Nearly half of Muslim consumers have never used Shariah-compliant products, marking a wake-up call to the UK Islamic banking industry, new research by Home Purchase Plan provider and Shariah-compliant bank Gatehouse reveals.
A surprising 46% of Muslim consumers say they have never used Shariah-compliant products, according to the study.
The figure1 - which rises to 53% among Muslim women — underlines the challenge faced by Shariah-compliant finance providers.
However, a number of positive findings highlight the huge opportunity available to the sector if it invests in the right areas.
Seven in ten (71%) Muslim consumers questioned believe...