A Statistical Analysis of Islamic Finance and Global Islamic Fintech: Reality and Challenges in 2023-2024

Abstract

This research paper offers an examination of the Islamic economy specifically focusing on the advancements, in Islamic finance and financial technology (fintech) during the years 2023 2024. By analyzing reports and data the study evaluates the status of the Islamic economy across different sectors such as Islamic banking, sukuk, takaful and fintech. It discusses the growth trends and obstacles encountered by finance and fintech sectors along with changes in key Islamic finance markets. The research also delves into how Islamic finance's playing a vital role in promoting sustainability and supporting the United Nations Sustainable Development Goals (SDGs). Despite facing challenges like standardization issues and the necessity for legal frameworks this paper concludes that the Islamic finance sector is expanding faster than traditional financial systems offering promising prospects, for the future of the global Islamic economy.