The race to become the world’s leading leading Islamic FinTech hub

March 26, 2018

 

Financial technologies that comply with Islamic law, or Sharia, could help attract 150 million new banking customers in the next three years alone, according to consultants EY.

 

But Pew Research points out that demand is set to grow well beyond this with the global Muslim population expected to explode from less than two billion in 2015 to almost three billion by 2060.

Malaysia, the UK and Indonesia are leading the race, ranking first, second and third respectively by number of Islamic fintech startups, says Bloomberg Intelligence. However, fierce competition from Middle Eastern countries threatens their supremacy.