Islamic Fintech Report 2018-Current Landscape & Path Forward
Islamic Fintech Report 2018-Current Landscape & Path Forward Download View

Executive Summary

This report has identified 90 Islamic fintech starts-ups globally that are delivering customer-facing financial service solutions

The Global Financial Services industry has seen unprecedented change bought about by three core technological drivers, all linked closely to the fourth industrial revolution – automation, disintermediation, and decentralization. Young, digitally native customers are the main stakeholders driving change, and startups are responding – there are now over 12,000 startups globally, with fintech investments reaching $57.9 billion in the first half of 2018. The large established financial institutions are embracing the change, with 74% of financial institutions investing in data analytics, 34% in Artificial Intelligence (AI), and with 77% expecting to adopt blockchain by 2020. The Islamic Finance Industry holds much promise, with assets expected to reach $3.9 trillion by 2023 according to Thomson Reuters, however, Islamic Fintech is at the very beginning of an exciting, transformative journey for the industry, one still dominated by large domestic and OIC-based financial institutions. A young, digitally native Muslim demographic that is on average younger than the worlds non-Muslim population is driving the growth of Islamic Finance. This report has identified 90 Islamic Fintech startups globally that are delivering customer-facing financial service solutions, 65 of which are providing peer-to

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