Published on 13 October 2020
Core Drivers of the Islamic Economy
With notable developments this past year, the Islamic economy has established an increasingly important footing in the global economy, driven by increasing Muslim consumer demand for dedicated products and services based on Islamic law that has developed the global sub-sectors of Halal (permissible) food, cosmetics and pharmaceuticals, Islamic financial services, modest fashion, Muslimfriendly travel, and Islamic-themed media.
Global growth is underpinned by 10 key drivers that include high growth and affluence among Muslim populations, increasing adherence to ethical values, continued engagement by global multinationals and investors, and a growing number of national strategies dedicated to halal products and related opportunities.
Reference: State of the Global Islamic Economy Report 2019/20, pages 2, 8 & 9