The global Islamic fintech market is on track to reach $341 billion by 2029, driven by growing demand for digital financial services and sustained momentum across the Middle East.

Currently valued at $198 billion in transaction volume for 2024/25, the sector is projected to expand at a compound annual growth rate of 11.5%, according to a joint study by US-based DinarStandard and UK-based Elipses. The research was conducted in partnership with the Qatar Financial Centre and the Islamic Development Bank Institute.

Growth remains heavily concentrated in the Gulf Cooperation Council, with Saudi Arabia, the UAE, Kuwait, and Qatar ranking among the world’s top 10 Islamic fintech markets. Together with key markets such as Malaysia, Indonesia, Iran, Turkey, Bangladesh, and Pakistan, these countries account for 93% of global Islamic fintech activity.

Within the GCC, Saudi Arabia leads with an estimated market size of $77.2 billion, which is expected to rise to $120.9 billion by 2029. The UAE follows, with its market projected to grow from $10.5 billion to $15.6 billion over the same period.