The global Islamic fintech market handled an estimated US$198 billion in transaction volume in 2024/25 and is projected to reach US$341 billion by 2029, growing about 11.5% a year. Those figures come from the Global Islamic Fintech (GIFT) Report 2025/26 by DinarStandard and Elipses, which ranks Saudi Arabia, Malaysia and the UAE as the top ecosystems.
About the report
The GIFT Report is produced by DinarStandard, a US-based research and advisory firm, and Elipses, an ethical digital finance advisory and investment firm. The 2025/26 edition is the fifth in the series. It was released in February 2026, with a launch event in Doha on 23 February hosted by the Qatar Financial Centre Authority, its ecosystem partner. Salaam Gateway is the media partner, the Islamic Development Bank Institute the strategic partner and DDCAP Group the fintech partner.
The report sizes the market by transaction volume, benchmarks countries through the GIFT Index and profiles 30 Islamic fintech companies. It is the latest edition available as of October 2026.
Key findings
- Market size: The Global Islamic Fintech Report 2025/26 estimates the Islamic fintech market at US$198 billion in transaction volume for 2024/25.
- Growth outlook: The market is projected to reach US$341 billion by 2029, an average growth rate of about 11.5% a year.
- Concentration: The ten largest markets account for 93% of global Islamic fintech volume. The largest by transaction volume are Saudi Arabia, Iran, Malaysia, the UAE, Indonesia and Kuwait.
- Ecosystem ranking: The GIFT Index assesses 64 countries on 19 indicators across five categories. Saudi Arabia ranks first, Malaysia second and the UAE third.
- Qatar: Qatar’s Islamic fintech market was estimated at US$3.1 billion in 2024/25 and is projected to reach US$4.8 billion by 2029, a 9% compound annual growth rate. It ranks seventh on the GIFT Index.
- Busiest segments: Alternative finance, wealth management, payments, fundraising, and deposits and lending have the most Islamic fintech firms.
All figures above are from the Qatar Financial Centre’s summary of the report.
What is holding Islamic fintech back?
The report’s industry survey lists the barriers founders report most often: access to capital, consumer education, regulation, talent, and the complexity of expanding across borders. High customer acquisition costs are also flagged.
These are familiar problems for any fintech, but some are sharper in Islamic finance. Consumer education is harder when a product has to explain both what it does and why it is Shariah-compliant. Cross-border expansion is harder when each market has its own Shariah governance rules and its own regulator.
How big is Islamic fintech compared with the wider industry?
Some context helps. The ICD-LSEG Islamic Finance Development Report 2026 puts total Islamic finance assets at US$6.5 trillion in 2025. The two numbers are not directly comparable, because the GIFT figure measures transaction volume through fintech platforms and the ICD-LSEG figure measures assets on balance sheets. What the comparison does show is that fintech remains a small, fast-growing layer on top of a large industry still dominated by banks.
What this means for Islamic fintech founders
- Volume is concentrated, so pick a lane. With 93% of volume in ten markets, a new fintech either competes in a crowded top market or bets early on a smaller one. Both can work, but the strategy is different.
- Ecosystem rank and market size are not the same thing. Iran is among the largest markets by volume but is not a practical launch market for most founders. The GIFT Index ranking is a better guide to where regulation, funding and talent make it easier to build.
- Capital is the first barrier. Founders should plan fundraising around investors who already understand Islamic finance, such as Islamic banks’ venture arms and development finance institutions, rather than only generalist VCs.
- Education is part of the product. If consumers do not understand the offer, customer acquisition costs rise. Clear explanations of how a product works and who certifies it reduce that cost.
Read the full report: The Global Islamic Fintech Report 2025/26 is published by DinarStandard and Elipses and can be downloaded after registration from Salaam Gateway.
FAQ
The GIFT Report 2025/26 estimates USD 198 billion in transaction volume for 2024/25, rising to USD 341 billion by 2029.
Saudi Arabia ranks first on the GIFT Index, followed by Malaysia and the UAE.
DinarStandard and Elipses, with Salaam Gateway as media partner and the Qatar Financial Centre Authority as ecosystem partner.
It can be downloaded from Salaam Gateway after filling in a registration form.
