What do British Muslims really think about their money?
A mixed-methods research programme combining 794 quantitative survey respondents with 49 qualitative focus group participants, giving Wahed the intelligence to grow in the UK Muslim market.
The Brief.
Wahed needed to understand how British Muslims think about banking, savings, and investment in the context of their faith. The brief covered two connected questions: what are the actual attitudes, behaviours, and barriers around Shariah-compliant finance among UK Muslims; and how should Wahed communicate its offer to resonate authentically with that audience.
WAF designed and delivered a mixed-methods research programme: a quantitative survey of 794 participants nationwide, and qualitative focus groups with 49 participants across 12 groups.
Six things we learned.
SUBTLE RELIGIOSITY
Participants were against strong religious messaging. Positive, inclusive approaches that educated and showed practical benefits resonated more strongly than faith-first framing.
SECONDARY BEFORE PRIMARY
Participants were more open to trying Wahed as a secondary, trial or investment account than moving all their funds immediately. The entry point needed to reflect the importance of trust and familiarity.
EDUCATION IS THE UNLOCK
Participants needed clearer information about Islamic banking, riba and gold as a financial instrument. Wahed's communications needed to inform before they sold.
AWARENESS IS LOW
Unprompted awareness of Wahed was low across the focus groups. Building reputation and trust through transparency was a consistent recommendation.
RIBA AND GOLD
Riba was familiar language for much of the audience. Gold fluctuation created doubt around primary-account switching, but was less of a barrier for smaller investment amounts.
WOMEN WILL LEAD GROWTH
Although men saved proportionally more in the sample, women in the qualitative groups were planning to invest more in the coming year, identifying a significant growth audience.
The opportunity was there. The brand had to earn it.
71.94%
Open to Islamic banking
77.49%
Would actively look for a personal account using no interest or riba
73.7%
Would prefer their money tied to gold rather than fiat currency
258 of 350 respondents
30.2%
Had heard of Wahed before
The research pointed to a clear opportunity: interest in the proposition was stronger than awareness of the brand.
Faith language didn’t need to be hidden. It needed to be clear.
69%
Were familiar with the term “riba”
“Halal account”
Was the most preferred product wording in the research
The research gave Wahed permission to communicate more directly. Islamic terminology was understood by much of the audience, while the findings also showed where explanation and financial education would still be needed.
Testing the message.
WAF tested creative messaging approaches with the qualitative sample to identify which framings, language choices, and visual directions resonated most strongly. The findings directly informed Wahed's UK communications strategy.
WHAT WORKED
Educational, benefit-led framing. Transparency about how the product works. Positive and inclusive language that treats the audience as financially sophisticated. Investment framing for smaller amounts. Word of mouth and community-led awareness tactics.
WHAT DIDN'T WORK
Strong religious imagery or messaging. Assumptions of high Islamic financial literacy. Preachy or guilt-based framing. Leading with gold volatility. Any messaging that positioned the product as niche rather than mainstream.
The research didn’t end with findings.
01
BUILD AWARENESS
Make people aware of Wahed and the customer problem it was solving.
02
DEFINE THE PROPOSITION
Agree a central value proposition and message framework for the brand.
03
EDUCATE
Use financial education to help audiences understand the proposition and the role of concepts such as halal and riba-free finance.
04
BUILD TRUST
Strengthen reputation and transparency around the brand.
05
ACTIVATE
Translate the strategy into campaign activity, tailored messaging, testing and appropriate channels.
We build the intelligence before we build the campaign.
794 survey respondents. 49 qualitative participants across 12 focus groups. Research that moved from audience understanding to proposition, message and campaign direction.