Enhanced, 3-year initiative following inaugural programme, FIKRA, in 2021The Securities Commission Malaysia today announced the launch of FIKRA ACE. This fintech initiative aims to enhance the Islamic capital market ecosystem by facilitating the development of Islamic fintech through a structured approach.
Circle -- Networking platform to connect relevant stakeholders of the Islamic capital market and fintech industry.The initiative will identify companies with fintech solutions to nurture, grow, and connect with the ICM ecosystem in various segments. The initiative also aims to support the Islamic fintech space by building capacity and a talent pipeline for the industry.Shariah-compliant sustainable and responsible investment .
In 2021, Islamic fintech transactions in Organisation of Islamic Cooperation countries totalled US$79 billion . While this represents 0.8% of global fintech transaction volume, this segment is projected to grow to US$179 billion by 2026 at a 17.9% compounded annual growth rate.