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Gatehouse Bank publishes report on British Muslim attitudes to finance
The report commissioned by Gatehouse Bank is based on the responses of 1,000 British Muslims to a detailed questionnaire on a variety of issues related to Islamic finance.
Key findings of the report incude:
- Forty per cent of UK Muslims currently use Islamic finance, 14% have used it in the past and 46% have never used it.
- Eighty five per cent of Muslims who have used Islamic finance said that it exceeded their expectations.
- The age group that is most familiar with Islamic finance is the 35-44 year olds, 82% of whom say they are familiar with Islamic Finance. The 45+ age group is least familiar, with only 19% saying they have heard of it. All age groups are less familiar with the term Shariah-compliant finance than they are with the term Islamic finance.
- Fifty six per cent of the 35-44 age group say they currently use Islamic products, compared to 41% for 25-34 year olds, 24% for 18-24 year olds and 15% for those aged over 45.
- Current accounts, savings accounts and credit cards ar the most popular Islamic finance products.
The report notes that there are 2.8 mn Muslims in the UK, 76% of whom live in four regions: Greater London, the West Midlands, the North West and Yorkshire, and Humberside.
A copy of the report is attached below.
Gatehouse Bank is a London-based Shariah-compliant bank that offers savings products and finance for UK commercial and residential real estate, in additon to sourcing and advising on UK real estate investments.
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