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.
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