Muslim women in the UK continue to face significant financial challenges, with factors such as language barriers, cultural expectations, and limited access to mainstream financial services restricting their economic participation. Research suggests that South Asian Muslim women, in particular, experience higher levels of financial exclusion and often rely on informal savings methods due to a lack of culturally appropriate banking options.
One such method is the Kameti system, a widely used community-based savings scheme in which participants contribute a fixed sum regularly and receive a lump sum at predetermined intervals. The system offers flexibility, trust, and cultural familiarity, making it a preferred choice for many women who find formal banking services daunting or inaccessible. However, despite its advantages, the Kameti system lacks formal security and can expose participants to financial risks such as fraud or mismanagement.
Although Islamic financial products are available in the UK, many Muslim women continue to face challenges in accessing them independently. Language barriers and unfamiliarity with financial processes often result in a reliance on family members, which can limit their financial autonomy and confidence in managing their own finances. Addressing these barriers requires financial institutions to develop more inclusive services, such as multilingual support and culturally sensitive financial education programmes, to ensure that Muslim women have the tools they need to navigate the banking system effectively.
Encouraging financial inclusion among Muslim women calls for a collaborative effort from policymakers, financial institutions, and community organisations. By providing accessible and culturally appropriate financial solutions, Muslim women can gain greater economic independence and play a more active role in their households and communities. Furthermore, formalising trusted informal savings practices such as Kameti within the mainstream financial system could enhance security and scalability, offering women greater financial stability in an ever-evolving economic landscape.
**For further insights into how Muslim women save and manage their finances, read our full report here.
