Page 75 - CMA Journal (Mar-Apr 2025)

Budget Special
Survey Report

ICMA-Gallup Survey on Islamic Banking

and the Islamization of Pakistan’s Economy

Preamble Survey Methodology
ICMA Pakistan, in partnership with Gallup Pakistan, Gallup Pakistan conducted an opinion-based survey among
conducted a survey on March 5, 2025, to gather both members and non-members of ICMA Pakistan to
feedback on Islamic Banking and the Islamization of gather views on Islamic banking and the broader
Pakistan’s economy. The aim was to understand Islamization of Pakistan’s economy. The questionnaire was
stakeholder views on the steps being taken to promote designed by ICMA Pakistan, with Gallup providing minor
Islamic banking and finance. Under the State Bank of value additions to enhance its effectiveness. The finalized
Pakistan’s 2023–2028 strategic plan, conventional banks version was hosted online and shared via a group link for
are to be converted into Islamic banks, with a target of digital data collection. Gallup emailed the survey to over
reaching 30% of total banking assets and deposits 5,000 individuals, including ICMA members. Data collection
under Islamic banking by 2025. continued for six weeks and concluded on April 10, 2025. All
responses were carefully reviewed for quality and analyzed
The survey findings are being published in the current using statistical software. The summarized findings were
issue (Mar–Apr 2025) of the Chartered Management subsequently shared with ICMA Pakistan.
Accountant Journal. We hope our members, students, and
readers find the insights useful in evaluating the progress
and challenges of this transition.
Survey Results

90% support the Islamization of Pakistan’s Economy

Do you believe the Islamization of economy is important for Pakistan?

90% Yes, it’s important for
aligning with Islamic values

5% Neutral

3% No, it may hinder
economic growth

2% Not sure

A strong majority—90% of respondents—believe that the Islamization of the economy is important for
aligning with Islamic values. Meanwhile, 5% remained neutral, expressing neither strong support nor
opposition. Only 3% felt that Islamization could potentially hinder economic growth.

ICMA’s Chartered Management Accountant, Mar-Apr 2025 73