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Islamic finance, if explored, presents significant financing opportunities for businesses, writes Obinna Chima Islamic finance development has become a centrepiece in many countries in the African region. A number of market development and regulatory efforts have taken place in the region in recent years. Specifically, Nigeria, Sudan, South Africa and Senegal, Kenya, Morocco and Niger among others have put in place necessary legal and regulatory frameworks to enable Islamic banking offerings in their respective jurisdictions. According to a report by the Malaysia World's Islamic Finance Marketplace titled: Islamic Finance in Africa: Impetus for Growth, a lot of conventional banks across the continent have started offering Shariah-compliant banking products through Islamic window set-up. In the sukuk segment, the report showed that countries such as Senegal, Nigeria, Mauritius, Gambia had issued sukuk. A recent milestone in this space was the maiden sukuk issuance by the...

We are moving towards a time of Metaverse where everything is virtual, so the payments and finance world also has a great scope of digitalization. The biggest companies are investing money in financial technology, and in this situation, building a Fintech app could be the best investment for you too. Building a Fintech app isn’t that difficult, but you just need to be clear about the basic concepts, which is why we will tell you all the things you need to know about building a Fintech app. So, let’s get into it. Is a Fintech App Worth Investing in? Making a Fintech app could be a lifetime investment for you, mainly because this industry is flourishing like never before. The growth rate of Fintech apps is more than 24.8 percent, and this industry is about to reach 310 billion dollars this year. Everyone is moving towards digitalization, and people prefer mobile transfers over cash payments because they are hassle-free and highly convenient. According to a survey, approximat...

The fintech market size stood at USD 112.5 Billion in 2021 (GlobeNewswire).  The pace of change and innovative mindset in fintech has picked up in the recent years and the industry continues growing exponentially. The Global Fintech Market size is expected to reach USD 332.5 Billion by 2028 and is expected to grow at a Compound Annual Growth Rate (CAGR) of 19.8% during this period. In this article, I explore how the industry has changed and what trends are shaping the future of the financial service industry. Trend No 1: New stage of maturity in the fintech market The explosion of new fintech businesses is slowing down and the market has started focusing on more mature businesses with a clear path towards profitability and strong USPs. Also, regulators have become stricter – there are new requirements that increase entry barriers for new companies that are not ready to become authorized institutions due to insufficient funds, experience, and team, etc. This explains th...