The Perspectives of Islamic Finance, Banking, Economic Practices, Development Opportunities, and Consumer Happiness

Abstract

The adherence to Islamic law, which prohibits the payment or charging of interest, forms the basis of Islamic finance. This paper aims to present a comprehensive analysis of the operating procedures of the Islamic finance industry in the 21st century. Furthermore, the study explores the wide range of Islamic financial practices and products that are already accessible. The primary aim of this study is to examine individuals' perspectives on Islamic finance practices, its potential for growth, and its impact on consumer happiness and economic development in the United Kingdom. The research employed a sequential explanatory (mixed methods) research design to achieve its objectives. The data was collected by a survey questionnaire utilizing a five-point Likert scale, as well as an interview conducted using a protocol questionnaire. The population for the study was selected using purposive sampling. The paper focusses solely on qualitative data and a portion of the research since it is a component of the researcher's final thesis project. Phase two of the research's explanatory sequential component is based on the replies of the participants gathered through the protocol questionnaire and interviews with a focus group. Coding and thematic analysis were used to systematically analyze the data. The results of the recent poll suggest that the citizens of the United Kingdom and Pakistan possess a strong awareness and understanding of Islamic financing. The data analysis results indicate a significant beneficial influence of Islamic financial practices, development potential, and various possibilities of Islamic finance on consumer satisfaction. Simultaneously, there is a substantial need for the formation of further Islamic financial institutions in the United Kingdom and Pakistan.