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### 76% of British Muslims want Islamic Finance

A new study by StrideUp reveals the importance of Islamic finance options to British Muslims.

**Did you know:** 76% of British Muslims feel Islamic Finance products are important to them. Respondents stated that they ‘could enjoy such financial products free from the guilt of engaging in unethical practices or sin’.

##### Table of contents
- [The Study](/content/news/insights/islamic-finance-study/#the-study/index.html)
- [The British Muslim landscape](/content/news/insights/islamic-finance-study/#the-british-muslim-landscape/index.html)
- [Preferences for Islamic Finance products](/content/news/insights/islamic-finance-study/#preferences-for-islamic-finance-products/index.html)
- [Why Islamic Finance?](/content/news/insights/islamic-finance-study/#why-islamic-finance/index.html)
- [Home Purchase Plans (HPPs)](/content/news/insights/islamic-finance-study/#home-purchase-plans-hpps/index.html)
- [So what does this mean?](/content/news/insights/islamic-finance-study/#so-what-does-this-mean/index.html)

## **The Study**  
StrideUp has embarked on an insightful research journey to understand the perspectives of British Muslims regarding Islamic Finance and its [halal mortgage](/content/halal-mortgage/index.html) alternative, a Home Purchase Plan (HPP).

We surveyed 200 British Muslims over 18, including both homeowners and aspiring homeowners. The study found a clear trend:

### 76%  
UK Muslims feel Islamic finance options are important to them

## **Sakeeb Zaman, CEO at StrideUp, said the study had “confirmed the importance of Shariah-compliant finance products” for the Muslim population.**

## **“A key differentiator of Islamic finance versus conventional products is the absence of interest – which is prohibited in Islam,” Zaman commented. “Most Muslims see it as a more ethical option which aligns with their values, and our research points to these products as being highly regarded in the community.”**

## **The British Muslim landscape**  
The UK is home to over 4 million Muslims, making up around 6.5% of the population, with 2.6 million being 18 or over. Of the 2.6 million adult Muslims living in the UK, 49% are homeowners and 4 in 5 of these homeowners have a home finance product. This means that over 1 million British Muslims own a home with a home finance product. 44% have never owned a home but would like to in the future, and are thus potential [first-time buyers](/content/first-time-buyer/index.html).

### 4 million  
Muslims

### 6.5%  
of the population

### 2.6 million  
over the age of 18

### 49%  
are homeowners

## **Preferences for Islamic Finance products**  
**76% of respondents feel that Islamic finance products are of importance to them**, with 41% saying they are ‘very important’. However, half say they know little to nothing about such products – clearly a gap in knowledge has resulted in people missing out on products that are of importance to their faith.

## **Why Islamic Finance?**  
This begs the question – why? What features of Islamic finance products are most important to British Muslims?

Unsurprisingly, the top differentiator for 44% of respondents was the absence of interest, or Riba.  
Riba translates approximately to usury – according to most scholars it is considered an exploitative and unjust practice, and is therefore strictly prohibited in Islam. StrideUp’s respondents stated a desire to use Shariah-compliant financial products so that they could live free from the guilt of engaging in unethical practices or sin.

## **Home Purchase Plans (HPPs)**  
Home Purchase Plans (HPPs) are a shariah-compliant way individuals can get financing on a home – they are an [Islamic alternative to a traditional mortgage](/content/halal-mortgage/index.html). HPPs are gaining significant interest in the world of Islamic Finance, with a large majority of respondents expressing a preference for them over traditional mortgages.

A significant obstacle preventing the mainstream adoption of HPPs is the lack of readily available information. About 35% of those wanting an HPP doubt their ability to find one themselves.

## **So what does this mean?**  
- The key takeaway from this study is that there is a real desire to learn, access and engage with Islamic finance products – The British Muslim population are well aware of the benefits of such products.  
- The real hurdle to overcome is the lack of useful information available to the public about [how these products work](https://bunny-wp-pullzone-4j2n2fguec.b-cdn.net/wp-content/uploads/2024/04/66310389e3ba42e13a636b71_Screenshot-2024-04-30-at-15.42.43.png), and where they can get them from.  
- This is where StrideUp strives to make a significant impact – we are dedicated to clearing the smoke surrounding Islamic mortgage alternatives. We’ve crafted a comprehensive advisory program to ensure that every customer understands their finance product, and how it complies with shariah principles.