Gen Z and millennial Muslims would take up Islamic banking if it were more accessible

There are 1.9 billion Muslims underserved worldwide

Muslims

Gen Z and millennial Muslims would take up Islamic banking if it were more accessible. Source: pexels.com

According to Mambu research, 74% of young Muslims want banks to have investments that align with Islamic beliefs while 75% of the young Islamic consumers want investments that make the world a better place.

62% of the investors disagree with the financial institutions’ provision of financial support to tobacco firms and 69% have a problem with the banks supporting gambling activities.

The Islamic finance coverage is expanding rapidly. The sector has assets over $2 trillion in total. This figure is expected to increase further by 2023 and could reach $3.8 trillion. The adoption of the service in the next generation of customers, however, could be hindered by insufficient digital services.

Among the young Muslims, 76% need online banking services. 70% are confident they can invest without physically meeting the other parties. 74% need to access the financial institution’s services via a mobile app while 80% prioritize the ability to access services at any time and from any location.

We’ve reported that Australia’s newest digital bank goes live on Temenos.

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