Volume : V, Issue : II, February - 2016

PERCEPTIONS OF WEST AFRICAN MONETARY UNION (UEMOA) CONSUMERS TOWARD ISLAMIC FINANCE

Aboudou Maman Tachiwou

Abstract :

 This paper reports the results of a survey of 415 Muslims of UEMOA region retail consumers in June 2014 –June 2015 used in gathering attitudes, perceptions and motivations towards Islamic methods of finance. The focal point of Islamic banking is adhering to the shariah law which prohibits the utilization of Riba (interest). This banking approach has recently grown in popularity not only in Islamic countries, but has been emyonic in non–Muslim countries. Although these methods are not totally new or revolutionary as it has been written and practiced during the renaissance of the Islamic civilization, it has yet to establish itself and be a test in the modern world as compared to the conventional banking. There are many reasons why Muslims still engage in « non–interest–free » products. One of the reasons is the availability of Islamic financial product or non–interest beå financial instruments offers by the banks, it is quite difficult to find such instruments, as most of them are not easy to get. To some extent, there are only few financial institutions which offer such products. This article attempts to examine the attitude of UEMOA Muslims, towards Islamic finance products and will explain whether there is demand for such products from them. It is found out that Muslims living in UEMOA are very much willing to change their practices from indulging in the conventional system – the Islamic financial system. The results indicate that while most respondents have at least some knowledge about some aspects of Islamic finance, specifically full–equity business partnerships and (interest–free benevolent loans, they are generally unaware of many other related products. Nonetheless, most respondents (78.55%) are potential users of Islamic methods of finance at the retail level, though potential use varying markedly according to age, and level of education.

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Article: Download PDF   DOI : 10.36106/ijsr  

Cite This Article:

ABOUDOU Maman Tachiwou Perceptions of West African Monetary Union (Uemoa) Consumers Toward Islamic Finance International Journal of Scientific Research, Vol : 5, Issue : 2 February 2016

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