[Research] More than half of millennial and Gen Z Muslims would adopt Islamic banking if it were more accessible

1 min read

By: Mambu | 5 August 2021

With an estimated 1.9 billion Muslims around the world – nearly a quarter of the global population and the largest religious group in the world – the opportunity and necessity of Islamic finance is evident. This relatively new banking sector has been around for roughly 40 years, and given how young the industry is, it demonstrates a huge potential and scope for evolution.

To get better insight into how this industry can develop, Mambu 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.

Key Beliefs Include:

  • You shouldn’t make money from money –
    essentially, a system that is ‘interest free’
  • Your money should not cause harm, meaning
    Islamic financial services should not invest in
    things like alcohol, tobacco and gambling.
  • Islamic finance encourages partnership
    (Mudarabah), in which partners share in the
    profits and losses of an enterprise.

    Download the Research here!
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