Global Islamic economy to hit $3 trillion: Khaleej Times
Shares
ISLAMABAD (APP): Global spending on Islamic food and lifestyle is projected to hit $3 trillion in five years as the Islamic finance sector, which has assets currently worth $2 trillion, is poised to touch $3.3 trillion by 2021 on the back of growing awareness about its product offerings.
Pakistan-Iran banking relations strengthened
Khaleej Times on Tuesday reported that the Dubai Islamic Economy Development Centre in its 'State of the Global Islamic Economy Report' prepared in partnership with Thomson Reuters and Dinar Standard estimates that global Muslim spending on food and beverages is expected to reach $1.9 trillion by 2021.
The report's findings show that global Muslim spending across sectors was over $1.9 trillion in 2015. Food and beverage tops Muslim spending by category, at $1.17 trillion in 2015, followed by clothing and apparel at $243 billion, media and recreation at $189 billion, travel at $151 billion and spending on pharmaceuticals and cosmetics at $78 billion.
Islamic financing: How it can reduce poverty in Muslim world
The study, being released in the lead-up to the Global Islamic Economy Summit 2016 (GIES), set to take place on October 11 and 12 at the Madinat Jumeirah in Dubai, also estimated the revenue generated by halal-certified food and beverage companies worldwide to be at $415 billion.
