CityAM | UK and Turkey launch joint initiative to develop Islamic fintech

A report by the UK-Turkey Islamic Finance working group, which is supported by The City UK and Borsa Istanbul, found that six per cent of the world’s population opt out of the financial system for religious reasons.

A total of two thirds of the global unbanked population own a smartphone, creating a market for sharia-compliant fintech products, the industry groups said.

The City UK international strategy advisor Wayne Evans said :“Islamic, or Participation, finance has the potential to transform the world of finance, not only for the 1.8bn Muslims globally, but for anyone who is attracted to its equity-based, risk-sharing, and socially responsible model.

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Author: The Muslim Wealth Portal

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