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In 2020, the largest number of Islamic financial technology firms worldwide were in the United Kingdom at ** firms. There were about *** Islamic fintech companies worldwide in that year.

Finance industry in MENA

The financial technology (FinTech) industry in the MENA region has experienced a recent boom, especially with the increasing penetration of smartphones and the internet. Fintech helps companies by allowing them to effectively manage their financial activities with specialized software. The young population, most of who are flexible in terms of change and adoption of new technologies, are accelerating the transition to fintech. Fintech had the highest proportion of startup deals in the region in 2020 compared to other industries. The number of fintech companies in the region was expected to reach *** by 2022.

Islamic fintech

Islamic fintech is expected to grow strongly. Islamic fintech is defined as a financial technology segment that follows the principles of Sharia law, which prohibits profiteering from debt, paying interest, and investing in businesses related to alcohol, tobacco, and gambling, among other regulations. Saudi Arabia had the largest Islamic fintech market of almost ** billion U.S. dollars in 2020. A high number of Islamic fintech firms focused on raising funds between 2019 and 2020.