Awareness of non-Muslims about Islamic financial institutions in Colombo district

Abstract

Islamic finance has experienced tremendous growth in the last few decades. Consequently, Islamic financial institutions have also increased in numbers globally. Sri Lanka has also seen an increase in its own Islamic financial institutions as well as Islamic windows, which are operated by conventional financial institutions. The main objective of this research is to determine the awareness level of non-Muslims of Colombo district with regard to Islamic financial institutions. It also aims to identify whether they realize the existing difference between Islamic financial institutions and conventional financial institutions. 200 questionnaires were distributed to non-Muslims in Colombo district. The findings of the research shows that non-Muslims of Colombo district have a general awareness level of Islamic financial institutions but require further knowledge to better understand the difference between Islamic financial institutions and conventional financial institutions. It is recommended that Islamic financial institutions in Sri Lanka, especially, should actively seek participation to raise awareness among the non-Muslim population about Islamic financial institutions and its differences with conventional financial institutions.