Pakistan ranked 8th in the Global Islamic Economic Indicator list
Shares
Pakistan has ranked 8th in the Global Islamic Economic Indicator list with the sustainable growth of Islamic institutions in the financial sector and economy of the country.
A report on The State of Global Islamic Economy, launched at the Institute of Business Administration (IBA) Karachi Center for Excellence in Islamic Finance (CEIF) with the theme ‘thriving in uncertainty,’ revealed this.
IBA held the launch event in collaboration with the Halal Development Council (HDC) Pakistan and in partnership with Dinar Standard, a US-based research and advisory firm. This is the first time that this global report has been launched in Pakistan. ------------------------------
------------------------------
This year’s report estimates that Muslims world-wide spent US $2.02 trillion in 2019 on halal lifestyle-related food, pharmaceuticals, cosmetics, modest fashion, travel, and media sectors. The report reveals that while this spending reflects 3.2 percent year-on-year growth, Muslim spending in 2020 is forecast to contract by 8 percent due to the pandemic.
However, spending, excluding travel, is forecast to rebound by the end of 2021 and is slated to reach US $2.3 trillion by 2024, at a cumulative annual growth rate (CAGR) of 3.1 percent. Islamic finance assets are estimated to have reached US $2.88 trillion in 2019 and are estimated to remain at the same level in 2020. Pakistan’s domestics Muslim consumer expenditure on halal relevant sectors was estimated at $120 billion in 2019, which is the 6th highest globally.
The SGIE report also highlights the social impact developments of Islamic economies in addressing the United Nations’ Sustainable Development Goals, including initiatives addressing the exacerbated poverty and food security crisis from the COVID-19 pandemic. Malaysia leads the report’s Global Islamic Economy Indicator ranking while Pakistan has been ranked 8th out of 81 countries.
