This Egyptian startup has raised a pre-seed round to emerge as the first Islamic fintech in Africa
According to the Islamic Finance Development Indicator (IFDI), the Islamic finance industry reached almost $4 trillion in total assets in 2021, a growth of 17% from 2020 – and will rise to $6 trillion by 2026.
The report further highlighted Islamic banking activities accounting for around 70% of global Islamic finance assets in 2021, with financial technology (fintech), investment, financing, and leasing and microfinance companies as well as brokers and traders accounting for 4% of global Islamic finance assets in 2021, while takaful (Islamic insurance) had the smallest representation with about 2%.
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