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Consumer spend in Islamic economy hits US $2.2 trillion

Wednesday, 11 13 2019, Category: Islamic Insurance, Country: U.A.E
The annual consumer spending in Islamic economy sectors touched US$2.2 trillion in 2018, reflecting a 5.2 per cent year-on-year growth, said the Dubai Islamic Economy Development Centre (DIEDC) in its State of the Global Islamic Economy Report 2019-20. The consumer spending is expected to reach US$3.2 trillion by 2024.

Out of 73 countries, Malaysia, the UAE, Bahrain and Saudi Arabia lead the Global Islamic Economy Indicator ranking. Indonesia showed the biggest jump from number 10 to number five. The UAE also tops five of the seven Islamic economy sector rankings. This year’s SGIE report has been produced by DinarStandard, a US-based research and advisory firm.

“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 per cent 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 percent. In addition, Islamic finance assets are estimated to have reached US$2.5 trillion in 2018,” said the seventh edition of the report released on Monday.

The annual report presents an update on the continued global growth of the Islamic economy, encompassing halal products, Islamic finance and related lifestyle sectors.

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