Islamic banking stands out as a beacon of innovation and inclusivity in the dynamic finance landscape. With the Financial Sector Blueprint 2022 – 2026 spotlighting Islamic finance as a key thrust for development, it’s crucial to delve into the nuances of consumer perceptions and opportunities for growth within this sector.

In Evolve Consulting‘s latest whitepaper, powered by Rakuten Insight data, we explore growth opportunities to increase Islamic banking products and services from the consumers’ point of view and perception towards Islamic banking.

Some of the key findings:
• 73% of Malaysians own an Islamic Financial product
• Among non-owners, the attitude to Islamic finance is apathy rather than rejection
• Number of rejectors is negligible ~8%. Top reasons for rejection: Personal preference; No difference between conventional and Islamic banking for Muslim
• The Islamic banking sector is less dominated by single-brand

Download this report to further explore the what-why consumer engagement strategies (Eliminate, Reduce, Raise and Create) to increase the adoption of Islamic retail banking services.

Related articles: Malaysia – Bank Branch+ Report, 2023 Consumer Pulse Report, Impact of Inflation on APAC Consumers

For more infographics, updates and our original survey reports, follow us on LinkedIn or subscribe to our newsletter at the bottom of the page.