Global Islamic Fintech Market Projected To Grow To $341Bn By 2029

Doha, Qatar: DinarStandard, a US-based research and advisory firm, and Elipses, a leading ethical digital finance advisory and investment firm, jointly released the Global Islamic Fintech (GIFT) Report 2025/26.

The report was produced in partnership with SalaamGateway, the largest Islamic economy news and media platform; the Qatar Financial Centre Authority (QFC), ecosystem partner which has supported the publication since 2021; strategic partner Islamic Development Bank Institute (IsDBI) and fintech partner DDCAP GroupTM.

The annual sector report on the Islamic Fintech market encompasses a Market Sizing of Islamic Fintech across the Organisation of Islamic Cooperation (OIC) countries, a GIFT Index assessing 64 countries on their conduciveness to Islamic Fintech activity, an industry survey gathering feedback from industry practitioners, and the most comprehensive database of Islamic Fintech firms globally.

The estimated Islamic Fintech market size (based on transaction volume) reached $198bn in 2024/25 and is expected to grow on average by 11.5% annually to reach $341bn by 2029. The top five Islamic Fintech markets by transaction volume are Saudi Arabia, Iran, Malaysia, the UAE, Indonesia, and Kuwait. Each had an estimated market size in 2024/25 of over $3.1bn. Collectively, the Top 10 markets account for 93% of the global Islamic Fintech market size.

The GIFT index analysed 64 countries and applied a total of 19 indicators across five different categories for each country. These five categories are talent, regulation, infrastructure, Islamic Fintech market & ecosystem, and capital.

Commenting on the report, Abdul Haseeb Basit, Co-Founder and Principal of Elipses and the report's co-author, said,“The GIFT Report 2025/26 showcases a sector that continues to grow year on year. As the number of Islamic Fintechs identified consolidates, the continued growth in market size, shifting importance of certain sectors and competition amongst hubs show how factors identified in previous reports are impacting the landscape and growth of Islamic Fintech. Saudi Arabia once again dominates amongst hubs. This year's report pays special attention to the digital assets sector, identified last year as the sector to watch and demonstrating strong momentum. Industry participants reported similar challenges that persist, with access to capital remaining the top challenge.”

Rafi-uddin Shikoh, Founder and MD of DinarStandard and co-author of the report, commented:“What stands out this year is the shift from experimentation to execution: stronger ecosystems, clearer business models, and more practical innovation focused on real customer needs. We're also seeing new momentum around digital assets, not as hype, but as a way to make payments, settlement, and access to real-world opportunities more seamless, transparent, and trustworthy within Shariah principles.”

“The GIFT Index shows Saudi Arabia and Malaysia firmly in the top two positions, while the UAE moves back up to number three, showing the key centres of activity. At the same time, the hurdles highlighted in our survey responses remain familiar: access to funding, compliance demands, customer awareness, and the challenge of scaling across diverse markets. Our message is simple: progress will be defined by collaboration. When regulators, institutions, startups, and investors move together, Islamic Fintech can deliver on its promise: expanding inclusion, strengthening trust, and building a more resilient financial future for communities worldwide.”

Qatar's market size for Islamic Fintech is estimated at $3.1bn for 2024/25 and is expected to grow at 9% CAGR to $4.8bn by 2029.

Henk Jan Hoogendoorn, Chief Financial Services Sector Officer at Qatar Financial Centre Authority commented:“The Global Islamic Fintech Report 2025/26 highlights the strong growth trajectory of Islamic fintech globally, particularly across the MENA region. As an important growth engine, by making financial services more efficient and accessible, the QFC, in line with Qatar's Third Financial Sector Strategic Plan, will continue to provide a supportive ecosystem that enables firms to launch, scale, and contribute meaningfully to this sector.”

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