Islamic Fintech Industry is growing rapidly not only in Pakistan but worldwide as well as Pakistan provides a huge untapped market, which was previously excluded from the financial circle. The Islamic Fintech industry provides ways of Shariah-compliant, transparent, virtual / digital, easy, and quick banking facilities that are cost-effective and completely automated and standardized.
The main aim of Islamic Fintech is to provide a solution to the basic issues faced by Muslims in the current banking system and provide them with smart solutions in line with the teaching of their religion. There are many challenges and difficulties faced by users of traditional banking systems such as long waiting times, high charges, poor service, lack of awareness etc. In addition, many Islamic banks are also facing problems related to the documentation process due to lack of knowledge and skill to operate these systems. Islamic Fintech companies can provide smart, tech-savvy solutions for these issues and also tap the unbanked sector in Pakistan and cater to their investment and financing needs with their new innovative products and service solutions.