Since the early 2000s, we’ve seen brands across various sectors begin to cater to the financial needs of British Muslims, most notable in Islamic banking and investment. Today, the demand is rapidly increasing as British Muslims look for competitive solutions which meet their religious and lifestyle choices. But most brands have struggled to provide compelling services for the increasingly dynamic financial circumstances of modern British Muslims.
Culture and lifestyles of second and third generation Muslims are rapidly shifting, but brands continue to take an outdated marketing and branding approach towards them and fail to cater to their needs.
We conducted a study with over 1,000 British Muslims aged 18–45 across the UK to discover their motivations, behaviours and attitudes towards banking, international money transfer, pension schemes, car finance and will writing. We’ve uncovered insights into aspects of their lifestyles never previously explored, and identified ways brands can play a role.
In this summary report, we introduce our study on British Muslim consumers and provide recommendations for brands.