The global Islamic fintech market is forecast to reach $341 billion by 2029, driven by rising appetite for digital assets and robust activity in the Middle East.
The sector, valued at $198 billion in 2024/25 in terms of transaction volume, is poised to grow at an annual rate of 11.5%, according to US-based DinarStandard and UK-based Elipses, both advisory firms that conducted a study on Islamic fintech in partnership with the Qatar Financial Centre and the Islamic Development Bank Institute (IsDBI).
The market is dominated by several countries in the Gulf Cooperation Council (GCC) region, including Saudi Arabia, the UAE, Kuwait and Qatar, which are among the top 10 Islamic fintech markets.
These countries, along with their global peers like Malaysia, Indonesia, Iran, Turkey, Bangladesh and Pakistan together 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 forecast to reach $120.9 billion in 2029; followed by the UAE with a market size of $10.5 billion that is projected to hit $15.6 billion.
Kuwait’s $8.9 billion market is expected to grow to $16.8 billion, while Qatar’s $3.1 billion is likely to rise to $4.8 billion by 2029.
(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com