Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
Mashreq has launched NEO in Pakistan, the country’s first Islamic-first fully digital banking platform offering instant onboarding, high-profit Shariah accounts, free digital transactions, and secure app-based services for both residents and NRPs. Built on cloud infrastructure, it supports Pakistan’s vision for financial inclusion and digital modernization.
Saudi Arabia, Indonesia, Malaysia, and the UAE account for more than half of the global Islamic fintech firms. The market, valued at $161 billion in 2023/24, is projected to grow to $306 billion by 2028. Saudi Arabia leads as the dominant hub, with challenges like capital access impacting growth.
Malaysia and Bahrain are set to sign several collaborations, including in Islamic fintech, by May this year. Prime Minister Anwar Ibrahim highlighted key areas such as fintech, education, and bilateral investments, emphasizing the importance of research and cooperation to enhance capabilities in digital and energy transitions.