This study will attempt to study and analyze the Knowledge, Attitude and Practices (KAP) of Islamic Banking in Qatar. To date, there is no study that has analysed the demand side of the Islamic Banking industry i.e. the public in general and the clients of Islamic Banks. The majority of the studies have focused on the supply side of the Islamic Banking industry i.e. the Islamic Financial Institutions and their products and services. Through conducting a national survey, this study will examine the Knowledge, Attitude and Practices of the Qatari nationals and residents towards Islamic Banking in Qatar and provide detailed information on the demand side.
This information is critical for banks and policymakers to adapt their product offering and strategies to market demand. Specifically, the survey will highlight the gaps in public’s knowledge and information towards Islamic Banking, their expectations and perception about the Islamic banking industry, and the services and products they are using.
Among the questions that research aims to address are:
- To measure the level of inclusion in Qatar’s banking sector and other formal financial institutions.
- To identify the main reasons for having a bank account in Qatar and the frequency of its usage by the banked population.
- To examine the level of awareness and knowledge among Qatari population on Shar’iah rules and requirements related to Islamic banking and the main differences it has with mainstream or conventional banking system.
- To quantify the demand and interest for genuinely Islamic banking in Qatar, both for household and private and public institutions.
- To identify the cost and easiness of access to Islamic financial products vs. conventional ones.
- To identify the level of prevalence of genuinely Shar’iah-compliant financing contracts among Qatari firms (SMEs and large corporates) and households.
- To examine the views of the Qatari population on the issue of compliance of the current banking system with the Shar’iah guidelines.
- To identify the views of the public on the perceived obstacles and challenges for enhancing the supply of and access to genuinely Shar’iah-compliant financial products in Qatar’s banking industry.
- To highlight the demand-supply gap in the Shar’iah-compliant financial industry.
- To understand the popularity, usage and relevance of different Shar’iah-compliant financial products in the Qatari society.