Not Indonesia, This Country Has the World's Largest Islamic Fintech Market Value

The Islamic fintech sector continues to grow in several countries with Muslim-majority populations. According to Salaam Gateway's report titled "Global Islamic Fintech 2022," the Islamic fintech market in Organisation of Islamic Cooperation (OIC) countries reached US$79 billion, or approximately Rp1,175.95 trillion in 2021 (using an exchange rate of Rp14,885/$).

Despite having the world's largest Muslim population, Indonesia is not the country with the largest Islamic fintech market globally. The report shows that the largest Islamic fintech market among OIC countries is Saudi Arabia, with a value of US$26 billion.

Iran ranks second with an Islamic fintech market value of US$19.1 billion. Malaysia and the United Arab Emirates are in third place, each with an Islamic fintech market value of US$4.8 billion.

Turkey has the fifth-largest Islamic fintech market, valued at US$4.4 billion. Meanwhile, Indonesia ranks sixth with an Islamic fintech market value of US$4.2 billion.

"Collectively, the top 6 markets account for 81% of the OIC Islamic fintech market size," the report states.

Salaam Gateway predicts that the Islamic fintech market size for OIC countries will grow by 17.9% (Compound Annual Growth Rate/CAGR) to US$179 billion by 2026.