Qatar Islamic Fintech market to reach QAR 14.6 billion by 2027
25/02/24
Qatar’s Islamic Fintech market is projected to grow to QAR 14.6 billion (USD 4 billion) over the next three years, according to a recent Global Islamic Fintech (GIFT) report.
The report estimated that Qatar’s Islamic Fintech transaction volume was worth QAR 7.6 billion (USD 2.1 billion) in 2022/23. In addition, it noted that Qatar is home to 24 of the 417 Islamic Fintech firms identified globally. Encouragingly, the GIFT Index ranks Qatar as the 8th most attractive ecosystem.
The GIFT report is a survey based on industry feedback and is considered one of the most comprehensive databases of Islamic fintech companies globally. It includes an Index which assesses 64 countries based on their development activity across the Organisation of Islamic Co-operation (OIC) countries. In order to rank participants, the GIFT index analyses a total of 19 indicators across five different categories for each country. These five categories include talent, regulation, infrastructure, Islamic Fintech market and ecosystem and access to capital.
It reveals the top six Islamic Fintech markets by transaction volume are Iran, Indonesia, Saudi Arabia, Malaysia, UAE and Kuwait. Overall estimated market size (based on transaction volume) reached QAR 498.7 billion (USD 137 billion) in 2022/23 and is expected to grow on average by 17% annually to reach QAR 1.3 trillion (USD 306 billion) by 2027.
Consequently, the top six markets account for 85% of the global Islamic fintech market size, indicating two dominant regional centres emerging in South East Asia and the Gulf Corporation Countries (GCC) for Islamic Fintech.
However, the report also discovered that the biggest hurdles faced by Islamic Fintech companies today are access to capital, consumer education, regulation, finding talent and the complexity of geographic expansion.
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