Qatar's Rise: Islamic Fintech's $4 Billion Market Projection by 2027

Qatar's Rise: Islamic Fintech's $4 Billion Market Projection by 2027

By Staff Writer, 19 February 2024

The Islamic Fintech market in Qatar is poised for significant expansion, with projections indicating a surge to $4 billion by 2027, as outlined in the Global Islamic Fintech (GIFT) Report 2023/24 released on Thursday (15/2).

The report, a collaborative effort between DinarStandard, a US-based research and advisory firm, and Elipses, a prominent ethical digital finance advisory and investment firm, sheds light on the burgeoning landscape of Islamic finance technology.

In 2022/23, Qatar's Islamic fintech market recorded a transaction volume of $2.1 billion, according to the report, positioning the country as a key player in the global Islamic fintech arena.

Qatar is noted as the sixth-largest producer of Islamic fintech firms globally, boasting 24 out of the 417 identified worldwide.

The comprehensive GIFT Report 2023/24 provides a detailed analysis of the Islamic fintech market, encompassing market sizing across Organisation of Islamic Co-operation (OIC) countries.

Additionally, the report includes a GIFT Index, which assesses 64 countries on their conduciveness to Islamic fintech activity.

This Index ranks Qatar at the 8th position globally, emphasizing the country's favorable ecosystem for fostering Islamic finance innovation.

Furthermore, insights gleaned from an industry survey, gathering feedback from practitioners, contribute to the richness of the report.

Notably, the report houses the most extensive database of Islamic fintechs globally.

The Islamic fintech market, estimated at $137 billion in 2022/23 based on transaction volume, is anticipated to grow steadily at an average annual rate of 17%, reaching an impressive $306 billion by 2027.

This upward trajectory underscores the increasing importance and potential of Islamic finance technology on the global stage.

Source: Pratap John / Gulf Times

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