Islamic economy growing at nearly double global rate
Friday, 10 02 2015, Category: Islamic Banking, Country: World
Four Islamic countries, Malaysia, Kingdom of Saudi Arabia, UAE and Bahrain, have received top rankings as the healthiest Islamic economy environments worldwide, according to the second edition of the Global Islamic Economy Indicator (GIEI), which measures the development health of Islamic economy across 73 core countries in seven different sectors that include Islamic Finance, Halal Food, Fashion, Travel, Media and Research, Pharmaceuticals and Cosmetics.
The updated indicator is featured in the third ‘State of the Global Islamic Economy Report’ (SGIE 2015-2016) revealing the outstanding growth of the Islamic economy across strategic sectors and the abundant opportunities available in global Islamic markets, whose launch comes ahead of the Global Islamic Economy Summit (GIES 2015) which is taking place in Dubai next week.
Mohammed Abdullah Al Gergawi, Chairman of the Board of Dubai Islamic Economy Development Centre (DIEDC), said: “The Islamic economy is one of the fastest growing sectors in the world, with the Islamic economy growing at nearly twice the rate of the global economy and Muslim consumer spending exceeding $1.8 trillion. Islamic banking assets hover at some $1.3 trillion and are expected to double in just five years from today.”
Source: Saudi Gazette