MUST BE A FINTECH COMPANY
Fintech companies are those that combine financial services with innovative technology, particularly through internet-based or app-based services. They do not deliver their services through traditional branch network or physical units.
Fintech is a broad term and therefore fintech companies have different business models offering a diverse range of products and services but the general commonality is that they use technology to deliver cheaper, faster, more user-friendly services more efficiently and transparently.
A financial institution with great digital banking/finance services or a mobile app, does not make it a fintech company. For example, a bank with an interactive website and mobile app do not make it a fintech company if it still relies heavily on traditional physical infrastructure to reach and service their customers.
MUST OFFER SHARIAH COMPLIANT SOLUTION(S)
This includes firms which offer both conventional and Islamic products. In IFN Fintech landscape, fintech firms offering Shariah compliant services(s) are often referred to as Islamic fintech companies.
A company meets this requirement if it has secured a Fatwa certifying the Shariah compliance of its product; however, in the case that a start-up or firm has not obtained an official pronouncement yet, its inclusion into the IFN Islamic Fintech Landscape is on a case-to-case basis which will be advised by a panel of experts.
Companies without an official Shariah compliance recognition is highlighted with an asterisk (*) in the Landscape.