Financial Inclusion and Islamic Finance: A Survey of Islamic Financial Literacy Index

Abstract

According to the Worldbank, the rate of financial exclusion due to religious reasons, which is 7% in the world, is 9.7% in the group of D-8 countries. Islamic banks or participation banks in Turkey appear to be the most important interface for increasing the tendency of individuals with religious sensitivity for financial inclusion by rendering services like deposit banks in accordance with religious principles for such persons. It's very important that we know the İslamic financial literacy level of individuals with religious sensitivity for the purpose of increasing their financial inclusion. However, a tool for measuring Islamic financial literacy level has not been generated yet. In this study, an Islamic financial literacy survey was generated and with results of this survey İslamic financial literacy index was studied for revealing the current status with the purpose of increasing the level of Islamic financial literacy. To that end, 3 separate sub-indexes were generated along with the general index of Islamic financial literacy. As a result of the study, general index of Islamic financial literacy was calculated as 58%

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