ISLAMIC BANKING

Beliefs and business

Navigating the Future: Understanding Consumer Trends in Islamic Banking

More than 560 banks worldwide adhere to Islamic principles, and the growth of Islamic financial assets is expected to hit $5.9 trillion by 2026. But is the technology where it needs to be?

We’ve surveyed over 1,500 Muslims globally, identifying the emerging consumer trends banks need to know, their shared values and what makes them tick.

Future Insights

The shape of Islamic banking in 2024

To map the changes and trends across of Islamic finance and banking over the past three years, Mambu conducted a global survey of Muslim millennial and Gen Z consumers to better understand the opportunities for financial institutions serving this sector.

Customers across Malaysia, Indonesia, the UAE, Saudi Arabia, UK and South Africa shared their views on what matters to them when looking for a financial provider, including must-haves and key features.

The end goal was to assess today's state of Islamic finance, current awareness of Islamic banking services, and to ultimately explore what this means for the industry as a whole.

A glimpse into the findings

31% of Gen Z Muslims are already using a mix of traditional and Islamic banking - making it clear that banks already have the capability to cater to the demand for Islamic banking products.
86% of millennial and Gen Z Muslims stress the importance of ethical investments - banks must ensure they are exploring the products and services to draw in more Muslim and ethical consumers.

“Google Cloud recognizes the immense potential of Islamic finance, particularly among younger demographics.”

- Toby Brown , Managing Director, Global Banking Solutions

What's next?

There is undoubtedly a growing appetite for Islamic banking products, creating a large opportunity for banks. And embracing this opportunity doesn’t have to mean a complete banking overhaul.

So, what does this mean for banks and how should they respond?

Download the report