IFN Islamic Fintech, a “one-stop-shop” for business knowledge, media, and communicating in the international Islamic financial technology area, shown on July 30, 2020, there are currently at least 142 Fintech companies globally that allegedly offer Shariah-compliant services and products.
As mentioned in late June 2020, there have been at least 127 Muslim Fintech companies that was established, internationally.
Based on IFN, the UK gets the maximum Islamic Fintechs since the country is home to 27 firms offering Sharia-compliant financial goods. Malaysia has 19 such companies, the United Arab Emirates (UAE) is home to at least 15 Islamic Fintechs, Indonesia has 13, Saudi Arabia has 9, and the US allegedly has 9 such businesses.
As mentioned recently, the stakeholders as well as other ecosystem participants of this Islamic Fintech industry have summarized key priority areas which they think will aid with strengthening and encouraging financial inclusion in Malaysia.
The REDmoney Group, an Islamic Finance News writer, along with the Malaysia Digital Economy Corporation (MDEC) have advocated that industry participants must set an Islamic Fintech taskforce. They’ve also suggested there must be jobs that concentrate on supporting electronic and Muslim financial literacy initiatives.
Abdulaziz bin Nasser al-Khalifa, the CEO in Qatar Development Bank, recently noticed that the country is centered on growing “smart” government infrastructure, and advanced Islamic Fintech products which will encourage a cashless market and all-digital World Cup experience.
IFN reported July 24 that payment system, cWallet Qatar, that employs the latest financial technologies to function low-income employees in the MENA and ASEAN areas, is in the process of obtaining a Shariah-compliance certificate. cWallet reported that it ought to have the ability to acquire the certificate in the coming two weeks.
On July 16, 2020, the IFN Islamic Fintech team disclosed they had additional five crowdfunding platforms out of Saudi Arabia and a single Robo-Advisory platform in the USA.