In 2021, we conducted a global survey of Muslim millennial and Gen Z consumers to map the changing face of Islamic finance, Islamic banking products and the opportunities for financial institutions within it. In 2024, we have revisited this sector with another global survey, surveying Muslim millennial and Gen Z consumers in Malaysia, Indonesia, the UAE, Saudi Arabia, UK and South Africa. We did this to assess the current shape of Islamic finance, awareness of Islamic banking products and services, and explore what this means for the banking industry as a whole.
A glimpse into the results
The findings show that 31% of Gen Z Muslims are already using a mix of traditional and Islamic banking. Making it clear that banks already have the capability to cater to the demand for Islamic banking products. With 86% of millennial and Gen Z Muslims stressing the importance of ethical investments, banks now need to ensure they explore further ethical products and services to draw in more Muslim and ethical consumers.
Google Cloud recognizes the immense potential of Islamic finance, particularly among younger demographics.
There is clearly a huge appetite for Islamic banking products, creating a large opportunity for banks. And embracing this opportunity doesn’t have to mean a complete banking overhaul. So, what does this mean for banks and how should they respond?
Download the report
Islamic financial products and services help financial institutions to widen their customer base and further deepen their presence.
Let’s do it!
Ready to offer Shariah-compliant products? By developing and launching products on Mambu, Islamic financial institutions gain agility and speed, while providing their customers with products that are aligned with their ethical codes.