Recently Dubai Islamic Economy Development Centre (DIEDC) published the results of the State of the Global Islamic Economy Report 2018/19, titled ‘An Inclusive Ethical Economy’ and found that “Muslims spent [an estimate] $2.1 trillion across the food, beverage and lifestyle sectors in 2017, and forecasts spending to reach $3 trillion by 2023. By category, food and beverage leads Muslim spend at $1.3 trillion, followed by fashion at $270 billion, media and recreation at $209 billion, travel at $177 billion, pharmaceuticals at $87 billion and cosmetics at $61 billion.”
Forbes Middle East makes the following key points:
— “There is significant scope for growth in the Islamic economy, with only $745 million in disclosed private equity investments in the last three years, far below the approximately $595 billion in global private equity and venture capital investments undertaken in 2017. While more government backing is needed in certain segments, there has been a nuanced focus on areas that can drive the advancement of the Islamic economy, especially regulation.”
— “More companies are active in halal food than in any other sector of the Islamic economy.”
— “Halal travel is expanding through offering cultural, historical, religious and beach holidays.”
— “Modest fashion has firmly moved into the mainstream, from models in hijabs walking down the catwalks for luxury brands to European fashion magazines sporting Muslim models on their covers. A notable shift has seen high street retailers launch their own modest fashion lines, from Macy’s in the USA to Marks & Spencer in the UK and H&M worldwide.”
— “Halal media and recreation is also broadening its appeal, from the big screen to a Muslim ‘Netflix’ for children. The Middle East is experiencing growing demand for Arabic content, with Netflix developing a local series. Meanwhile, the UK held its first Muslim literature and culture festival, MFest. Muslims spent $209 billion on media and entertainment in 2017, and this number is estimated to hit $288 billion by 2023.”
— “The Islamic finance sector is fast becoming a force to reckon with, especially in member states of the Organisation of Islamic Cooperation (OIC). Islamic banking penetration is on the rise, most notably in the UAE, while Islamic finance overtook conventional loans in Malaysia in 2017 as the main driver of growth of the domestic banking system. The sector has moved beyond the core hubs of the UAE and Malaysia to include new entrants from East Africa to Central Asia as governments seek to bolster financial inclusion.”
