About IFN Islamic Fintech Landscape
The IFN Islamic Fintech Landscape is an ongoing global initiative by IFN Fintech in partnership by Finocracy to identify and map out fintech firms offering Shariah compliant solutions.
Eligible companies are screened and approved based on the following criteria:
Landscape Methodology & Criteria
Must be a
Fintech companies are those that combine financial services with innovative technology, particularly through internet-based or app-based services. They do not deliver their services through traditional branch network or physical units.
Fintech is a broad term and therefore fintech companies have different business models offering a diverse range of products and services but the general commonality is that they use technology to deliver cheaper, faster, more user-friendly services more efficiently and transparently.
A financial institution with great digital banking/finance services or a mobile app, does not make it a fintech company. For example, a bank with an interactive website and mobile app do not make it a fintech company if it still relies heavily on traditional physical infrastructure to reach and service their customers.
Shariah compliant solution(s)
This includes firms which offer both conventional and Islamic products. In IFN Fintech landscape, fintech firms offering Shariah compliant services(s) are often referred to as Islamic fintech companies.
A company meets this requirement if it has secured a Fatwa certifying the Shariah compliance of its product; however, in the case that a start-up or firm has not obtained an official pronouncement yet, its inclusion into the IFN Islamic Fintech Landscape is on a case-to-case basis which will be advised by a panel of experts.
Companies without an official Shariah compliance recognition is highlighted with an asterisk (*) in the Landscape.
Must have an established business or in the process of developing MVP
The Islamic fintech companies included in the Landscape are of various stages of growth. Due to the infancy of the segment, a majority of those included would be early stage start-ups in the process of developing a minimum viable product (MVP), and may or not may have officially launched into the market yet but are in the process of doing so. Their development would be continuously monitored by IFN Fintech – should a start-up fail or discontinue its project, it will automatically be removed from the Landscape.