Malaysia ready to become a global leader in Islamic fintech

The Islamic fintech sector is undergoing rapid digitalisation, matching the speed of the digital transformation of the global finance industry. According to Dinar Standard’s Global Islamic Fintech Report 2021, the Islamic fintech market is projected to grow to US$128 billion (RM542 billion) by 2025. Last year, the Islamic fintech transaction volume within the Organisation of Islamic Cooperation (OIC) countries was estimated at US$49 billion. With its impressive growth in the Islamic finance market, Malaysia is ready to capitalise on and serve the global Islamic fintech market. The country ranks first in market maturity and is one of the top five Islamic fintech markets based on transaction volume.