Islamic banking: a study in Singapore

TLDR

Abstract

Establishes that, in Singapore, which has a minority of Muslims in its population, both Muslims and non‐Muslims are generally unaware of the culture of Islamic banking. Also the two separate groups have different attitudes towards the Islamic banking movement, with the degree of difference depending on the nature of the respective matter put to them. For example, when asked what they would do if an Islamic bank did not make sufficient profits to make a distribution in any one year, 62.1 per cent of Muslims said they would keep their deposits within the Islamic banking movement, while 66.5 per cent of non‐Muslims said they would withdraw their deposits. In relation to bank selection criteria, there was general accord as between Muslims and non‐Muslims on the rating of the various criteria. Five significant differences were noted, the most relating to “being paid higher interest on savings”. The desire to be paid higher interest was far stronger with non‐Muslims.