As stated in the previous article, Islamic finance is meant to effectively serve close to 2 billion people, covering a combined economic GDP of nearly 10 trillion dollars. With the Islamic world’s demographics being quite young with a median age of 24 years globally (according to Pew Research Center), technology is starting to play a significant role in Islamic finance. With the use of technology to deliver specific sharia-compliant as well as regular financial services, Islamic FinTech will be a key driver for financial inclusion and digitizing of Islamic finance in the coming decade. Though a relatively newer segment of FinTech, there has been a substantial growth in FinTech solutions and the use of digital offerings by Islamic banks and startups globally. |
