The vast majority of Muslims believe it's important to have Islamic finance products.
Three-quarters (76%) said they want financial products that fit their religious values, according to StrideUp.
Four in 10 Muslims thought it was ‘very important’, according to research from the financial provider.
Islamic finance
The study, conducted by Pegasus Insight, found that 82% of UK Muslims agree that Islamic finance aligns with their values.
And two-thirds of Muslim conventional mortgage holders would rather take out this type of product when they next need property finance.
StrideUp’s home purchase plan (HPP) gives individuals a way to become homeowners without compromising their values.
It’s designed to be fair and inclusive for all customers, and attracts some non-Muslims due to its features.
Sakeeb Zaman (pictured), CEO at StrideUp, said: “Our recent study has confirmed the importance of Sharia-compliant finance products for the Muslim population. A key differentiator of Islamic finance vs conventional products is the absence of interest – which is prohibited in Islam.
“Most Muslims see it as a more ethical option that aligns with their values, and our research points to these products as being highly regarded in the community.”
Related: First UK Shariah-compliant green home finance products launched
