Usage of Islamic banking and financial services by US Muslims
by Brian A. Zinser
International Journal of Islamic Marketing and Branding (IJIMB), Vol. 2, No. 4, 2017

Abstract: There is limited published research on Islamic marketing in the USA. DinarStandard, a commercial marketing research firm which specialises in the Muslim market released findings from a consumer market research study in 2011, which they updated in 2014/2015 which included an estimate of the usage of Islamic banking and financial services by Muslims residing in the USA. This paper presents some findings from a different investigator from data collected in late 2014 which provides evidence that the usage rate of these products and services may be much higher than estimated by DinarStandard. The evidence is based on a nationwide representative sample (n = 251) of individuals between 18 and 54 who reside in the USA and self-identify as Muslims. The sample was obtained using a qualtrics online panel. In addition, the paper provides insight into the most popular Islamic banking and financial service products that US Muslims have had experience with or use. Providers of banking and financial services in the USA should find the information useful in determining the attractiveness of segmenting and targeting the American Muslim market and developing Shariah compliant products and services to meet the segment's needs.

Online publication date: Wed, 03-Jan-2018

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