A majority of non-Muslim UK consumers believe that Islamic finance is relevant to all faiths, said a recent survey.

The first national survey by UK-based sharia-compliant retail bank Islamic Bank of Britain pointed out that about 66 per cent of those surveyed felt that sharia finance is appropriate in a modern western society.

The survey, which was conducted by 2Europe, an independent research company, questioned 300 British Muslim and non-Muslim consumers across the UK.

It was aimed at finding the British consumers’ understanding of and attitudes towards Islamic finance.  

The survey said that about 60 per cent of the consumers agreed that Islamic banking works different to the way conventional banking works, and it pays profits rather than interest on savings products and charges rent not interest on their home finance products.

About 58 per cent of those surveyed considered Islamic finance to be an ethical system of finance and one which considers the impact of its activities on society

A specific focus on the 200 Muslim customers and prospective customers surveyed showed that about 36 per cent of Muslims currently use sharia-compliant finance, of which nine per cent use it exclusively.

A further 45 per cent of Muslims, who don’t currently use sharia-compliant finance, are very likely to consider doing so in the future, it said.

Sultan Choudhury, managing director of IBB, said: “IBB has long been considered the pioneer of sharia-compliant retail banking.  It’s therefore fitting for the bank to mark its 10-year anniversary by revealing findings from the UK’s first survey into British consumers’ attitudes of Islamic finance.  

“The insights also come at a time when the UK Islamic finance sector as a whole is set to embark on several important developments, including the launch of a Sovereign Sukuk, due later this year.” - TradeArabia News Service