Saudi Arabia, UAE, Kuwait and Qatar push Global Islamic Fintech toward $341bln
Saudi leads with a $77.2bln market, according to advisory firms DinarStandard and Elipses.
The global Islamic fintech market is forecast to reach $341 billion by 2029, driven by rising appetite for digital assets and robust activity in the Middle East.
The sector, valued at $198 billion in 2024/25 in terms of transaction volume, is poised to grow at an annual rate of 11.5%, according to US-based DinarStandard and UK-based Elipses, both advisory firms that conducted a study on Islamic fintech in partnership with the Qatar Financial Centre and the Islamic Development Bank Institute (IsDBI).
The market is dominated by several countries in the Gulf Cooperation Council (GCC) region, including Saudi Arabia, the UAE, Kuwait and Qatar, which are among the top 10 Islamic fintech markets.
These countries, along with their global peers like Malaysia, Indonesia, Iran, Turkey, Bangladesh and Pakistan together control 93% of the total global Islamic fintech market.
Within the GCC, Saudi Arabia ranks first with an estimated market size of $77.2 billion, which is forecast to reach $120.9 billion in 2029; followed by the UAE with a market size of $10.5 billion that is projected to hit $15.6 billion.
Kuwait’s $8.9 billion market is expected to grow to $16.8 billion, while Qatar’s $3.1 billion is likely to rise to $4.8 billion by 2029.
Source: Zawya
Founder, Fintech News Media | Nexus Fintech Forum | FinIntel | Host, The Fintech Minds
Qasim Qazi is a fintech ecosystem builder and media entrepreneur who has dedicated his career to unlocking the potential of financial innovation across emerging markets. He saw a gap, the absence of structured, accessible fintech intelligence in the regions that needed it most, and instead of waiting for someone else to fill it, he built the answer.
In 2024, Qasim founded Fintech News Media with a clear mission and an unwavering sense of purpose. What began as a bold idea has rapidly grown into one of the region’s fastest-rising fintech media platforms with operations across MENA, Europe, the USA, Hong Kong and Pakistan, trusted as a key source of news, intelligence, and insight.
His vision reaches far beyond media. Qasim is building toward a future where a data-driven, AI-powered intelligence platform bridges startups, investors, and institutions at scale, turning information into transformation, and ambition into impact.
Qasim also established Nexus Fintech Forum, a platform for meaningful dialogue, collaboration, and community building in the fintech ecosystem across MENA, Europe, the USA, Hong Kong and Pakistan. He also hosts The Fintech Minds, a podcast exploring the people, ideas, and innovations shaping the future of financial technology.
His broader vision is to build an interconnected fintech ecosystem where media informs, intelligence empowers, and community drives progress, helping emerging markets unlock new opportunities for financial innovation and growth.
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