REPORT
Faith & finance: The changing face of Islamic banking
This is the Disruption Diaries, Mambu’s research series seeking to understand what people think of the key trends driving the development of financial services.
In our third edition, we conducted a global survey of 2,000 members of the younger Muslim community (Gen Z and millennials) to understand what Islamic finance means to them, as well as their expectations of this sector.
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Global Growth and Expanding Influence of Islamic Finance
As one of the fastest-growing financial industries, Islamic finance continues to grow in size and influence spreading far beyond the Middle East into Muslim-majority countries in Asia and Africa, as well as parts of Europe and beyond. As a sector, total assets have exceeded $2 trillion and is expected to reach $3.8 trillion by 2023.
Greater awareness of Islamic finance, alongside improved legal and regulatory structures in many markets, is supporting the growth of the sector.
Survey Results
Ethical banking is a way for consumers to manage their finances while promoting environmentally and socially conscious practices.
Our research shows that ethical motivations are a primary driver for the younger Muslim community. 74% of respondents confirm it is important that the investments their bank makes using their money are ethical.
It’s not ‘All or Nothing’
There is quite a disconnect between consumers, both banked and unbanked, and banks.
Banks need to make the process of accessing financial services less cumbersome - 28% of respondents stated they think banks should make it easier to understand how to open an account.
Faith & finance
Read the full report on Islamic banking. Faith & finance: The changing face of Islamic banking. Additional commentary from Oracle and Capgemini.
Let’s do Islamic banking
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As an API-driven SaaS platform, Mambu is uniquely positioned to support your Islamic banking ambitions. If you can dream it, we can help you build it.
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