Public Awareness of Islamic Banking System in Brunei Darussalam

Abstract

The overall purpose of the study is to examine the awareness of the public in Brunei Darussalam on Islamic banking system. Specifically, it tries to analyze the public knowledge about Islamic banking and its products and services, as well as their understanding of the principles. With this study, it assists to examine Islamic banks’ strategy in educating the public about their products and services. It also provides some useful suggestions for Islamic banks to improve their strategies in educating the public about Islamic banking system. A sample of 150 people was surveyed through self-administered questionnaires. The results of this study indicated that 97.2% of the public were aware of the existence of Islamic banking and its products and services in Brunei Darussalam. However, only 30.3% of the respondents understand the conceptual framework of Islamic banking and the mechanism behind it. Thus, the public would like the bank and relevant authorities to educate them in every way they can. Of the opinions received, Islamic banks may improve their strategies by providing a well-facilitated area and a system for the educational programmes, Hence, the exposure would not be limited, and the potential of Islamic banking system in Brunei Darussalam may be developed.