a demographic note

Religion or religious identity does not determine consumer choices whether in financial services or other aspects of economic or personal life. However in drawing the demand curve for Islamic retail banking (and to a lesser degree Islamic finance) it is informative to consider a few figures.

The latest available and (generally more) reliable figures of Muslim population  in England and Wales is 2.7 million (5% of the total population)(source: Office for National Statistics 2011 census, published 2012).

Globally Muslims are the second most numerous religious group after Christians (with the non-religious ranking third); in a population of 6.9 billion, Muslims comprise 23.2 % or in excess of 1.6 billion. (source: Pew Research Forum, ‘The Global Religious Landscape’ 18 December 2012). The same source reports that the Asia Pacific is home to most Muslims (62%) the Middle East and North Africa 20%, and Sub-Saharan Africa 16%.

In the absence of data on reproductive rate and life expectancy (as well as distribution of economic assets), the longer term projection of Islamic banking should take account of the age of Muslims globally: the median age of Muslims is the youngest (23) of religious people (according to the same source, 2010 figures). As Pew notes, the relatively low median age reflects geographic distribution, with the fastest growing countries having younger populations. For comparison the median age of the total world population is 28 and, of Christians, 30.

Comments are closed.
%d bloggers like this: