Islamic fintech across the GCC is on track to reach USD 341 billion by 2029, led by strategic reforms in Saudi Arabia and the United Arab Emirates. The surge is being driven by rising demand for Sharia-compliant digital payments, crowdfunding, wealth management and mobile banking solutions.
Under Vision 2030, Saudi Arabia is actively building a diversified, fintech-led economy, positioning itself as a regional Islamic finance hub. The UAE, through its Dubai Islamic Economy Strategy, continues to foster start-up growth within a progressive regulatory environment. Meanwhile, Kuwait and Qatar are refining frameworks to strengthen sector competitiveness.
GCC states, alongside markets such as Malaysia and Indonesia, control 93% of the global Islamic fintech ecosystem. With global Islamic finance projected to reach USD 3.69 trillion by 2029, the region is unlocking major innovation and investment opportunities.
Gulf Economist Staff Writer