ADB survey: 78% of Pinoys open to Islamic finance

A survey by the Asian Development Bank (ADB) has revealed that 78 percent of Filipinos are interested in Islamic financial services if made available in the country, reflecting strong market curiosity about its potential benefits compared to conventional banking.

- By KEISHA TA-ASAN

In its latest Unlocking the Potential of Islamic Finance in the Philippines report, ADB said it surveyed 416 Muslims and 34 non-Muslims to assess public understanding, attitudes and preferences regarding Islamic financial services.

Based on the results, 51 percent said they are very interested in Islamic financial services while 27 percent are quite interested. Meanwhile, eight percent are not interested and 14 percent have not heard about Islamic finance.

In terms of demographics, the highest interest in Islamic finance is observed in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and Metro Manila. This makes the two regions key targets for attracting retail consumers who are interested in Islamic finance.