In light of the changing dynamics of the nascent, but fast-growing, global Islamic fintech industry, IFN Fintech has overhauled the eligibility screening and classification process for the IFN Islamic Fintech Landscape to more accurately reflect the ecosystem.
As a result of the more robust and stringent due diligence process, a handful of entities were excluded from the Landscape. They have either ceased operating, have forgone plans to introduce Shariah compliant products or are still in very early stages of ideation.
One of the most significant changes implemented is the inclusion of a new vertical for Islamic incubators, venture builders and solution developers which in our opinion, are an integral component of the ecosystem. Crowdfunding and peer-to-peer finance have been merged into a single vertical while alternative finance is now a separate category from P2P. The banking software vertical has been changed to technology, IT and infrastructure to be more inclusive of other financial service software providers. The complete set of eligibility criteria is on page 10.
Following the revision, 97 entities (previously 116 in December 2016) across 11 verticals (previously nine) made it onto the Landscape. Crowdfunding and P2P remain the most populated vertical. The Landscape is continuously updated to include new start-ups.