatar, which are among the top 10 Islamic fintech markets.
These countries, together with their global peers such as Malaysia, Indonesia, Iran, Turkey, Bangladesh, and Pakistan, control 93% of the total global Islamic fintech market.
Within the GCC, Saudi Arabia ranks first with an estimated market size of $77.2 billion, which is expected to reach $120.9 billion by 2029. The UAE is next with a market size of $10.5 billion, which is expected to reach $15.6 billion.
Kuwait’s $8.9 billion market is expected to grow to $16.8 billion, while Qatar’s $3.1 billion market is likely to increase to $4.8 billion by 2029.
(Written by Cleofe Maceda; Edited by Seban Scaria) seban.scaria@lseg.com
