Global reports (including COMCEC Financial Outlook of the OIC Member Countries 2017) indicate that the proportion of adults with bank accounts in the 23 (Low Income and Lower Middle Income Groups) of the OIC member countries stands at below 26.23%. A significant portion of the unbanked remain so due to voluntary exclusion from interest-based financial services.
Lack of non-interest financial services and/or deficiency of healthy non-interest ecosystems have potentially been impeding on economic growth, at least for countries with significant demand for such options
Furthermore, according to World Bank Global Financial Development Report 2014, Shari‘ah-compliant financial products and instruments can play a significant role in enhancing financial inclusion among Muslim populations. (COMCEC Financial Outlook 2015)