Attitude of Muslims towards Islamic Banking and Finance in the North West of England: A Socio-Economic Perspective

Abstract

The tremendous growth and widespread expansion of Islamic banking industry in the financial markets of the world has made this newly born industry a ground reality. More than 400 banks are operating in over 75 countries of the world. The assets of Islamic banking industry around the world are over $ 1.1 trillion in 2012. Another factor of the attraction of Islamic banking industry is the resilience which Islamic banks have shown in the current global financial crisis. The UK, because of its legal and financial environment has become a centre of Islamic banking and finance in the west and stands as number 8 in world ranking. The presence and ever growing considerable segment of Muslim population in the UK and their social, cultural and religious identity require a faith based banking system which is compatible with their beliefs and values. The demographics of the Muslim population and the ideological differences supported the argument that the Islamic banks can produce significant socio-economic impact. The social aspect of banking institutions is a new development in the discipline. The dissertation explores the attitudes of Muslims in the North West of England towards Islamic banking and finance and what is the potential of Islamic banking and finance from socioeconomic perspective in the region. [math mode missing closing $]