Islamic finance sector sees progress alternatives in crypto and metaverse, says IslamicMarkets.com
New analysis with main Islamic finance professionals reveals rising acceptance of crypto and digital belongings and rising curiosity within the metaverse.
IslamicMarkets.com who carried out the analysis mentioned in a press release that its examine discovered that almost two out of three (63 p.c) of Islamic finance professionals predict the extent of adoption of crypto and digital belongings in Islamic finance will enhance over the subsequent 5 years with 16 p.c anticipating a dramatic enhance.
That rises to 70 p.c who say adoption of the metaverse within the Islamic finance sector will enhance over the subsequent three years, with 20 p.c forecasting a dramatic rise within the subsequent evolution of the digital buyer expertise in Islamic finance.
Historically, many within the Islamic finance sector have been sceptical about crypto and digital belongings, however the analysis discovered dramatic enhancements in regulation have satisfied professionals to take a look at them extra carefully.
The truth that main Muslim-majority international locations such because the United Arab Emirates (UAE) and Saudi Arabia will more and more develop into key gamers within the crypto and digital asset sector can be serving to to beat scepticism, mentioned the analysis.
The examine additionally discovered {that a} purpose for adoption of crypto and digital belongings in Islamic finance was that there are components of cryptocurrencies comparable to not paying curiosity within the case of bitcoin that enchantment to conservative Muslims.
Rising acceptance by extra mainstream institutional traders has additionally satisfied some sceptics in addition to enhancements in custodial companies within the digital and crypto sector, in accordance with the analysis.
“Many within the Islamic finance sector have steered away from cryptocurrencies which, given the latest volatility, has proved a clever transfer however which may be about to vary with rising curiosity in digital belongings and the metaverse,
“The role of countries such as the UAE and Saudi Arabia in the crypto and digital asset sector highlights the interest in cryptocurrencies in the Muslim world,” mentioned Arsalaan Ahmed, chairman of International Islamic Finance Discussion board 2022 (GIFF2022). The analysis was carried out to help the discussion board.
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