04 August 2021: 5 key stats from Mambu’s report on Islamic banking’s significance
With 1.9 billion Muslims in the world, Islamic finance and banking holds incredible potential. Southeast Asia is home to approximately 275 million Muslims. Indonesia, Malaysia, and Brunei are Muslim-majority countries. That means there’s a huge opportunity for institutions of Islamic finance to flourish in the region. This includes applications in fintech and digital banking too.
However, at the moment, it is the United Kingdom that is home to the most sharia fintech firms, with 27 companies. Malaysia follows 19 firms, and then the United Arab Emirates with 15 fintech providers. Indonesia, which has the largest Muslim population in the world, only had ten fintech companies that are fully sharia-compliant in February 2021.
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