This study explores challenges and opportunities for Islamic banking in the Commonwealth Caribbean, a region largely absent from global Islamic finance despite strong structural and cultural alignment.
Using a qualitative approach, semi-structured interviews were conducted with ten senior banking executives across the region. Thematic analysis examined institutional readiness, perceived opportunities, and barriers to implementation.
Four key themes emerged: regulatory uncertainty causes institutional inertia; internal knowledge gaps limit preparedness; values-based framing enhances appeal beyond religious identity; and fintech offers a scalable, low-risk entry point for Islamic finance
This is the first study to capture executive insights on Islamic banking in the Caribbean, highlighting its potential to promote inclusive, ethical finance aligned with regional development goals.
The small sample limits generalisability. Future research should examine legal frameworks and regional co-ordination to support sector growth and sustainable development in small island developing states.
Daher, E., Azar, R., Naipaul, T. and Kyriakou, S. (2025): Challenges and Opportunities for Islamic Banking and Finance in the Commonwealth Caribbean. In Ahmed, A. (Ed.): United Nations: What Next After 2030 Agenda and SDGs. World Sustainable Development Outlook 2025, Vol. 21, pp. 229-245 . WASD: London, United Kingdom.
