Qatar 6Th Largest Global Hub For Islamic Fintech

(MENAFN- Gulf Times) Qatar has secured sixth place globally among the largest centres for Islamic financial technology, according to the Global Islamic Fintech (GIFT) Report 2025–2026.

The report estimates the size of Qatar's Islamic fintech market at $3.1bn for 2024–2025, forecasting a compound annual growth rate of 9% to reach $4.8bn by 2029.

Compiled by DinarStandard and Elipses, in partnership with the Qatar Financial Centre Authority (QFC), the report further ranks Qatar seventh worldwide in creating an environment conducive to the industry's growth.

Henk Jan Hoogendoorn, QFC's Chief Financial Services Sector Officer, said the Centre remains committed to fostering a supportive business climate aligned with Qatar's Third Financial Sector Strategy, which aims to enhance access to digital financial services.

Globally, the report projects Islamic fintech activity across Organisation of Islamic Cooperation (OIC) member states to expand by 11.5% annually, driving total market value from $198 n in 2024 to nearly $341bn by 2029.

The leading markets in terms of transaction volume were Saudi Arabia, Iran, Malaysia, the United Arab Emirates, Indonesia, and Kuwait, each exceeding $3.1bn in 2024–2025. Collectively, they account for 93% of all Islamic fintech transactions worldwide.

A survey accompanying the report identified key challenges facing the industry, including limited access to capital and financing, complex regulatory and compliance frameworks, high customer acquisition costs, hurdles in geographic expansion, and the need to raise awareness of Sharia-compliant digital products.

Experts quoted in the report noted that 2026 is likely to mark a shift from experimentation to large-scale implementation, as clearer business models take shape - particularly in digital assets, seen as a transformative step towards greater transparency and Sharia alignment in payments and settlement processes.

MENAFN24022026000067011011ID1110783754