Two-thirds of UK residents that took part in a recent Islamic Bank of Britain (IBB) survey indicated that Shari’ah finance is appropriate in a modern western society.
The survey, which questioned 300 British Muslim and non-Muslim consumers in the UK, also indicated that understanding of Islamic banking is relatively high, with 60 per cent of respondents saying they were aware of the differences between it and traditional UK banking systems.
Over half (57 per cent) knew that the Shari'ah finance system is one which pay profits rather than interest on savings products, and charges rent not interest on home finance products.
A specific focus on the Muslim customers questioned indicated that 36 per cent currently use Shari’ah compliant finance, of which nine per cent use it exclusively.
IBB believes the results of the survey show there is strong potential for further growth of Islamic finance within the Muslim market and the company estimates there are about a million UK Muslims adults with a need for its savings and home finance products, who are also inclined towards Shari’ah compliant finance.
By Claire Archer