1st Oman Islamic FinTech Forum 2019
OiFF2019, is the 1st ever event in Oman that will shed light on the potential Islamic Fintech has to develop the Islamic Finance industry and improve financial inclusion. The forum will provide the platform for other Islamic countries to showcase their experience and success stories. It will also facilitate business exchange and collaboration opportunities between key stakeholders for the development of the industry in Oman.
The financial technology industry is growing significantly over the years with a total investment of USD 57.9 billion in the first half of 2018 alone. While Islamic Finance’s assets are expected to reach $3.9 trillion by 2023 according to Thomson Reuters, Islamic Fintech has substantial room for growth, however, with largely unaddressed opportunities.
Many government-led and private initiatives were launched in order to support the fledgeling industry and provide the optimal ecosystem for FinTech start-ups to grow and succeed.
More efforts from regulatory bodies, institutional investors and financial institutions are needed to spur the growth of the industry especially in GCC and MENA countries where the Muslim population exceeds 350 million people.