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|
|HeiTech Managed Services||Banking software||Malaysia|
|ICS Financial Systems||Banking software||Jordan|
|Alpha Fintech||Payments, remittance and FX||Singapore|
|Ateon||Blockchain and cryptocurrency||Saudi Arabia|
Islamic fintech companies by verticals