JEDDAH: Saudi Arabia, Malaysia and the UAE are leading global Islamic fintech development as transaction volumes are projected to reach $341 billion by 2029, according to a new industry report.
The Global Islamic Fintech Report 2025/26, produced by DinarStandard and Elipses, said the three countries ranked among the most conducive ecosystems globally under the Global Islamic Fintech Index, which evaluates talent, regulation, and infrastructure, as well as market maturity and capital availability.
The report highlighted how Gulf Cooperation Council economies are accelerating efforts to position the region as a hub for Shariah-compliant digital financial services.
Global Islamic fintech transaction volumes were estimated at $198 billion in 2024/25 and are expected to expand at an annual rate of 11.5 percent through 2029, slightly outpacing the broader fintech industry, which is projected to grow at around 11 percent annually over the same period.
Huzayfa Patel, digital assets and fintech development at the Qatar Financial Center, said: “Over the last decade, fintech has moved into the mainstream of financial services and consumer behavior. The fintech market revenue is projected to grow fivefold to $1.5 trillion by 2030, with growth driven in part by digital access expanding faster than traditional offerings.”
