Bloomberg Intelligence

#UAE ranked third for Islamic #Fintech start-ups

According to a survey by Bloomberg Intelligence, the UAE is ranked third in an analysis of Islamic Fintech start-ups. The analysis finds that tailored regulation and clarity on rules could aid the small and medium-sized Fintech outlook. Crowdfunding and peer-to-peer (P2P) financing could be a game-changer in Islamic finance, giving potential to close the gap for small and medium enterprises. The analysis suggests that new opportunities to invest in gold, integrated by Islamic Fintech blockchain technology, may revive its appeal and lift demand. Development of Shariah-complaint, gold-backed products following the introduction of the Shariah Gold Standard, may encourage investors to place their money in gold. The analysis also noted that the Islamic Financial Services Board has predicted that Shariah-complaint assets will expand by 261% compared to the 2015 figure, to represent US$ 6.5 trillion by 2020.

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