Islam is the second largest religion in the world, with nearly 2 billion adherents, or a quarter of the world’s population. Muslims make up the majority of the population in 47 countries. Moreover, the ARPU of users in the Middle East is very high, which is a huge market for those who do business.
Shariah is an important religious law forming part of the Islamic tradition that guides and governs many aspects of life for Muslims around the world, including financial activities. One of the core principles of Islamic financial law is the prohibition of payment or collection of interest, so this makes the non-Islamic modern financial system basically unable to comply with Islamic regulations. After all, interest is one of the core businesses of non-Islamic financial institutions. Generally, Islamic-compliant banks do not feed back “interest” to customers, but share “profit” with customers through “profit sharing”.
According to the Global Islamic Economy Report, the size of the Islamic finance sector was US$2.88 trillion in 2020 and is expected to grow to US$3.69 trillion by 2024. Two of the four main factors influencing expansion are the rapid growth of the Muslim population, the spread of digital technology and the development of mobile communications.
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