Demand for Islamic Financial Services in the UK: chasing a mirage?

Abstract

This paper attempts to quantify demand for Islamic financial services in the UK.Using a sample of over 500 respondents, it develops a demand index that incorporates information on religious belief, economic factors and bank selection criteria.The main finding is that while there is no huge demand for Islamic finance at present, it is certainly growing and is expected to further increase if correct marketing measures are adopted.The paper also employs Logit regressions to determine the factors affecting such a demand.South-north divide, income, educational attainment and occupation are found to affect demand for Islamic finance in the UK.

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