What are the opportunities for Islamic Fintech in the world's largest Shariah market
Sharia-compliant banking assets make up 6% of the world’s banking assets. With Muslims accounting for a quarter of the world’s population and 80% of Muslims are not financially included , there are considerable opportunities to explore.
The industry is projected to grow at 7.7% CAGR to reach $3.8 trillion in 2022. Interestingly, Sharia-compliant retail banks have been attracting quite a following from non-Muslims as well. 55 percent of all UK's Al Rayan’s new customers since 2014 and 90 percent of its fixed-term deposit customers last year were non-Muslim. Maybank Islamic, Malaysia’s largest high street bank that offers both Shariah-compliant and conventional accounts, reported having "close to half” and almost two-thirds of their affluent customers as non-Muslim.
In today's episode of Red Envelope, we have Umar Munshi joining Arun Krishnakumar and Theodora Lau. Umar is the Co-Founder of Ethis Ventures and a Managing Director at Ethis Crowd. Both firms focus on Islamic Finance/Fintech businesses in South East Asia - one of the largest Shariah Finance markets in the world.
Umar shares with us his journeys from being a humble salesman in a healthcare business, to an Islamic Fintech Influencer and thought leader. The discussion covers opportunities in South East Asia for businesses focusing on sustainable innovation. Thanks to the huge consumer base, Malaysia and Indonesia are Asia's hub for Shariah finance. Umar discusses his plans for global expansion and his thoughts on the European and the UK market in particular.
Listen in for more information from Asia's hub of Islamic fintech.
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