Page 76 - CMA Journal (Mar-Apr 2025)

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88% emphasize the importance of eliminating riba (interest)

The survey reveals that 88% of respondents How important is the elimination of Riba
consider the elimination of riba from (Interest) from Pakistan’s economy?
Pakistan’s economy to be extremely
important. In contrast, 7% view it as less
significant, and only 2% deem it 88% Extremely
unimportant. These findings demonstrate important
strong support for replacing interest-based 2% Extremely
financial systems with Islamic finance. not important
3% Not sure/
IMF No opinion
Somewhat
7% Somwhat
important

80% prefer Islamic banking over conventional banking

When asked about their banking preferences,
Do you prefer Islamic banking over conventional banking?
80% of respondents expressed a preference for
Islamic banking, while 13% said their choice
2% depends on the service. Only 5% favored
I am not conventional banking, and 2% were unfamiliar
familiar with with Islamic banking, highlighting a clear
Islamic banking
inclination towards Islamic banking practices.
5%
No, I prefer
80% ĐŽŶǀĞŶƟŽŶĂů
Yes, ďĂŶŬŝŶŐ
Always
13%
^ŽŵĞƟŵĞƐ͕
ĚĞƉĞŶĚŝŶŐ ŽŶ
ƚŚĞ ƐĞƌǀŝĐĞ

86% choose Islamic banking primarily for religious compliance (shariah)

When asked about their What is your primary reason for choosing islamic banking over conventional banking?
reasons for preferring Islamic
banking over the conventional
system, 86% of respondents ĞƩĞƌ ƌĞƚƵƌŶƐ
selected religious compliance 5% Žƌ ƐĞƌǀŝĐĞƐ
(Shariah) as their primary
motivation. Additionally, 7% Ethical
cited “ethical practices,” 5% 7% ƉƌĂĐƟĐĞƐ
were attracted by “better
returns/services,” and only 2% 2% Peer or family
were influenced by family or ŝŶŇƵĞŶĐĞ
peers. Religious compliance
86%
ar
i
a
Sh
(Sh i ))
( (Shariah)
74 ICMA’s Chartered Management Accountant, Mar-Apr 2025