Over half of young Muslims open to Islamic banking

More than half of millennial and Gen Z Muslims would adopt Islamic banking if it were more accessible, according to new research.

A report from cloud banking platform Mambu, which surveyed 2,000 people globally, found that 53 per cent of young Muslims would choose Islamic banking if barriers to entry were removed.

The study revealed that 74 per cent of young Muslims said they want banks to make investments that align with their religious beliefs, while 75 per cent want them to make investments that ‘do good in the world’.

Almost two thirds - 62 per cent - were opposed to their bank lending to tobacco companies.

A further 69 per cent would rather their banks not lend to gambling institutions.

“Younger consumers are demanding financial change, and the Islamic finance market is no exception,” said Elliott Limb, chief customer office, Mambu. “Our research illustrates how Islamic banking trends mirror the demand we’re seeing for ethical banking practices more broadly.”

Limb added: “With 1.9 billion Muslims underserved globally, it’s clear that there’s a huge opportunity for both Islamic and conventional banks, alike, to provide compliant solutions for the modern consumer.”

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