12 Sharia-Compliant FinTech’s Scaling Across the Middle East

A new wave of Sharia-compliant fintech companies is rapidly expanding across the Middle East, bringing Islamic financial services into the digital age. From halal robo-advisors to blockchain-powered financial platforms, these startups are transforming traditional Islamic finance by delivering mobile-first products designed for a modern, digitally connected Muslim population.

The global Islamic finance industry has experienced significant growth in recent years. Valued at approximately $3.18 trillion in 2024, the market is projected to reach nearly $9.3 trillion by 2033. For decades, Islamic finance was largely dominated by traditional banks and financial institutions. However, fintech startups are now reshaping the industry by combining centuries-old principles such as profit-sharing, asset-backed financing, and ethical investing with innovative digital technologies.

Investment in the Islamic digital economy is also accelerating. In 2024 alone, the sector attracted more than $733 million in funding, reflecting growing investor confidence in Sharia-compliant digital financial solutions. Early data from 2025 suggests that this momentum is continuing, particularly across the Middle East and North Africa (MENA) region, where fintech adoption is rising quickly.

Much of this growth is being driven by demographics and changing consumer expectations. A large share of the Muslim population is young, tech-savvy, and increasingly interested in financial services that align with Islamic principles. Studies show that 56% of Muslim millennials would actively use Islamic digital banking services if they were readily available. Despite this strong demand, around 32% of Muslims globally still lack access to Sharia-compliant financial options in their regions, highlighting a major gap in the market.

This gap is creating significant opportunities for innovative startups that are building regulated, technology-driven Islamic financial platforms. These fintech companies are introducing new ways for individuals and businesses to save, invest, and access financing while remaining compliant with Islamic principles. By leveraging technology, they are making Sharia-compliant financial services more accessible, transparent, and scalable.

Across the Middle East and beyond—from Egypt to Saudi Arabia to Bahrain—a growing number of fintech startups are stepping in to meet this demand. Their platforms are helping bridge the gap between traditional Islamic finance and the needs of a modern digital economy, positioning them as key players in the future of global fintech.

Wahed Invest (USA / GCC / Southeast Asia)
Wahed Invest is widely recognized as a pioneer in halal robo-advisory services and has become a benchmark for many Islamic fintech companies. Operating across the GCC, Malaysia, and several other markets, the platform builds diversified investment portfolios that include equities, sukuk, and commodities. All investments are screened by a dedicated Sharia supervisory board to ensure compliance with Islamic financial principles. Wahed has also expanded its offerings by launching Shariah-compliant UCITS ETFs that incorporate additional ethical screening factors such as human rights and social responsibility, reflecting a broader shift toward ethical investing within Islamic finance. Recently, Qatar Development Bank made a strategic investment in the company to help expand its Sharia-compliant financial solutions across the Gulf region.

Hakbah (Saudi Arabia)
Hakbah is a Saudi fintech built around the traditional jameya system, a communal rotating savings practice long used across the Arab world. The company digitized this informal savings method and transformed it into a regulated financial product that allows users to participate through a mobile platform. Today, Hakbah serves hundreds of thousands of users and works with several banking and insurance partners. The platform also supports Saudi Arabia’s efforts to increase its household savings rate, which currently remains relatively low. Hakbah operates within the Saudi Central Bank’s regulatory sandbox and has formed a partnership with Visa, strengthening its position within the Kingdom’s growing fintech ecosystem.

Lendo (Saudi Arabia)
Lendo is one of the most active peer-to-peer financing platforms in Saudi Arabia, focusing on helping small and medium-sized businesses address cash-flow challenges. The platform offers Sharia-compliant financing solutions that allow businesses to convert unpaid invoices into immediate working capital. By providing an Islamic alternative to traditional invoice factoring, Lendo helps SMEs access funding quickly while remaining compliant with Islamic finance principles. With the SME sector playing a key role in Saudi Arabia’s Vision 2030 economic diversification strategy, Lendo is well positioned to support the growth of small businesses in the country.

Raqamyah (Saudi Arabia)
Raqamyah operates in Saudi Arabia’s rapidly growing Sharia-compliant peer-to-peer financing market. The platform connects retail investors with businesses seeking funding through profit-sharing structures that align with Islamic financial principles. By operating under the Saudi Central Bank’s crowdfunding regulations, Raqamyah provides a regulated environment where individuals can participate in financing opportunities that were traditionally available only to institutional investors. This approach helps broaden access to investment opportunities while supporting business financing across the Kingdom.

Rain (Bahrain – GCC Region)
Founded in 2017 and headquartered in Manama, Rain became the first regulated cryptocurrency exchange in the Gulf and the wider Middle East. The company benefited from Bahrain’s early adoption of digital asset regulations, allowing it to obtain both Sharia certification and licensing from the Central Bank of Bahrain. Today, Rain is considered one of the largest digital asset investment platforms in the Gulf region. It serves customers across Bahrain, the UAE, Saudi Arabia, Kuwait, Qatar, Jordan, Egypt, Morocco, and Turkey, while supporting transactions in local currencies. The company’s $250 million Series C funding round at a valuation of $1.95 billion marked one of the largest Islamic fintech funding rounds in recent years.

Fasset (UAE / Global)
Fasset is positioning itself as an Islamic finance super app powered by blockchain technology. The platform allows users to access fractional tokenized equities, blockchain-based payments, and digital asset investment opportunities. The company is also working on what it describes as the first stablecoin-based Shariah-compliant banking model after securing a provisional banking license. Fasset highlights how blockchain technology—known for transparency, traceable ownership, and asset backing—aligns closely with the core principles of Islamic finance.

Sarwa (UAE)
Sarwa emerged from the Dubai International Financial Centre’s fintech sandbox and gained attention by offering halal portfolio options alongside a simple digital onboarding experience. The platform attracted investors in the UAE who were looking for a modern alternative to traditional banking or fully-fledged Islamic financial institutions. Since its launch, Sarwa has expanded its services and customer base, demonstrating growing demand for digitally delivered halal wealth management solutions.

Beehive (UAE)
Beehive is one of the earliest Sharia-compliant peer-to-peer lending platforms in the Middle East. It was among the first fintech companies to receive approval from the Dubai Financial Services Authority. The platform connects investors with small and medium-sized businesses through profit-sharing financing structures that comply with Islamic finance rules. Over time, Beehive has attracted investment from institutional backers and remains an important example of how Islamic fintech platforms can operate within a strong regulatory environment.

STC Bank (Saudi Arabia)
STC Bank represents the institutional side of the Sharia-compliant digital banking movement. Created by Saudi telecom giant STC, the bank aims to combine the convenience of digital banking with fully compliant Islamic financial services. After completing a successful pilot phase, the bank received a non-objection from the Saudi Central Bank in 2025 to officially launch as a digital bank. It operates with Sharia board approval and offers a variety of financial services alongside both local and international payment options.

Ruya Bank (UAE)
Ruya Bank is a newer digital bank that has quickly gained attention in the Islamic fintech sector. The bank recently introduced Shariah-compliant Bitcoin exposure for customers, representing a significant step toward integrating digital assets within Islamic financial services. This move reflects a broader trend across the region, where regulated Islamic financial institutions are cautiously exploring digital asset opportunities while maintaining strict compliance with Sharia principles.

MNT-Halan (Egypt / Turkey / Pakistan / UAE)
MNT-Halan is Egypt’s first fintech unicorn and one of the region’s most impressive fintech growth stories. Founded in 2018, the company began with the goal of providing financial services to the unbanked population. It has since evolved into a super app serving more than eight million customers across multiple markets. While the platform offers both conventional and Islamic financial services, its Sharia-compliant investment products are regulated by Egypt’s Financial Regulatory Authority. Through its microfinance subsidiary Tasaheel, MNT-Halan plans to issue a $189 million sukuk in 2026 to expand Sharia-compliant financing for small businesses.

Sabika (Egypt / Gulf Region)
Sabika is a Cairo-based fintech platform that enables users to invest in gold and silver through a fully digital and Sharia-compliant system. Precious metals fit naturally within Islamic finance principles because they represent tangible, asset-backed investments. Founded in 2022 by Ibrahim Anwar and Mohammed Darwish, the company secured new funding in 2025 to enhance its platform, introduce AI-driven features, and support expansion into Saudi Arabia. Although still a relatively young company, Sabika is addressing a specific need by providing savers in Egypt and the Gulf with a transparent and compliant way to invest in precious metals for long-term wealth protection.