TLDR:
Islamic FinTech is a growing industry that aims to provide innovative digital solutions for the financial needs of the Global Muslim community while adhering to the principles of Islamic finance.
Some key differences between conventional FinTech and Islamic FinTech include compliance with Shariah principles, target audience, ethical considerations, regulatory framework, and product offerings.
The adoption of Islamic FinTech has been increasing globally, driven by the growing demand for Shariah-compliant financial products and services.
Key challenges for Islamic FinTech companies include regulatory compliance, lack of standardization, education and awareness, technology infrastructure, access to funding, and competition.
The future of Islamic FinTech includes trends such as innovation and disruption, increasing adoption, regulatory support, investment and funding, partnership with traditional financial institutions, and global expansion.
Overall, the future of Islamic FinTech looks promising as the industry continues to grow and evolve, driven by the increasing demand for Shariah-compliant financial solutions.
Source: Medium
