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The Shape of Islamic banking in 2024

Toby Brown

What now? 

 Dr. Hatim El Tahir

Ready to offer Shariah-compliant products? By developing and launching products on Mambu, Islamic financial institutions gain agility and speed, while providing their customers with products that are aligned with their ethical codes.


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More than 560 banks worldwide adhere to Islamic principles, and the growth of Islamic financial assets is expected to hit $5.9 trillion by 2026. But is the technology where it needs to be? We’ve surveyed over 1,500 Muslims globally, identifying the emerging consumer trends banks need to know, their shared values and what makes them tick.

Beliefs and business

Why is this important? Digital banks have a competitive advantage. Their IT is typically organised around agile platforms, run by lean tech teams. Components are managed individually and can be swapped in and out. When put together, they form the backbone of a company’s technology capability. This is why digital banks can get their products and services to market 10x faster than traditional banks that still run on legacy infrastructure.

Launching digital banking platforms offers islamic financial institutions the chance to transform – there are no boundaries in looking at how to rethink a business model and employ cloud-based solutions and API-driven architectures to create an open banking ecosystem to grow business. Banks in the Middle East can enjoy agility and speed if they can unburden themselves from legacy technology.

Banks throughout the Middle East, including in Bahrain, UAE, Qatar, and Saudi Arabia, have been working on their respective digital transformation strategies. This next generation of financial services is critical to driving customer growth among younger consumers, who will contribute ~75% of banking revenue in the Middle East (Alvarez & Marsal, 2019). 

Islamic finance

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Wondering how Mambu can help you get products to market faster, improve your business agility and elevate your customer experience?

We have all that covered in our live demo session. Join us as we walk through the Mambu platform, tour the partner ecosystem and show you why Mambu is the only true SaaS platform trusted by hundreds of financial businesses around the world.

Join us as we walk through the Mambu platform, tour the partner ecosystem and we can show you why Mambu is the only true SaaS platform trusted by hundreds of financial businesses around the world.