Advanced technologies, from blockchain to artificial intelligence, are transforming financial services. Islamic finance is no different. Sharia-compliant fintechs are popping up in Islamic and non-Islamic nations alike, promising to win over millions of young Muslims and extend financial services to the underbanked. Against the backdrop of the coronavirus pandemic, Islamic fintech is ever more important. Muslims make up about a quarter of the world’s population and are said to be the fastest growing religious cohort.[1] As such, the potential market for Islamic financial services is enormous. The median age for Muslims globally is just 24 years old, making a majority of them “digital natives” ready for digital Islamic financial solutions.
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