Tuesday, May 21, 2024
ReportIFN Islamic Fintech Landscape expands to include seven new entities

IFN Islamic Fintech Landscape expands to include seven new entities

Over the last few weeks since IFN Fintech released its October version of the Islamic Fintech Landscape, seven new companies were identified as offering Muslim-friendly fintech solutions and were subsequently included, bringing the total number of Islamic fintech firms globally to 114.

The Landscape welcomed two Islamic banking software providers, one digital banking player, one crowdfunding platform, a payment solutions provider, one digital savings platform and a blockchain company. These firms were from the UK, UAE, Malaysia, Jordan, Singapore and Saudi Arabia.

Apart from expanding in number, the Landscape also broadened its geographical remit: Nigeria is now in the mix as Lagos-based CowryWise joins the global Islamic fintech community. The digital savings platform has developed a Shariah compliant product and is working on building additional profit-sharing variants.

Top Islamic fintech markets by geography

Country Number of Islamic fintech companies
Malaysia 21
UK 18
Indonesia 15
UAE 14
US 11

Latest entrants:

Name Vertical Country
HeiTech Managed Services Banking software Malaysia
ICS Financial Systems Banking software Jordan
Clearly Challenger/digital bank UAE
MelkBaMa Crowdfunding Iran
Alpha Fintech Payments, remittance and FX Singapore
Ateon Blockchain and cryptocurrency Saudi Arabia

Islamic fintech companies by verticals


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