Islamic Banking Should be More Accessible to Gain Acceptance by Millennials and Gen Zs: Mambu

According to a recent report issued by the cloud banking platform Mambu, 53% of Millennial and Gen Z Islamic finance customers out of 2,000 surveyed are open to adopt Islamic banking if barriers to entry were removed.

Why it Matters?

Total assets in the Islamic finance market exceeded USD 2 trillion recently and is predicted to grow to USD 3.8 trillion by 2023.The Islamic fintech industry is expected to be worth USD 125 billion in 2025. The younger generation is anticipated to amount to three quarters of all Islamic banking revenue by 2023, hence the industry must take their views into consideration in order to be able to stay ahead of the curve. According to Miljan Stamenkovic, General Manager Middle East and North Africa at Mambu, the availability o...