Brussels, February 6, 2013 - Key findings published this week from Belgium's first independent market study entitled "Islamic finance in Belgium - sizing the retail market" points to a very strong interest from local Muslim consumers in Islamic finance products and services.  Over 70% of survey respondents interviewed for the study have indicated their likelihood to take up such services if local banks were to begin offering them.

"Islamic finance in Belgium - sizing the retail market" was independently commissioned by the Association for the Development of Islamic Finance (ADEFI) (http://www.adefi.be), an industry body dedicated to the promotion and development of ethical and socially responsible finance, in conjunction with IFAAS (Islamic Finance Advisory & Assurance Services) (www.ifaas.com), the international Islamic Finance consultancy. 

The report sets out the market opportunities for financial institutions interested in developing an offering for the Belgian consumer market.  It provides a full analysis of the consumer demand for Islamic retail banking, finance and Islamic insurance "Takaful" and measures the likely consumer response and take-up to such products. 

"Islamic finance in Belgium - sizing the retail market" analyses Muslim consumers' current consumption of financial products and services and their attitudes towards conventional, interest-based retail finance.  It then gauges their predisposition to change from conventional products to Islamic products, such as loans and savings accounts, their price elasticity towards these products and their likely speed of response to the launch of such products. The subjects of Shariah compliance, distribution channels and preferred providers are also covered in this extensive report.

Commenting on the findings, Fouad TAHERE, president of ADEFI says: "Islamic finance in Belgium - sizing the retail market" is the first specialised independent report providing an insight in to the Belgian Muslim consumer's appetite for Islamic Finance products and services.  With over 70% of respondents likely to take-up such products, Islamic finance offers vast potential for financial organisations wishing to develop their offering."

Boubkeur AJDIR, director, IFAAS added, "Islamic finance is a developing market in Europe including France and Belgium, and with Brussels as the heart of the EU, it offers great potential to financial services companies.  The challenge for decision makers is to ensure that their early critical decisions are based on accurate market information to ensure long term success. This report will prove invaluable for many institutions keen to unlock this potential."

ADEFI and IFAAS commissioned a highly reputed local research firm to independently undertake the quantitative survey. Interviews were conducted per phone on a weighted sample size of over 500 individuals, reflecting a true picture of the Belgian Muslim consumer market.  The target sample was composed of adult men and women, from a variety of socio-economic categories living in Brussels, Flanders and Wallonia. 

-Ends-

ADEFI, founded in 2009, is a Belgian based association. It is dedicated to the promotion and development of ethical and socially responsible finance, particularly Islamic finance, amongst consumers, regulators and Belgian public authorities. 

IFAAS is an independent specialist consultancy with offices in UK, France and Bahrain, providing professional advisory services to a wide range of financial institutions in the critical and complex area of Shariah Compliance. It has published several similar market reports analysing the consumer market for Islamic Finance including France in 2008, Oman in 2011 and Morocco in 2012. IFAAS reports have been considered by the industry to be ground breaking benchmarks for the respective markets.

IFAAS has been at the forefront of the development and growth of the Islamic finance industry.  Its founding members were instrumental in establishing a number of pioneering Shariah-compliant brands and launching innovative products across different sectors of the Islamic financial industry. Over the last few years IFAAS has developed into the first point of call for professional advisory on Islamic Finance projects in Europe, Africa, the Americas, Middle East, and beyond.

FOR FURTHER INFORMATION CONTACT :
ADEFI
En français :
Mr Fouad TAHERE
Tél : + 32 484 92 87 81
f.tahere@adefi.be

ADEFI
In het Nederlands :
Mr Hicham CHAMMOUR
Tel : + 32 484 294 383
h.chammour@adefi.be

IFAAS
En francais :
boubkeur.ajdir@ifaas.com
 
In English :
Me Ghezala SULTAN
Phone : +44 7739 337 063
ghezala.sultan@ifaas.com

© Press Release 2013