Prime Highlights
- The global Islamic fintech industry is projected to grow strongly, reaching $341 billion by 2029, driven by rising demand for digital financial services and Shariah-compliant assets.
- Saudi Arabia, the UAE, and other GCC countries are leading the expansion, highlighting the region’s role as a hub for innovative Islamic digital finance.
Key Facts
- Saudi Arabia’s Islamic fintech market, currently valued at $77.2 billion, is expected to grow to $120.9 billion by 2029.
- Together with GCC and key Asian markets like Malaysia, Indonesia, and Pakistan, these countries account for 93% of the global Islamic fintech sector.
Background
A new study by DinarStandard and Elipses says the global Islamic fintech industry will grow strongly, with its total market reaching $341 billion by 2029.
The sector, valued at $198 billion in transaction volume in 2024/25, is projected to grow at an annual rate of 11.5%. The report links this expansion to rising demand for digital financial services and growing interest in Shariah-compliant digital assets, especially in the Middle East.
Countries in the Gulf Cooperation Council region continue to lead the market. Saudi Arabia ranks first, with an estimated market size of $77.2 billion. The report forecasts that the Kingdom’s Islamic fintech sector will grow to $120.9 billion by 2029.
The United Arab Emirates follows with a current market value of $10.5 billion, which is expected to reach $15.6 billion. Kuwait’s Islamic fintech market, valued at $8.9 billion, may expand to $16.8 billion over the same period. Qatar’s market, currently at $3.1 billion, is projected to grow to $4.8 billion.
Beyond the GCC, countries such as Malaysia, Indonesia, Iran, Turkey, Bangladesh and Pakistan also hold significant shares. Together with GCC nations, these markets account for 93% of the global Islamic fintech sector.
The study highlights that Islamic fintech is becoming an important pillar of digital finance in Muslim-majority economies. As digital banking, payments, and asset platforms expand, analysts expect the sector to play a larger role in shaping the global financial landscape.
