A recent survey by the Asian Development Bank (ADB) reveals that 78% of Filipinos are interested in Islamic financial services if offered in the country. The survey, conducted between October and November 2023, included 416 Muslims and 34 non-Muslims, exploring their attitudes toward Islamic finance.
The survey showed that 51% of respondents are “very interested” in Islamic financial products, while 27% are “quite interested.” However, 8% are not interested, and 14% have never heard of Islamic finance.
The highest interest in Islamic finance was found in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) and Metro Manila, which are seen as key regions for potential growth. The motivations for interest varied, with BARMM respondents focusing on savings and adherence to Islamic principles, while those from Mindanao were more curious about the processes and benefits of Islamic finance.
The survey also found that only 36% of respondents have a bank account, with the remaining 64% citing reasons such as lack of necessity, financial requirements, or high costs for not opening one. This highlights a significant underserved market for Islamic finance in the Philippines.
Despite a lack of awareness—38% of respondents have heard of Islamic banking but don’t fully understand it—there is growing curiosity. ADB emphasized the importance of education and market awareness to bridge this knowledge gap for long-term adoption.
The survey findings were presented at Islamic finance roadshows in Malaysia and Indonesia in September, signaling the Philippines’ potential to attract global investors.
