The Islamic economy continues to escalate

Looking up at records from 2015, the Muslim expenditure on food and beverage which was at $1.17 trillion, tops their overall spending and there is no sign of it reducing soon. Moreover, the global expenditure on Islamic food is predicted to increase to $3 trillion in year years. Presently the Islamic finance sector has $2 trillion worth of assets but this figure is on the increase as the demand for Islamic foods and lifestyle is on the rise.
According to the State of Global Islamic Economy Report prepared by the Dubai Islamic Economy Development Center, it is estimated that by 2021, the Muslim expenditure on food and beverage will reach $1.9 trillion.
Furthermore the report also states that in 2015, the global Muslim expenditure was the largest at over $1.9 trillion, followed by clothing and wardrobe at $243 billion, media and recreation at $189 billion, travel at $151 billion and pharmaceuticals and cosmetic at $78billion.
The report which is being prepared for the upcoming Global Islamic Economy Summit 2016 to be held at the Madinat Jumeirah in Dubai on October 11 and 12, also approximates that the overall proceeds obtained by halal- certified food and beverage companies globally is expected to be around $415 billion.
“The report also states that halal which is the strength of the Islamic economy by proceeds, is showing signs of full growth with private investors giving it a greater boost. Also assessments are presently being done on the existing regulations to ensure that investors abide by the laws and also to attract more investors to the halal food sector.”
The increase in the Islamic economy can mainly be tribute to the rising need of Islamic consumers in affirming their value and traditions which requires companies to cater for the choices of consumers which meets to their faith-based needs.
Presently, much consideration is focused on the needs of Muslim individuals and their needs have become a major concern for the Islamic sector.
The chairman of Dubai Chamber, and board member of the Dubai Islamic Economy Development Center, Majid Saif Al Ghurair stated that “the Islamic community continues to grow at a secure pace and the Islamic sector is putting measures in place to ensure that the Islamic economy plays an active role in the global economy. Also, it is the main priority of the sector to promote growth and maintain its economic growth.”

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