The Islamic Finance Industry holds much promise, with assets expected to reach $3.9 trillion by 2023 according to Thomson Reuters, however, Islamic Fintech is at the very beginning of an exciting, transformative journey for the industry, one still dominated by largely domestic and OIC-based financial institutions. A young, digitally native Muslim demographic that is on average younger than the worlds non-Muslim population, is driving the growth of Islamic Finance.
The large established financial institutions are embracing the change, with 74% of financial institutions investing in data analytics, 34% in Industrial Revolution – Wikipedia (AI), and with 77% expecting to adopt blockchain by 2020.
Islamic Fintech Startups in UK