Results and Discussion

This study used SPSS 16 to analyze the findings. Descriptive analysis was conducted to create and

represent participants’ demographic profiles. Frequency analysis

was conducted to measure role of Islamic finance in development of banking sector If Islamic banks

future goal is to compete with conventional banks then their second priority after advertisements

is to build many branches throughout each state so that customers will have easy access to go to if

they are considering investing in Islamic financial products. However, at this point the analysis

revealed that 86 percent of respondents indicated that Islamic banking customers (see Table 2). Of

those respondents (14 percent) who have indicated that there is very little the world’s financial

system is based on interest: Neutral/no opinion Somewhat disagree Strongly disaaccessibility, these

respondents must be living in the area where there are Islamic banks already available. Whether or

not US customers will want to invest in Islamic financial products and do business with Islamic

banks depends on whether or not US costumers know what Islamic banking is. Majority of the

respondents (60 percent) have indicated

that they know what Islamic banking is. Those participants that have indicated that they

know what Islamic banking is have indicated that they are Muslims. Responders who

have indicated that they are non-Muslim, majority of those responders have indicated that

they do not know what Islamic banking is. This is not surprising as the non-Muslim

population does not know and have never heard of Islamic banking, and how can they if

Islamic banks have not invested their money into advertisements to promote their Islamic

products to the US public.

For the statement “Do you think Islamic banking offers the kind of products that

you would want to invest in” 78 percent of respondents agreed that Islamic banks offer
the kind of financial products that they would be interested in investing in. When asked

“Do you think that participation in Islamic banking is more beneficial than participation

in conventional Western banking” 78 percent of respondents indicated that they thought

that investment in Islamic products is more beneficial.

Whether or not respondents will indicate if Islamic banking is important to them

or not will depend on whether they are Muslim or not, indeed 62 percent of the

respondents indicated that it is important for them to invest in Islamic banking (see Table

XIII). For the statement “How certain are you that Islamic banking will be beneficial” 58

percent of the respondents indicated that they were very certain that Islamic banking will

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be beneficial. This is to be expected as majority of the respondents understood what

Islamic banking is and have had experience with Islamic banking in the past. The

statement “How well do you think an Islamic bank can manage your funds” is closely

tied to the previous question, indeed 54 percent of the respondents indicated that an

Islamic bank will manage their funds very well, 38 percent indicated well. This is to be

expected, as with experience and understanding of what Islamic banking is consumers are

able to answer with certainty whether or not Islamic bank is able to manage their funds or

not.

The frequency analysis also revealed that for statement “If you had a choice
between Islamic banking and traditional banking, you would choose to invest in Islamic

banking” 76 percent of respondents indicated that they would choose to invest in Islamic

banking. When consumers’ understand what Islamic banking is and have had experience

with Islamic banking they are more willing to say that they would invest in Islamic

banking (see Table XIII). For the question “How often do you see advertisements or

commercials on Islamic banking (on television, newspapers, magazines, etc.)?” 72

percent of respondents have indicated that they never see advertisements and

commercials about Islamic banking. Respondents who have seen advertisements on

Islamic banking were those who have previously conducted business with an Islamic

bank, and have therefore seen brochures on Islamic banking. However, majority of

respondents do not see advertisements and commercials on Islamic banking on daily tudinal

differences in their

perceptions about the Islamic Banking services in the US