As business activity picks up after the summer, we offer a summary of some of the stories we're following at the Arab Bankers Association.
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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