Abstract:
Islamic finance has experienced tremendous growth in the last few decades.
Consequently, Islamic financial institutions have also increased in numbers globally. Sri
Lanka has also seen an increase in its own Islamic financial institutions as well as Islamic
windows, which are operated by conventional financial institutions. The main objective
of this research is to determine the awareness level of non-Muslims of Colombo district
with regard to Islamic financial institutions. It also aims to identify whether they realize
the existing difference between Islamic financial institutions and conventional financial
institutions. 200 questionnaires were distributed to non-Muslims in Colombo district. The
findings of the research shows that non-Muslims of Colombo district have a general
awareness level of Islamic financial institutions but require further knowledge to better
understand the difference between Islamic financial institutions and conventional
financial institutions. It is recommended that Islamic financial institutions in Sri Lanka,
especially, should actively seek participation to raise awareness among the non-Muslim
population about Islamic financial institutions and its differences with conventional
financial institutions.
