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85% of Gen Z Muslims Want to Try Islamic Banking: New Research Reveals
In light of the rise in ethical consumption, new research from leading SaaS cloud banking platform, Mambu, reveals that just over a quarter (26%) of Gen Z Muslims solely use Islamic banking, though 85% of them are interested in banking with a financial institution that offers Shariah-compliant products, an increase from 2021.
More than 560 banks worldwide adhere to Islamic principles; however, the report, titled ‘Beliefs & Business: The Shape of Islamic Finance in 2024’ reveals that 39% of Muslims don’t know that Islamic banking is a possibility. Just over a quarter (28%) of Muslims say that they don’t have easy access to banks that adhere to Islamic principles, while a fourth (25%) state that they need more from their banks and a further one-fifth (18%) don’t trust their banks’ ability to be fully Shariah-compliant.
Omar Paul, SVP of Product and Engineering at Mambu says: “What we think about the world determines the choices we make with our money. We are seeing a growing opportunity for financial institutions to offer Shariah-compliant financial products to meet changing needs from consumers. It’s no surprise that our new research echoes this, highlighting that 83% of respondents want the investments their bank makes using their money to align with their religious beliefs – an increase from 74% in 2021.
“Banks need to examine their portfolio and increase awareness around financial options available, to ensure they meet the rise in demand for Islamic banking, as well as ethical banking.”
The global research, which was first initiated in 2021 and repeated in 2024, has highlighted that although this group of consumers try to actively seek out Islamic banking products, they continue to be underserved. This presents an opportunity for financial institutions to expand their Islamic financial services in the UK given that 31% of millennial and Gen Z Muslim consumers say they use traditional/investment banking, but are considering Islamic banking.
If banks want to reach millennial and Gen Z UK Muslim consumers with Islamic financial services, they have education and access work to do first – 44% of UK respondents say the reason they don’t use Islamic banking is because they didn’t know it was a possibility – the joint highest percentage among the regions surveyed, along with Saudi Arabia. In fact, the UK is the only country where less than half of respondents (35%) say they are aware of the product range of Islamic banking.
Many banks may be under the misconception that there isn’t a demand for Islamic banking products, however, further findings revealed that faith-based and ethical values are still very important to millennial and Gen Z Muslims in the UK. 82% of them say it is important the investments the bank makes using their money does good in the world, and the same percentage say it is important these investments are ethical.
For full findings and to access the report, please visit https://mambu.com/insights/reports/islamic-banking-beliefs-and-business.
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Revolut Becomes Title Partner of the Future Audi F1 Team
The future Audi F1 Team and Revolut, the global fintech leader with over 60 million customers, are joining forces in a landmark agreement that will see Revolut become the title partner of the team from the 2026 FIA Formula One Championship season onward.
The partnership unites two premium brands with a shared ambition to challenge convention and drive consistent innovation – both in motorsport and in global finance. The common goal of the partnership is to establish new ways for fans to interact with the sport during race weekends, with unique experiences for a new generation of motorsport enthusiasts and exclusive benefits for Revolut customers.
As part of the agreement, Revolut Business will be extensively integrated into the team’s financial operations. Fans will also benefit directly with Revolut powering seamless checkout solutions for team merchandise, ensuring a premium and intuitive retail experience.
Nik Storonsky, CEO, Revolut: “This is a monumental partnership for Revolut and the future Audi F1 Team. We’re accelerating towards 100 million customers, and we’ll be bringing them into Formula 1 with unforgettable experiences at a pivotal time for the sport. As Revolut continues to challenge the status quo in global finance, the future Audi F1 Team is set to do the same in motorsport. With a shared outlook, global ambition and relentless drive for progress, this partnership will define what’s possible in Formula 1.”
Jonathan Wheatley, Team Principal of the future Audi F1 Team: “With Revolut, we have found a true partner that shares our core ethos of innovation and relentless ambition. This is more than a brand fit; it is a strategic alliance engineered to challenge conventions in motorsport. From 2026, Revolut’s digital-first solutions will power key areas of our operations while also redefining how fans and communities engage with our team – delivering a seamless and engaging experience on and off the track.”
Gernot Döllner, CEO of AUDI AG and Chairman of the Board of Sauber Motorsport AG: “Audi is entering Formula 1 with a clear ambition: to use the platform as a technologically relevant and economically sustainable investment in the future of the Audi brand. We firmly believe in the success of our project, which we are approaching with a realistic attitude and a mindset of continuous improvement. In Revolut, we have found a partner that shares our ambitions and attitude. Formula 1 is a global stage that offers us the opportunity to reach new target groups together and generate enthusiasm for our products.”
The partnership marks a landmark move from Revolut as it rapidly scales towards 100 million customers globally. Over the past twelve months, Revolut has driven significant innovation across its core finance and lifestyle offerings, all while experiencing record global growth and earning the status of Europe’s most valuable private technology company.
With around 820 million fans and 1.6 billion TV viewers during 2024, Formula 1 is the world’s most popular sports series.
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