Islamic banking remains unpopular in Egypt: Gallup poll

A recent Gallup survey reported that Islamic banking remains unpopular in Egypt, with only 3% of adults using Islamic banking services and only 49% who have heard of Islamic banking in the country. The poll also found that 45% of all respondents preferred a more expensive loan from an Islamic bank to a cheaper loan from a conventional bank. Identifying the reasons for this lack of demand will require extensive research. However, there is no reason why Islamic banking could not increase in the future if its demand increased, given that the only barrier to its use is the lack of its popularity. The survey was conducted in 2012 through face-to-face interviews with 1,000 adults aged above 15 years in Egypt, Tunisia, Algeria, Morocco, and Yemen.