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The Global Islamic Economy

Published on 22 April 2020
The Global Islamic Economy

The State of the Global Islamic Economy Report, shines an ever-strong spotlight on the 1.8 billion Muslim consumers around the world.

The 2019/ 2020 report published by Dinar Standard, estimates that Muslims spent US$2.2 trillion in 2018 across the food, pharmaceutical and lifestyle sectors that are impacted by Islamic faith-inspired ethical consumption needs. This spending reflects a healthy 5.2% year-on-year growth and is forecasted to reach US$3.2 trillion by 2024 at a Cumulative Annual Growth Rate (“CAGR”) of 6.2%. In addition, Islamic finance assets were reported to have reached $2.5 trillion in 2018.

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, Muslim friendly travel, and Islamic-themed media.

Reference: State of the Global Islamic Economy Report 2019/20, pages 2 to 4