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State of the Global Islamic Economy Report
State of the Global Islamic Economy Report
State of the Global Islamic Economy Report
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Report
Economy
Islamic
the Global
State of
2023/24
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2023/24
State of
the Global
Islamic
Economy
Report
Contents
08 14 26
Executive Chapter 1: Chapter 2:
Summary The Islamic 10 Years of
Economy and Tracking the
Drivers of Global Islamic
Opportunity Economy
92 116 140
Chapter 6: Chapter 7: Chapter 8:
Halal Food Islamic Finance Muslim-Friendly
Travel
254
Endnotes
EXECUTIVE SUMMARY 5
PEXELS
W
e now have sovereign wealth funds led by Saudi Arabia’s PIF that are actively
engaged in this space. Economic policies in Malaysia, Indonesia and Saudi Arabia
continue to incorporate the Islamic economy as part of their national strategies.
VCs and PE funds continue to back exciting entrepreneurship, from Fintechs
such as Wahed, to the modest fashion e-commerce platform Modanisa. Global
conglomerates, from BRF or Nestle to Nike, also continue to invest and develop
solutions for the large and growing Islamic markets. The OIC (Organization of
Islamic Cooperation, which includes 57 member countries) ecosystem, from
the IsDB Group to the ICDT, is now also focusing on Islamic/ Halal economy
opportunities as a developmental priority. Meanwhile, global development
agencies, from the UNHCR to the World Bank, are looking at Islamic social
finance as a significant source of funding.
This 2023 edition is being presented amidst a global crisis around the
Palestinian-Israeli conflict which has significant socio-economic relevance to
core Islamic markets. Additional global challenges, including continued conflict
EXECUTIVE SUMMARY 9
have resulted in a surge of regionalization and localiza-
tion initiatives across OIC countries. In the aftermath of
the pandemic, several initiatives were also launched to
strengthen vaccine and biopharmaceutical production
in OIC countries, such as Indovax and Saudivax. Muslim
spending on pharmaceuticals reached US$108 billion in
2022, up by 7.8% from US$100 billion in 2021, and is fore-
casted to reach US$142 billion in 2027 at a CAGR of 5.7%.
Cosmetics growth: The beauty industry is bouncing
back in the aftermath of the pandemic, especially lipstick
sales, with the relaxation of mask-wearing regulations.
Brands are working towards making their supply chains
more resilient and sustainable. AI and AR have emerged
as the two hottest technological innovations in the beauty
industry, enabling virtual makeup try-ons. Korea is actively
working to establish a global network to capture a larger
share of the Halal cosmetics market, while India and
Indonesia remain the top 2 largest markets by Muslim
consumer spending on cosmetics. Muslim consumer
spending on cosmetics reached US$84 billion in 2022,
up by 14.3% from US$74 billion in 2021, and is forecasted
to reach US$129 billion by 2027 at a CAGR of 8.9%.
Media & recreation growth: The media sector is
attracting higher levels of investment and regulatory
attention, with the total value of deals related to media
and entertainment doubling from US$2.4 billion in 2021/22
to US$4.98 billion in 2022/2023. Regulatory overhauls are
spreading across Asia and the MENA region, with countries
issuing new licensing requirements for social media and
streaming services regulatory guidelines. Mainstream
media production companies are joining the bandwagon of
creating content that showcases Muslim characters, such
as the Muslim Pakistani “Ms. Marvel”. Muslim spending on
media and recreation reached US$247 billion in 2022, up
by 6.4% from US$233 billion in 2021, and is forecasted to
reach US$344 billion in 2027 at a CAGR of 6.8%.
Recommendations: This report presents its annual
analysis highlighting sector-specific signals of opportuni-
ties and recommendations for governments, businesses,
and investors to enable them to navigate this opportunity
landscape.
The Report features a special 10th-anniversary section
that explores the evolving state of investments, national
policies, lifestyle trends, and the social impact that has
shaped the past decade of the global Islamic economy. As
we head towards the next 10 years, the SGIE Report edito-
rial team presents an aspirational vision for the Islamic
values-anchored ethical economy to become a significant
enabler of global socio-economic prosperity. This vision
builds on the successes of the past decade and leverages
the potential anchored by a fast-growing core ethical con-
sumer market, estimated at 25% of the world’s population
and economy, to contribute to solving the world’s major
challenges and realizing its opportunities sustainably.
EXECUTIVE SUMMARY 11
The Global Islamic Economy
2023/24 Overview
ALL FIGURES IN US DOLLARS BILLIONS UNLESS OTHERWISE STATED
CONSUMER
OPPORTUNITY
Represented by US$2.29 trillion of consumer spending
by 2 billion Muslims across six real-economy sectors (2022).
Reaching $3.1 trillion by 2027 (4.8% CAGR).
HALAL FOOD
$247
Plus
6.8%
$1,403
$3.9 trillion of Islamic
Finance Assets (2021/22 est.)
$344
6.1%
ISLAMIC FINANCE
HALAL PHARMA
$1,887
$142
MODEST FASHION
$318
6.1%
HALAL
COSMETICS
$428
$84
8.9%
MUSLIM-
FRIENDLY TRAVEL $129
$133
9%
5.5%
$174
*All estimates by DinarStandard except for Islamic Finance sector provided by Refinitiv Islamic Finance Development Indicator 2021/22 data. Muslim consumer spend estimates
& analysis by DinarStandard leveraging World Bank’s ICP 2017 consumer data as baseline reference. Halal and related product exports are based on ITC Trademap 2022 data.
Projections are baselined on data from IMF Outlook from April 2023. Investments (figures and individual deals) are based on a detailed scan of databases from CapitalIQ,
Crunchbase and DinarStandard analysis from 1st August 2022 to 31st July 2023. See appendix for detailed methodology.
OIC Organization of Islamic Cooperation, 57 mostly Muslim-majority member countries.
GOVERNMENT LEADERSHIP
Malaysia, Saudi Arabia and Indonesia lead the index of 81 countries with strongest Islamic economy ecosystem.
(SEE CHAPTER FOR DETAIL)
Global Islamic Economy Indicator Ranking 2023
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Malaysia Saudi Indonesia UAE Bahrain Iran Türkiye Singapore Kuwait Qatar Jordan Oman Pakistan South UK
Arabia Africa
55.6%
Islamic
INVESTMENTS Finance
Investments in the Islamic Economy reached $25.9 billion in 2022/23, at 128% YOY growth.
19.2%
Indonesia 48 Egypt 14 Media
UAE 40 Saudi Arabia 11 13.1%
Travel
Türkiye 17 Nigeria 11 8.5%
Halal Food
Malaysia 17 3.6%
Others
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EXECUTIVE SUMMARY 13
CHAPTER
The Islamic
1
Economy and
Drivers of
Opportunity
SHUTTERSTOCK
M
uslims around the globe, irrespec-
tive of their ethnic origin, are bound
together by religious beliefs and
practices that influence their con-
sumption patterns across various
economic sectors, driving a US$2.29
trillion opportunity for a range of
products and services. Add to that Islamic financial assets
amounting to US$3.96 trillion, and you get a complete
picture of the Islamic economy being worth a staggering
US$6.25 trillion. In its 10th edition, the State of Global
Islamic Economy (SGIE) annual report provides an over-
view of the methodology development and forecasts made
during the last decade, as well as conveying the current
status of the overall Islamic economy and its various
sectors.
The word “halal” is an Arabic term meaning permis-
sible or lawful under Islamic law. The halal economy, also
referred to as the “Islamic economy,” consists of a number
of sectors comprising core products and services that are
structurally affected by Islamic ethics and law, including
food, pharmaceuticals, cosmetics, finance, travel, and media
and recreation. The Islamic economy, as a market, caters
primarily to the ethical needs and values of Muslims,
who follow Islamic law and guidance in their daily lives,
as outlined by the principles derived from the Qur’an
(the Muslim holy book comprising the word of God) and
the Sunnah (the sayings and traditions of the Prophet
Muhammad (peace be upon him)).
The SGIE report focuses on the sectors that offer
products and services that are structurally influenced
by Islamic ethics and law, anchored by the concept of
‘halal’ or permissible. In general, products are consid-
ered halal unless they contain ingredients prohibited by
the Qur’an and, therefore, are considered as ‘haram’ or
impermissible. The Qur’an defines impermissible food
items and substances, such as pork and its by-products,
alcohol, and any other intoxicating substances. In terms
of services, there are also several impermissible practices
designated by the Qur’an, such as gambling and taking
interest on money lent. The following section highlights
the impact of Islamic law and ethics on the core sectors
of the Islamic economy.
UNSPLASH
With the clear prohibition of specific food items by Islamic The Qur’an and Sunnah require Muslims to follow spe-
law, such as pork and intoxicants, ingestible products, cific guidelines in their business transactions, ensuring
whether food and beverage or pharmaceutical prod- that these transactions are fair to all contracting parties.
ucts, need to be free of any impermissible ingredients. These guidelines include ensuring the substance of the
Accordingly, most Muslim-majority countries introduced transaction is halal and that the details of the transaction
laws specifying halal ingredients with halal certification and the terms of the contract are all just, clear, and in
requirements for imported products in the food and phar- accordance with Islamic principles, including avoidance of
maceutical sectors. interest (riba). Islamic financial services and instruments,
Halal food is also identified as “tayyib,” meaning good with their underlying values of fair business practices
or wholesome, which takes into account important values and stress on social responsibility, were introduced by
from the perspective of food safety and animal rights to several mainstream banks, attracting both Muslim and
social justice and welfare in food production. Consequently, non-Muslim clients.
these values underline ethical and sustainable consump-
tion, which is gaining importance among both Muslim and
non-Muslim consumers. HALAL LIFESTYLE
Modest Fashion Muslim-Friendly Travel and Islamic-Themed
Media and Recreation
The Qur’an and Sunnah’s emphasis on preserving mod-
esty is reflected in various styles of Muslim dress, such Islamic teachings direct Muslims to use their time wisely
as clothes covering the body appropriately, the use of and positively and to avoid certain activities that are con-
non-transparent fabrics, and loose-fitting attire. Even with sidered impermissible, such as drinking alcohol and gam-
the diverse interpretations of ‘modesty’ among Muslims bling. Islamic values influence the types of entertainment
worldwide, there remain some of the essential aspects and leisure activities that Muslims choose, including their
that qualify for a garment to be ‘modest.’ Sustainable travel and recreation preferences. Muslim-friendly tour-
and ethical practices in production and the use of halal ism facilities have proved popular with tourists seeking
materials are also gaining increasing importance among a family-friendly vacation environment.
Muslim countries, attracting eco-conscious consumers
to modest fashion products.
Islamic
Values-Driven
Lifestyle and
Consumption Digital
Affluence Patterns
of Muslim Connectivity
Consumers and the Rise
of E-Commerce
Growing
Youthful Modest Halal
Fashion Food Intersection
Population of Islamic
Values with
Sustainable
Halal Halal and Ethical
Cosmetics Pharmaceuticals Consumerism
Islamic
Economy
Sectors
Islamic Muslim-Friendly
Finance Travel
Government
Bodies
Rise in Trade
Functioning as
Islamic-Themed Agreements
Enablers
Media and Recreation and Intra-OIC
Trade
National Islamic
Islamic Economy
Economy Global Investment
Strategies Brand Activity
Involvement
Supply-Side Drivers
ISLAMIC VALUES
The demand for halal products has increased significantly composition of the Muslim population is poised to play a
over the past decades, with Muslim spending increasing critical role in the future expansion of the halal economy.
from US$1.62 trillion in 2012 to US$2.29 trillion in 2022.
Muslim spending on halal product sectors is forecasted The Affluence of Muslim Consumers
to reach US$3.1 trillion in 2027, a growth of 4.8% CAGR
over the 5 year period. According to the IMF, the overall GDP of OIC member coun-
The main drivers for the growth of the Islamic econ- tries is forecasted to increase by 21.7% to reach US$25.4
omy on the demand side include: trillion in 2023.6 The latest World Bank data (2021-2022)
• A sizeable Muslim youth population also shows that GDP per capita for several Muslim-majority
• The affluence of Muslim consumers countries is above the global average, including all GCC
• The centrality of Islamic values for Muslim consumers countries, Brunei Darussalam, and Guyana.7 The growth of
• The increase of digital connectivity and e-commerce Islamic economies and the affluence of the Muslim popu-
in Muslim-majority countries lation, coupled with their youthful nature, are important
• The intersection of Islamic values with sustainable stimulants for the growth of the Islamic economy.
and ethical consumerism
On the supply side, governments of member countries in GDP PER CAPITA, CURRENT PRICES
the Organization of Islamic Cooperation (OIC) have played
US$ (2022)
a prominent role in the growth of the Islamic economy
by requiring halal certification for imported products, Qatar 88,046
providing support for halal producers, and entering into United Arab Emirates 53,758
regional agreements supporting intra-OIC trade. Islamic Kuwait 43,233
finance has played an important role in supporting the Brunei Darussalam 37,152
Islamic economy ecosystem, while the involvement of Saudi Arabia 30,436
international brands has contributed to the expansion Bahrain 30,152
of choice for Muslim consumers. Oman 25,057
Guyana 18,990
World 12,647
DEMAND-SIDE DRIVERS Malaysia 11,972
Maldives 11,818
A Growing Youthful Muslim Population Kazakhstan 11,244
Türkiye 10,616
One of the strongest demand drivers in the Islamic econ-
omy is the growing youthful Muslim population. In 2023,
the Muslim population exceeded two billion, as per a careful The Centrality of Islamic Values to Muslim
estimate, representing more than 25% of the global pop- Lifestyle and Consumption Patterns
ulation.1 Over the next decade, it is anticipated that the
Muslim population will continue to grow at about twice According to the latest Pew Research Center study, there is a
the rate of the non-Muslim population. It is forecasted belief that religiosity has increased significantly compared
to reach 2.8 billion by 2050, representing 30% of the to two decades earlier.8 Furthermore, the study showed that
world’s population.2 a large percentage of Muslims in Asia-Pacific and the MENA
In 2023, Muslim youth and young adults (ages 15-29) region (70-90%) have rated religion as “very important” in
represented 27.8% of the world’s youth and young adults.3 their lives.9 Hence, it is reasonable to expect that Muslim
By 2030, nearly three in ten of the world’s youth and consumers would consider Islamic values central to both
young adults are projected to be Muslim.4 With Gen Z their lifestyle and consumption patterns, which is already
and Millennials being the largest spenders,5 the youthful evident in the continued growth of the Islamic economy.
UNSPLASH
10 Years of
2
Tracking
the Global
Islamic
Economy
UNSPLASH
T
here is a lot to reflect on and learn
from this past decade’s global
Islamic/halal ethical economy
developments — its successes and
failures, both financially and socially
in this fast-growing market oppor-
tunity. This chapter looks at the 10
years of key developments across the Islamic economy
sectors globally, with their key milestones achieved and
their impact. We also look at this Report’s own unique
contributions to this journey. Finally, the authors present
a collective view of the outlook for the next 10 years and
an aspirational vision of the Islamic economy’s global
role through 2033.
10 years of highlights…
Towards next
10 years
ASPIRATIONAL VISION:
• COVID-19, • OpenAI • Russia-Ukraine
WHO declares introduced Conflict A significant enabler of
pandemic the world to socio-economic prosperity
ChatGPT • Israel-Palestine
• Global Crisis of the world while
e-commerce addressing global inequities
boosted to 18% • BRICS Expansion
of global retail (Saudi Arabia, and sustainability innovations.
UAE, Iran, Egypt,
• Dubai Expo 2020
• Black Lives and more)
marks the first
Matter (BLM)
time this world • COP28 Dubai
movement
event is held in
• Global climate
MENA and in a
target <2°C on
Muslim-majority
track (IPR)
nation
Summary of SDG* impact
• Qatar World
Cup prides
itself on Islamic ECONOMIC EQUITY
• Khabib values
Nurmagomedov, US$2.29 trillion Halal ethical universe
UFC lightweight
championship
inspires millions US$3.9 trillion Islamic ethical
• Arabian Oud, • France bans finance assets
specialty Abaya in state
• New Malaysia
perfumery, schools (earlier
Halal Industry Social finance (Zakat, waqf, microfinance)
flourishes with bans on Hijab
Master Plan
900 outlets in and Niqab)
35 countries • PIF (KSA Financial inclusion, poverty
• Social media
• European Court sovereign fund)
of Justice launches Halal
“Muslim alleviation, other gaps
Influencers”
permits states Product Dev Co.
125+ million
to prohibit halal (HPDC)
views on TikTok
and kosher
slaughter ENVIRONMENT
• Fake halal meat
scandal in Green sukuks
Malaysia
• BRF SA & HPDC • Nigeria Halal
joint venture Economy Report AAOIFI ESG standard
• Kitopi, UAE-
investment launched
based cloud
kitchen
(Saudi Arabia)
• Malaysia Malaysia sharia-compliant carbon credit
(US$60 million • IsDB Halal Center • Manzil, Canada- Securities
Knollwood, of Excellence based Islamic Commission (SC) Organic, ethical, halal brands
Lumia Capital) launched fintech startup - Cryptocurrency
(Raised US$1.9 as a digital
• LinkAja (US$100 • Bangladesh
million Seed asset; shariah- Limited adoption of SDG mapping
million; BRI inaugural across Halal standards
funding; Private compliant
Ventures, sovereign sukuk
investors) carbon credit
Telkomsel, issued
trading
others) • Insha
• Bank Syariah
• Wahed (US$25 Indonesia (BSI), • Almosafer Travel GENDER EQUITY
million; Saudi after merger of & Tourism Co.
Aramco 3 banks (US$412 million;
Entrepreneur- PIF, Saudi Arabia) • Evermos, Women entrepreneurship in media,
ship Ventures) Indonesia- design, modest fashion, travel
• WahedX
based social
• Modern Halal
• MRHB • Innate Capital commerce Yet, major gender equity gap
Valley, first
platform (US$39
industrial zone • Durioo • Tyson Foods
million Series C in leadership
in Indonesia investment
• HalalBooking. led by the IFC)
to receive the in Tanmiah
com (US$5
Halal Industrial subsidiaries *SDG: Sustainable Development Goals
million funding;
Zone certificate (Saudi Arabia)
undisclosed)
GLOBAL MACRO CONTEXT Finally, OIC37 level macro developments led by KSA’s
Vision 2030 launched in 2016, China’s Belt and Road
The Islamic economy’s development over the past decade Initiative (BRI) (2013), Dubai Expo (2022), Qatar’s FIFA
has been significantly shaped by social, political, and World Cup hosting (2022), and BRICS expansion are all
technological global developments. Some key observations significant developments in the core halal Islamic econ-
are as follows: omy markets, driving confidence in domestic economic
• The global social agenda, through the 17 global Sus- empowerment and the Islamic economy’s role.
tainable Development Goals (SDGs) launched by the
UN in 2015 and the Paris Agreement on global climate
change of 2016, has certainly found close alignment ISLAMIC LIFESTYLE GLOBAL
with the underlying Islamic ethical and economic ‘ZEITGEIST’
principles of human equity and environmental con-
sciousness. The growth of halal products and Islamic The global Islamic or halal or Muslim lifestyle economy
financial institutions in the past decade inherently in the past decade has also been shaped by the cultural
aligns with these measures through related halal zeitgeist, “the spirit of the time,” reflecting the prevailing
product certification standards and Islamic finance cultural icons, moods, and attitudes of a certain timeframe.
standards. However, global-level leadership is yet to Select observations are as follows:
be realized by Islamic economy players today, driving Islamic culturally themed entertainment icons, Omar
this global social agenda. Series (2014), Ertugrul (2016), Maher Zain “InshaAllah”/
• The COVID-19 pandemic of 2020 also played a sig- Awakening Media (2013), Omar and Hana (2019), and a whole
nificant role in the acceleration of various Islamic related genre has been developing cross-border Islamic
economy development trends. In particular, food and lifestyle identities, especially amongst the youth, which
medicinal security considerations are forcing halal is driving a stronger affinity toward the Islamic economy.
markets to seek nearshoring or domestic production. Further supplementing this Islamic economy affinity
Also, the acceleration of digital transformation globally is the global growth of the modest fashion space with the
also accelerated Islamic fintech, social commerce, introduction of the Nike Pro Hijab (2017) to a series of
and cross-border halal/Islamic lifestyle proliferation. mainstream modest fashion shows from London and Dubai
• Various political crises this past decade - Syrian to Jakarta. Women’s empowerment has been championed
refugees, the South Sudan crisis, Yemen’s civil war, by young, modestly, and beautifully dressed women who
and the recent Russia-Ukraine and Israel-Palestine are defying discriminatory hijab ban practices and are
crises have all been shaping many aspects of the leading as successful entrepreneurs and fully engaged
Islamic economy. In particular, Islamic social financ- members of society.
ing instruments of zakat, sadaqah, and waqf have Digital media proliferation with apps such as
expanded, including engagement by global multilat- MuslimPro (10 million active users, 2017), a series of new
erals such as the UNHCR, World Bank, UNICEF, and media Islamic education formats led by Yaqeen Institute
others. The political crises have also put pressure on (300 million minutes of video content watched in 2022),
related supply chains, further driving domestic halal or Muslim social media influencers (125+ million views on
production investments. TikTok) are all strengthening their faith-based identities
• Global technological developments have also been and enabling innovations and entrepreneurship.
a key driver of the Islamic economy’s global growth
and development. In particular, a proliferation of
digital entrepreneurship is being propelled by the EVOLUTION OF GOVERNMENT
internet/smartphone’s continued expansion and POLICIES AND REGULATIONS
fourth industrial revolution technologies, enabling
innovations across Islamic fintech, including social This past decade, various government policymakers have
fintech, media, social retail, and food-tech. been engaged for two key purposes. First is the support of
EVOLUTION OF INVESTMENTS
EVOLUTION OF SOCIO-ECONOMIC
Significant investment activity across the Islamic economy IMPACT OF THE ISLAMIC ECONOMY
this past decade has been captured by the SGIE Reports.
Given a 10-year timeframe, there have been multiple cycles The core and anchor principles of the Islamic economy
of investments and exits, as well as failures. It is instruc- are to enable a just and equitable economic system. Given
tive to see the VCs, PE funds, and corporate investors who this underpinning, it is important to gauge the socio-eco-
have invested in this space and across geographies. Select nomic impact of the past decade of the Islamic economy.
observations across the sectors are as follows: The key global challenges for the past decade have been
Halal products: The establishment in 2022 of the Halal anchored in socio-economic justice, as captured by the
Product Development Company (HPDC), an investment 17 SDG Goals, as well as our shared planet’s climate crisis.
company fully owned by the Public Investment Fund (PIF) Given the Islamic economy’s scale and size, it indeed
of Saudi Arabia, is the largest investment indicator and has significant leverage to be a force for good in driving
development that will further ignite the overall global original solutions. The impact and reach of the Islamic
Academic citations:
$3,637
$2,880
$2,202 $2,438 $2,500
$1,658 $1,814 $2,004
FINANCE $1,354
SHARE OF GLOBAL
SECTOR EDITION 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2022/23
3.0% DATA YEAR 2012 2013 2014 2015 2016 2017 2018 2019 2021
SHARE OF
GLOBAL SECTOR EDITION 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2022/23
16.6% DATA YEAR 2012 2013 2014 2015 2016 2017 2018 2019 2021
SHARE OF GLOBAL
SECTOR EDITION 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2022/23
10.6% DATA YEAR 2012 2013 2014 2015 2016 2017 2018 2019 2021
SHARE OF
GLOBAL SECTOR EDITION 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2022/23
12.5% DATA YEAR 2012 2013 2014 2015 2016 2017 2018 2019 2021
SHARE OF
GLOBAL SECTOR EDITION 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2022/23
4.60% DATA YEAR 2012 2013 2014 2015 2016 2017 2018 2019 2021
SHARE OF GLOBAL
SECTOR EDITION 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2022/23
6.60% DATA YEAR 2012 2013 2014 2015 2016 2017 2018 2019 2021
EDITION 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2022/23
SHARE OF GLOBAL
SECTOR DATA YEAR 2012 2013 2014 2015 2016 2017 2018 2019 2021
6.60%
2023 for academic publications that are indexed in affected by Islamic ethics/laws.” With this introduced
Google Scholar (database). Other citations that are definition, global sectors of Islamic finance, halal prod-
not indexed are not included but are still part of the ucts (food, pharma, cosmetics), Muslim-lifestyle/religious
impact of the State of Global Islamic Economy reports tourism, modest fashion, Islamic-values-themed media,
as a source of authentic data and information. Selected and digital applications were covered.
journals are British Food, Journal of Islamic Marketing, Over the last 10 years or so, the growth and potential
Journal of Consumer Marketing, Emerging Markets of growth have been depicted with careful estimation of
Review, Journal of Knowledge Economy, New Political these sectors with clear methodology, as visualized below.
Economy, International Journal of Emerging Markets. The sectors are broad and distinctive and can embrace
newer developments easily. For instance, the Media and
Recreation sector can include the developments and influ-
DEFINING AND SIZING THE GLOBAL ence of Muslim content creators on the global Islamic
ISLAMIC ECONOMY: A ROBUST economy. The broad definition of the sector allows for
ARTICULATION covering any groundbreaking developments in the realms
of the metaverse, AR, and VR.
While ‘Islamic Economy’ has varied definitions, this Report This is the first knowledge contribution of the State
focused on consolidating the global trends around “those of Global Islamic Economy Reports that has stood the
sectors whose core products and services are structurally test of time.
GLOBAL ISLAMIC ECONOMIC for sector weightings in the calculation. Over the years,
INDICATOR (GIEI): A GOVERNMENT countries have moved in these rankings. A careful review
BENCHMARKING REFERENCE of any individual country’s move in the ranking depicts
its internal dynamics as well as its growth potential. Such
The consistent articulation of the global Islamic econ- longitudinal analysis of the market can be useful for pol-
omy in different sectors is based on economic terms and, icymakers and investors alike.
therefore, transcends geographic and political boundaries. Other key original features of the Report have included:
At the same time, the State of Global Islamic Economy Business cases: Articulation of the Global Islamic
(SGIE) reports have analyzed the individual markets or Economy’s factual business case as a practical reference for
countries through a carefully developed Global Islamic investors, industry players, and government policymakers.
Economy Indicator (GIEI). Consumer pulse: Covering all customer segments
GIEI is completely data-driven and offers insights into with a special focus on Millennials and Gen-Z.
different countries ranked across every sector as well as in Signals of opportunity recommendations: An annual
aggregate. The ranking methodology, as presented in each outlook of key emerging opportunity areas for investors,
Report, has been updated once, incorporating additional industry players, and government policymakers.
technology-related evaluation parameters and adjusting
A VIEW FROM THE SGIE REPORT Vision: In the next 10 years, the Islamic values-an-
EDITORIAL TEAM: chored, universal, ethical economy will be a significant
enabler of global socio-economic prosperity while address-
We are humbled by the impact this Report has had in this ing unique solutions to global inequities and sustainability
past decade of consolidating and presenting opportunities innovations.
across this unique faith-based ethical and economic global It will do so by achieving exemplary global successes
trend. We have witnessed in this past decade a fast-paced in the following areas:
evolution and maturity of this ‘Islamic economy’ that already • Global food production and supply chain that practices
had its beginnings in the previous decade by early pioneers. halal ethical labor and animal welfare practices, is
We have seen the evolution of its positioning as the halal environmentally sustainable, enables equitable global
industry, Muslim lifestyle, Islamic economy, faith-based, or SME participation, and champions healthy consump-
many other forms, yet it has consistently been anchored in tion innovations.
an Islamic ethical value-based economic trend that is uni- • A financial ecosystem that enables equitable financ-
versal and globally inclusive in its impact and participation. ing across large to SME enterprises and significantly
This past decade has seen many successes and failures, increases financial inclusion and literacy globally.
as highlighted earlier; we indeed see this ‘Islamic economy’ • Lifestyle sectors anchored in digital media services,
space having a higher level of reach and impact today. fashion, and tourism to champion family-friendly
While we see select government-level strategies continuing content and destination innovations.
to leverage this trend as part of their national economic • Partnering with other faith-based and other commu-
development strategies, or investors and corporates invest- nities that share these universal values to together
ing in its growth areas, and entrepreneurs globally being solve the greatest socio-economic challenges globally.
inspired by its vast and culturally authentic opportunities,
we see the next major evolution of this Islamic ethical This vision builds on the successes of the past decade
economy, the purpose, attributes, and socio-economic and leverages the potential anchored by a universally rel-
impact of which have yet to be fully realized. evant ethical economic values system and an estimated
We humbly present an aspirational next 10-year vision 25% of the world’s population and economy to contribute
of this Islamic values-anchored ethical economy that to solving the world’s collective major challenges and real-
reflects the full intent of its reach and impact. izing its opportunities sustainably.
PEXELS
“The SGIE report has been our way of finding out data
about Muslim consumers. There just hasn’t been anything
else out there. So, the fact that you’re 10 years in is a
testimony to the fact that we need it. Most of the startup
ideas for the Spark competition referenced data from the
SGIE report. A lot of organizations, both Muslim and non-
Muslim, benefit from the Report.”
Nabeel Shariff, Director, GMW Network
Rozi Osman, Principal Partner & Halal Industry Strategist, Rozi Osman
International PLT
Consumer
3
Profiles
PEXELS
Halal Products
(Food, Pharmaceuticals
and Cosmetics)
USA/Millennial
2 3
Name Name
• Ismail Bennani • Fuad Akbarov
Country Country
• France • Azerbaijan
Bio Bio
• Student of medicine (French resident with Moroc- • Data Analyst
can-Canadian nationality) Interests
Interests • Reading books, playing chess, running, gym
• Playing sports, reading, playing chess training
Age/Generation Age/Generation
• 22 • 34
Observance of Islamic Values Observance of Islamic Values
• Shariah applies to everything. Everything we buy • Shariah compliance is of high importance to me.
needs to be shariah-compliant. I avoid products I try to be within the framework of halal. For
that I doubt may have forbidden ingredients, as information on halal, I use books and online
it’s important to be sure that the product is halal. I sources. I do sometimes watch scholars to get
also tell my sister and parents not to buy products more information and learn their viewpoints.
that they are uncertain of because they have some Halal Products
ingredients that may not be halal, such as gelatin. • I think there are enough halal products. Of course,
Halal Products the more halal companies grow, the better. Usu-
• There are halal logos on some food products, ally, I check the ingredients of foods or drinks.
but in big markets or companies, which are not There are meat producers who have halal certi-
everywhere, you would need to walk or drive far or fication, and I choose the best one according to
take a long time to get there. The prices in these feedback from friends because they have worked
places are always more expensive than products for those companies and they can verify the prod-
without the halal logo. ucts. Otherwise, it is very easy to find halal food
• You need to search a little bit harder. For example, options in the market, including those that are
if I wanted to buy candy or chewing gum, I always halal-certified.
needed to look at the ingredients, I remember • There is no halal certification for pharmaceu-
one time it was written gelatin, but I didn’t know tical products. When I buy medicine, I look at
if it was vegetable or animal gelatin. For candy the ingredients to make sure. In terms of drugs,
products, some companies use “veggie” logos people are not so sensitive about whether it’s
instead of halal. One specific company that does halal because it’s a medicine they need, but for
that is “Haribo.” me, it’s important to check. The main problem is
• It would be great if, for Muslims in France, there when a medicine includes gelatin ingredients in
was an app that could tell us if something is halal its products. When I buy capsules, I open them
or not by scanning a product, or it could tell us and use the inside material of the capsule. Usu-
about each ingredient within a product to see if ally, I order drugs imported from Türkiye because
it’s halal or not. they have halal certification.
INDONESIA/Millennial
LEBANON/Gen z
SAUDI ARABIA/Millennial
7 Halal Lifestyle
• The entertainment scene is much richer in Saudi
Arabia than it used to be. I went to City Walk in Jed-
Name dah; they have restaurants, coffee shops, and a horror
• Amr Aledrisi house. My wife likes to go to the cinema.
Country • I like to watch drama movies and try to avoid whatever
• Saudi Arabia is not consistent with Islamic values. I think we still
Bio need more entertainment activities. We need more
• Engineer, soon-to-be father beach activities and theme parks.
Interests • When I travel, I choose hotels based on price, loca-
• Reading, gym training tion, and quality. I went to the UK twice last year. I
Age/Generation found food and restaurants with halal logos, even in
• 38 Kentucky. There are also Indian restaurants; they are
Observance of Islamic Values really good there, and they serve halal food. I also
• In my country, it’s kind of easy for us. We are blessed. prefer organic meat because they say they treat the
I know that if a product is in my country, then it’s animals well.
halal. Even if there is something that doesn’t have the • I also traveled to Malaysia recently, like a few months
halal logo in the supermarket, I am still comfortable ago. It’s an Islamic country, but they also have
buying it because it is processed by the government. non-halal food products, so I try to avoid that.
NIGERIA/Millennial EGYPT/Gen X
8 9
Name Name
• Aisha Yakubu • Lamia Al Sawa
Country Country
• Nigeria • Egypt
Bio Bio
• Works in EdTech, passionate about community • School Administrator, aspiring writer, and mom
development and social impact of four
Interests Interests
• Volunteering, cooking, socializing with friends • Reading
Age/Generation Age/Generation
• 39 • 43
Observance of Islamic Values Observance of Islamic Values
• I see shariah compliance first as duty as a Muslim, • I feel I can do whatever I want but within the
and it also gives me so much peace of mind. I try to boundaries of what God tells us. I feel that every-
apply it as much as I can. I apply it in every aspect thing is okay unless it’s forbidden, like drinking
of my life, from my food to my hair care products. wine or wearing something that is not suitable for
Islamic Finance Muslim women. Because I am living in a Muslim
• About 10 years ago, commercial banks were the country, I think it’s somehow the government’s
only banks we had in Nigeria. Where I invest my role to ensure that products are halal. Otherwise,
money is in a halal financial institution called Lotus there should be something to declare that this
Capital. I found they are halal as they have boldly is not halal.
written on their documents that they are halal and Islamic Finance
I have also received so many recommendations • I was looking for a loan to buy my car and found
for this institution from many Muslim people. an Islamic bank offering the loan. Even though
• For the halal financial institution that I invest in, I a friend working in a bank told me all the banks
wouldn’t invest in anything that has to do with the do business the same way, I chose the Islamic
lottery, alcohol, etc. These are the two prominent bank because I wanted to feel comfortable and
ones. And they have also listed all these things on the safe side. Also, the conditions of this bank
they don’t invest in. They are very transparent in were suitable, and I had to pay the loan back in
sharing information via email (yearly), and they also installments for five years.
have annual general meetings that you can attend • I use Google to look for information about whether
both in person and virtually. All these things are products and services are shariah-compliant. I
discussed, and people offer to voice their concerns. also check for information on the website Islam
• I chose Lotus Capital because it is a halal financial Way. I also ask a scholar I follow on his Facebook
institution, has a track record of integrity, and is page because I trust him.
highly dependable. There are also many non-Mus-
lims who have invested in this company because of
their level of integrity and dependability. Someone
recommended this halal financial institution to
me while I was in a training workshop, and I’ve
been with them for over 10 years.
• I think it will be a good thing to have a halal body
certification in Nigeria so that we, the Muslims,
will get to know the certified halal products so
we don’t keep guessing and just winging it when
it comes to products.
SELECTIVE OBSERVERS
CONSCIOUS CONSUMERS
COMPLETE OBSERVERS
PEXELS
While most marketers are well-acquainted with Philip These fundamental principles, based on DinarStandard’s
Kotler’s classic 4Ps of marketing — product, price, place, Halal Lifestyle Marketing Mix Framework (HLMM), include:
and promotion — which were later expanded to the 7Ps by 1. Taqwa/Conscientiousness: Upholding a commitment
incorporating people, process, and physical evidence, it’s to serve consumers and the communities in which
vital to recognize that when targeting Muslim consumers, companies operate with conscientiousness and care.
a foundational layer of Islamic value-based guiding prin- 2. Ihsan/Excellence: Providing high-quality standards
ciples shapes the marketing mix. and professionalism at every touch-point.
Taqwa
(Conscientiousness)
Place Product
(distribution)
• Halal certification
• Physical/online (if relevant)
• Geographic reach • Values-driven (tayyeb/
ethical, + ve social
impact)
• Cultural relevance
Amanah Ihsan
(Sacred Trust) (Excellence)
Promotion Price
• Consider targeted • Pricing strategy
segments to match product
• Islamic/ethical values positioning
• Cultural relevance • Discounts tied to
•
Storytelling relevant events
•
Testimonials • Charitable giving
•
Islamic holidays as portion of
Authenticity proceeds
Adl
(Socio-Economic
Justice)
HALAL FOOD
MODEST FASHION
HALAL PHARMA
HALAL COSMETICS
MISSING LOGO
NIM
PEXELS
You need to dig deep and understand what group of While marketing to Muslims, the messaging should be
Muslims you want to speak to. It comes down to the fun- adjusted to the core values of Islam, whether you are
damental business principle: understand your customer. targeting a Muslim majority or a Muslim minority country.
One thing that is worth noting is that Muslims are still The main challenge is actually targeting Muslims
a relatively religious community, and faith is important to in Muslim minority countries since early 2022 on meta
them. One poll by Ogilvy Noor found that 90% of Muslims platforms such as Facebook and Instagram. Now, even
say their faith affects their consumption. Google or TikTok have started removing targeting options
So, broadly speaking, you do want to speak to Muslims, related to Muslim interests.
knowing that their religion is important to them. The main reason why Meta removed those targeting
options is due to what happened with elections and privacy
If you run paid ads, you can test various messages issues. While we understand why Meta did what they did,
across various channels and see what is landing. The easiest it was not good for our clients since almost all of them
way to do this is to go to Facebook Ads Manager and see need to target Muslim clients online. We had to come up
what other brands are doing and what ads are performing with a solution. It had to be fast as well.
well with what messages. This will give an indication of We reached out to all our clients and offered a solu-
best practices across your industry. tion, which was to share their audiences with each other.
As Halal.Ad was their marketing agency, we already had
Finally, think about using Muslim influencers. If you access to their audience. All we needed was their permission
work with a variety of influencers from different back- to create a unified audience and share with each other.
grounds, you will naturally tap into different Muslim seg- Alhamdulillah, each of our clients agreed. This is how
ments because they will all authentically be speaking to we started our Muslim audience with around 30 million
their own audiences. profiles in early 2022.
Since then, it has grown to over 400 million Muslim
audiences worldwide, alhamdulillah. Other Islamic economy
companies can also do something similar if they can join
forces with other Muslim businesses.
The Global
4
Islamic
Economy
Indicator
(GIEI)
SHUTTERSTOCK
Purpose and
Methodology
1 Malaysia
01 02 03 2 Saudi Arabia
Malaysia Saudi Arabia Indonesia 3 Iran
4 Bahrain
5 Kuwait
6 United Arab Emirates
7 Indonesia
8 Oman
9 Qatar
04 05 06 10 Maldives
United Arab Bahrain Iran
Emirates
07 08 09
Türkiye Singapore Kuwait
Halal Food
TOP 10
1 Malaysia
10 11 12 2 Indonesia
Qatar Jordan Oman
3 Türkiye
4 Singapore
5 Thailand
6 Australia
7 United Arab Emirates
8 Brazil
13 14 15 9 Kazakhstan
Pakistan South Africa United Kingdom 10 Bahrain
1 Türkiye 1 Malaysia
2 United Arab Emirates 2 Singapore
3 Tunisia 3 China
4 Saudi Arabia 4 Qatar
5 Malaysia 5 United Kingdom
6 Morocco 6 Indonesia
7 Jordan 7 Bahrain
8 Bahrain 8 Netherlands
9 Kazakhstan 9 Canada
10 Uzbekistan 10 Türkiye
1 Türkiye 1 Singapore
2 Malaysia 2 Belgium
3 Indonesia 3 Malaysia
4 Singapore 4 France
5 Italy 5 Indonesia
6 Spain 6 Türkiye
7 China 7 Egypt
8 United Arab Emirates 8 Thailand
9 United Kingdom 9 United Kingdom
10 Germany 10 Tunisia
Leaders
and Movers
MALAYSIA
Since the inception of the GIEI, Malaysia has claimed
first position. Malaysia achieved a first-place ranking in
Islamic Finance, Halal Food, and Media and Recreation,
with a second-place ranking in Modest Fashion.
The Malaysian Islamic finance sector has shown con-
tinued growth, with a 9% increase in Islamic finance
assets and a 20% growth in the value of Islamic funds.
UNSPLASH
UNSPLASH
IRAN
BIG Islamic Finance: +7
MOVES Muslim-Friendly Travel: +4
Qatar made history as the first Arab nation to host the on innovation across all sectors, such as in the modest
FIFA World Cup in 2022. The successful organization of fashion sector, where Qatar VCUarts fashion design stu-
the event was lauded globally. The tournament has helped dent, Noor Rashid Butt, created the Nanoabaya, which
increase awareness of Qatar as a tourist destination. Qatar uses nanotechnology to absorb vitamin D-rich light along
has expanded its Hayya visa processing platform, which it with thermal insulating properties that help to regulate
used during the FIFA World Cup, to be used for all tourist the body’s temperature. In the food sector, two students
and business visas, therefore streamlining the process for have created a 3D printer that can mass-print vegetables
tourists to enter the country. using artificially grown vegetable cells and UV light. In the
Qatar’s rank across the sectors covered in the GIE fintech space, Qatar Central Bank launched its Fintech
Indicator showed marked improvement, mostly driven Strategy 2023 to stimulate fintech solutions and establish
by strong exports across all Islamic Economy sectors, to Qatar as a fintech epicenter in the region.
OIC member countries. Qatar has placed great emphasis
Trade,
5
Investments
& FDI
ADOBE STOCK
T
he import of halal-related products
by OIC member countries fell slightly,
decreasing by 2.91% from US$370
billion in 2021 to US$359 billion in
2022. Pharmaceuticals became the
largest contributor to this decline
due to the normalization of vaccine
import demand to the pre-pandemic level. Additionally,
rising inflation, increased commodity prices, and geopo-
litical conflicts acted as barriers to OIC imports. However,
it is projected that the import of halal-related products by
OIC countries will experience growth, reaching US$492.4
billion by 2027 with a 7.6% CAGR.
Halal product trade encompasses various catego-
ries, including food and beverages, fashion (apparel and
footwear), pharmaceuticals, and cosmetics. Imports by
OIC member countries represent a significant portion of
the global halal product trade. Products imported by OIC
nations are presumed to be halal in nature or require some
degree of halal compliance, as these countries have large
Muslim consumer bases, and the majority of them have
implemented regulations for the trade in halal products.
Trade 2022
Country
(US$ billion)
Türkiye 31.45
Indonesia 30.29
Malaysia 28.99
Egypt 21.05
Iraq 13.68
Bangladesh 13.25
Algeria 12.56
PEXELS
Morocco 11.89
Trade 2022
Country
(US$ billion)
China 31.81
India 26.37
Brazil 20.85
Türkiye 16.34
France 15.02
Indonesia 13.38
Argentina 12.49
PEXELS
Australia 11.13
US$ BILLION
$60.8
300 60
$282.1
$260.5 $265.1
$46.8
$42.0
$39.6
200 40
$37.1
$33.1
100 20
$16.1 $15.6 $16.3
0 0
US$ BILLION
85.6
80
60
40
20
-$10.5
-20
-40 -$36.8
-$47.2
-60
ADOBE STOCK
-80
-$85.5
PEXELS
major economies, raising fears of recession. Geopolitical
uncertainty has further added to that. In times of great
Indonesia maintained its
economic uncertainty, dealmakers tend to slow down their first position in the number
of Islamic economy-related
activity.44 The first half of 2023 saw M&A deal volumes investments.
decrease by 4% from the first half of 2022; however, this
is still above volumes in pre-pandemic 2019. Deals larger
than US$1 billion have decreased by 56% since 2021, which
was a record year for M&A. This shows a greater propen-
sity for mid-market deals. Smaller deals are usually less in a single month since July 2022, when VC started to
vulnerable to market volatility.45 scale below US$30 billion per month. The decrease was
Private equity firms globally continue to hold a high across all funding stages, with seed funding down by 50%,
degree of dry powder. By the first half of 2022, their liquidity early-stage funding down by 48%, and late-stage funding
was valued at US$3.7 trillion.46 With high interest rates down by 62%.49 Given the current economic uncertainty
prevailing in most countries,47 PE firms have had to seek in the market, VC firms will become more selective about
out alternative forms of financing. In the first half of how they use their capital. Seed and Series A funding will be
2023, deals closed by buyout funds decreased by 29% in less favored as VCs will prioritize their existing portfolios.50
financial terms. Add-on acquisitions have become more During the period assessed, 108 VC, 9 PE, and 16
popular during this time. This refers to acquisitions of M&A disclosed deals related to the Islamic economy
smaller businesses with similar activity, usually without were recorded. While the number of disclosed M&A and
leverage, which are then incorporated into existing portfolio PE deals in the Islamic economy decreased by 58% and
companies to expand their market share or product lines.48 50%, respectively, during the same period assessed, the
Global venture capital funding decreased by 56% number of VC deals increased by 6%. Deal value in PE and
from US$47.8 billion to US$21 billion year on year in the VC decreased by 27% and 31%, respectively, while M&A
month of April 2023, the second-lowest amount recorded deal value increased by 453%, mainly due to add-on deals.
METHODOLOGY
In a revision of the method used in the previous report,
we extended our analysis to look at all sector-relevant
OIC companies and Islamic-economy-focused companies
outside the OIC that were subject to mergers and acqui-
sitions (M&A) activities or raised funds through venture
capital or private equity funding during the past year
(August 1st, 2022, through July 31st, 2023). The same meth-
odology was applied to the previous year’s transactions
to allow like-for-like comparisons. The full details are in
the Methodology section
Muslim-Friendly 9 3,412,640
Travel & Tourism
M&A 16 20,512,339
PE 9 2,632,500
VC 108 2,840,283
Total 132
PEXELS
Islamic Finance Ahli United Bank 2022 10,900,000 Kuwait Finance House
Halal Food PT Garudafood Putra Putri 2022 410,600 Hormel Foods Corporation
Jaya Tbk (IDX:GOOD) (NYSE:HRL)
Muslim-Friendly Travel National Corporation 2023 198,800 Alpha Dhabi Holding PJSC
& Tourism for Tourism and Hotels (ADX:ALPHADHABI)
(ADX:NCTH)
Halal Food Nana 2023 133,269 Al-Jasser Holding, AlJammaz Group, Dallah
Albaraka Holding, Kingdom
Holding Company
Halal Kimia Farma Apotek 2022 119,235 Banque Misr, VentureSouq, National Bank
Pharmaceuticals of Egypt, Arzan Venture Capital, Nclude
Halal Neumora Therapeutics, 2022 112,400 Arch Venture Partners, L.P.; The Invus
Pharmaceuticals Inc. Group, LLC; Altitude Life Science Ventures;
Impresa Management LLC; Mubadala
Capital; Newpath Management, L.P.; Abu
Dhabi Growth Fund
Halal Food eFishery 2023 108,000 G42 Expansion Fund, Northstar Group,
SoftBank Vision Fund
ADOBE STOCK
Indonesia retained the first position with the greatest remain the same, albeit in different positions from 2021/22.
number of deals recorded for the 2022/23 period. The UAE The top five countries accounted for 64% of all
moved to the second position, and Malaysia and Türkiye recorded Islamic economy-related transactions, com-
both share the third position. Saudi Arabia moved down pared with the top five countries in 2021/22, which had
one position to sixth, which is shared with Nigeria. Egypt accumulated 66% of all transactions. Deals were recorded
moved up two positions to fifth. The top 10 countries in 33 countries this year, as opposed to 31 last year.
48 US$ (2022)
41
40
30
23
19
18
17 17
14
11 11
10
8
7 7
6 6 6
5 5
4 4 4 4 4
3 3
2 2 2 2 2 2
1 1 1 1
Indonesia
Malaysia
Türkiye
Egypt
Nigeria
Saudi Arabia
United States
Pakistan
Bangladesh
United Kingdom
Morocco
India
Kuwait
Bahrain
Oman
Singapore
Uganda
Iran
Jordan
Indonesia 10 Indonesia 9
Bangladesh 4 Malaysia 6
Outlook Outlook
With concerns about food security increasing, invest- Investors are increasingly focused on investing in
ments in agri-tech are set to increase. Environment-related AI-enabled solutions in the fintech industry. Strategic
investments will also increase as companies look to acquire acquisitions in this field will also prove popular.
businesses to help them address their carbon footprints.
Investments related to improving the supply chain may
also grow as the markets feel the effects of geopolitical
unpredictability.
Switzerland 1
Algeria 1
Bangladesh 1
Türkiye 1
Japan 1
Saudi Arabia 1
Kuwait 1
Malaysia 1
Outlook
Türkiye 2 Indonesia 6
Indonesia 1 Malaysia 3
Outlook Outlook
As with the other sectors, investors continue to favor tech- Technology related investments continue to garner investor
nology companies within the modest fashion and apparel interest in the pharmaceutical sector. This includes dis-
sector. Brands looking to expand geographically are also tribution companies offering online purchasing of med-
favored by investors. Within modest fashion specifically, ications. R&D companies in the space are also attractive
companies innovating new fabrics and specializing in the to investors. Since the pandemic, the healthcare sector
activewear niche are also set to see investor interest. has become more popular with investors.
Indonesia 5 Indonesia 4
Uganda 1 Türkiye 4
Outlook Outlook
Ethically produced makeup and skincare products con- Gaming is becoming an increasingly popular area for inves-
tinue to increase in popularity with consumers, which tors, particularly those specializing in different mediums
would increase investor interest in this niche. Omnichannel of gaming. Acquisitions of content producers may increase
retailers are also increasing in popularity since the easing as streaming services continuously seek to expand their
of the pandemic. These platforms are also of interest to libraries.
investors. SHUTTERSTOCK
Globally, FDI inflows decreased by 12% in 2022 to reach and sanitation, agrifood systems, and health and education
US$1.3 trillion. However, FDI to developing countries are also receiving low levels of investment. The investment
increased by 4% to reach US$916 billion. This is more gap across all SDG sectors has increased from US$2.5
than 70% of global flows. trillion in 2015 to more than US$4 trillion per year today.66
There are major imbalances in the flows of FDI, both In 2022, the UAE returned to the top-ranked OIC mem-
in terms of the countries and the sectors that receive it. ber state by FDI inflows, with Indonesia moving down to
In the developing world, mostly large emerging economies second. Globally, the UAE and Indonesia rank 18th and
have seen growth in their investments, while the least 19th, respectively. Both countries moved up in their global
developed countries have experienced stagnant investment rankings by four and one position(s), respectively. The UAE
flows, with investments decreasing by 16% from last year. was the fourth largest recipient of greenfield projects
Sectors that are important for the build-up of productive globally.67 Eight out of the top 10 OIC member states by
capacity in developing countries are also receiving low FDI inflows rank within the top 50 countries globally, with
levels of investment. SDG-investment sectors like water Türkiye and Malaysia falling within the top 30.
Indonesia
20
Malaysia
15
Türkiye
Egypt
10
Saudi Arabia
Kazakhstan
5
Guyana
Oman
Bangladesh
0
2018 2019 2020 2021 2022
FDI OUTLOOK
FDI project activity in Q1 2023 showed signs of investors
being more risk-averse, with a decrease in both the number
of international project finance deals and cross-border
M&A activity.68 Should the turbulent economic condi-
tions remain, investors will continue to invest in areas
of immediate concern, such as supply chain weaknesses.
Meeting ESG goals may also be addressed by investors,
specifically in renewable energy.
Halal
6
Food
PEXELS
CONSUMER
OPPORTUNITY
Represented by US$1.4 trillion of spending
by 2 billion Muslims on food & beverage (2022 est.)
GOVERNMENT LEADERSHIP
Malaysia dominates most of the sub-
indicators of halal food GIE indicator,
$1.4 trillion showcasing a robust halal food ecosystem.
2022
11
21
$1.89 trillion
2027
31
Consumer perspective 41
51
I have the halal scanner
app, but I found it very
limited and doesn’t cover 61
everything.”
Laura Hassan, US
71
81
*All estimates by DinarStandard. Muslim consumer spend estimates & analysis by DinarStandard leveraging World Bank’s ICP 2017 consumer data as
baseline reference. Food exports are based on ITC Trademap 2022 data. Projections are baselined on data from IMF Outlook from April 2023. Investments
(figures and individual deals) are based on a detailed scan of databases from CapitalIQ, Crunchbase and DinarStandard analysis from 1st August 2022 to 31st
July 2023. See appendix for detailed methodology. OIC Organization of Islamic Cooperation, 57 mostly Muslim-majority member countries.
A
s food security concerns persist regulations. Among these have been Russia, which adopted
across the major halal-food-im- the first nationwide halal standards in a bid to ramp up
porting countries, governments food exports to Muslim countries, and Belarus, which
have doubled their efforts to improve has obtained accreditation for certifying halal products.
self-sufficiency. This is particularly Meanwhile, Islamic scholars in Saudi Arabia have
evident in the Gulf Cooperation issued a groundbreaking ruling stating that cultivated
Council region, where substantial meat can be deemed halal, provided specific conditions are
investments are being made to localize farming, production, met. In line with this development, Malaysia’s Cell AgriTech
and food processing. In the past 12 months, Abu Dhabi’s aims to finish building the country’s first cultivated meat
Kezad group entered a US$272 million, 50-year land-lease production facility by the end of 2024.
deal with Al Ghurair Foods for three mega food processing Initiatives are also underway to improve halal certifi-
projects, while Saudi Arabia’s Agricultural Development cation processes and traceability. Notably, Saudi Arabia and
Fund signed financing contracts worth US$246.8 million Malaysia are harnessing blockchain technology to enable
in the feed industry, animal production, and dairy sectors. consumers to trace the origins of food and beverages. On
Halal trade is also expanding, with multiple agree- a private-sector level, OneAgrix and eight partners have
ments set to further boost the sector. These include an MoU developed a supply chain traceability solution that will
signed between Saudi Arabia’s Halal Products Development provide consumers with food origin information.
Co. and the Islamic Development Bank (IsDB) to develop
a halal product ecosystem in the IsDB Group’s 57 mem-
ber countries. Similarly, partnerships between non-OIC
countries and Muslim-majority countries, such as South
Korea and Malaysia, are expected to expand the market
for halal industry players.
There has been a surge in investment in halal-
food-related companies, with food delivery services and
agri-tech receiving the most attention from investors in
2022/23. Companies in Indonesia, the UAE, and Bangladesh
accounted for the largest number of investments. Overall,
44 deals related to halal food were recorded in 2022/23,
with 30 disclosed deals amounting to US$2.2 billion.
Non-OIC food companies continued to make forays
into OIC markets, signaling that the halal food sector
remains robust and thriving. The rising demand for halal
food also led several non-OIC countries to introduce halal
United Arab Private Equity Agriculture, AgTech, Biotechnology, Advanta Seeds 300,000
Emirates Farming
United Arab Mergers & Delivery Service, E-Commerce, Food ChatFood 244,799
Emirates Acquisitions Delivery, Internet, Restaurants
Malaysia Venture Capital Financial Services, Mobile, Payments, TNG Digital 168,407
Software
OPERATIONAL DEVELOPMENTS
Various stakeholders are embracing innovation, particularly $368.3
$265.1
blockchain technology, to enhance the halal food sector’s 2027 (f)
2022 CAGR
efficiency and transparency.
6.80%
Exports Imports
$179.6
$265.1
OIC countries
HOUSE OF POPS
with SEA Ventures to empower entrepreneurs in the
F&B sector by offering technical solutions to support
startup projects in the industry. 138
House of Pops
3D food printers are an emerging global trend, and youth has tapped into the
popularity of Lebanese
in Qatar are pioneering in the region. cuisine in the UAE
• Two students in Qatar have created a 3D printer that through a collaboration
range that is infused
can mass-print vegetables using artificially grown with Levantine flavors.
OIC countries
continue to make efforts
to overcome food insecurity.
IOFS is making striding efforts for
food security for Muslim nations.
The trilateral cooperation among
FAO, IsDB, and IFAD is empowering
smallholder farmers through
technology. While UAE and Saudi
Arabia are inking deals to bolster
food production in their
countries.
PEXELS
A
efore the terms food and health they needed to navigate the thousands of products that
security were mainstream ideas, filled grocery tore shelves.
IFANCA made it its mission to Eventually, we were approached by companies that
address these concerns. Access to wanted help ensuring that their products were halal, includ-
halal foods is directly tied to food ing finding and sourcing halal ingredients. The more we
security, as many Muslims will forego were asked, the more we realized that halal consumers
nutrition security to adhere to reli- needed more than just a list of halal/haram ingredients;
gious dietary guidelines, regardless of their socio-eco- they needed halal-certified products to be available and
nomic class. easily accessible throughout their day-to-day lives.
When IFANCA started back in 1982, the goal was sim- This brings us to where we are today. As a leading halal
ple: make halal products more accessible for those who certifier for over forty years, IFANCA is made up of industry
want them. We did not set out to be a halal certifier. Our experts and thought leaders in Islamic jurisprudence. We
goal was to help consumers by giving them the resources have played a leadership role in establishing best practices
PEXELS
halal-certified products with our Crescent-M logo at retail
outlets worldwide, like Abbott Nutrition medical nutritional
products, Organic Valley dairy products, Saffron Road frozen
meals, and Wonderful Pistachios. We pride ourselves on can’t find food that suits their religious beliefs. Earlier this
being the trusted authority on halal and are constantly year, we hosted food equity experts for the panel “Ensuring
striving to do our best for consumers. Equitable Access to Halal Foods for Kindergarten-12 and
Just as halal certification is crucial to our mission, College Students: Stories from Food Equity Advocates” at
so is the social impact work we do to support the global the Society for Nutrition Education and Behavior (SNEB)
community. As a not-for-profit organization, we strive to 2023 annual conference. The panelists included leadership
promote food security, health and nutrition equity, and from the United States Department of Agriculture, exec-
sustainability as well. utives from the foodservice industry, and representatives
Our work to promote food security encompasses many from the American Academy of Nutrition and Dietetics.
different initiatives. IFANCA provides scholarships and IFANCA’s social impact work also focuses on sustain-
grants to students and universities across the United ability. We believe in returning to the basics and preserv-
States. We want to help equip the next generation to solve ing the world in the best way that we can, which is why
today’s problems and give them the tools they need to we support the Zaytuna College Center for Ethical Living
advocate for their food-insecure peers. and Learning (ZCELL). ZCELL focuses on the tie between
One example of this work is at Texas A& M University Islam and sustainability and teaches students how to
in College Station, Texas. In 2016, we provided the uni- incorporate ethical living practices into their lifestyles.
versity with an endowment to create the Food Diversity At ZCELL, students learn about regenerative agricultural
Innovation Program. This program teaches students about practices like permaculture and become involved in pro-
food diversity in all its forms, from religious and ethnic- ducing their own food.
foods to allergen-friendly, organic, and more. Through this At IFANCA, we strive to live ethically and perform our
program, future food scientists gain an understanding of work in such a way that the benefits extend to the global
the different dietary needs of people worldwide. This type community. When you purchase an IFANCA halal-certified
of education is crucial to ensuring that all populations product, know that you support an organization with
have access to food that meets their individual needs. service at its core. We will continue to serve producers
IFANCA promotes equity by advocating for the needs who strive to create halal-certified products, as well as
of the community in all walks of life. This work extends the consumers who need these products. We will serve
beyond food and pharmaceuticals to vaccines and sup- the environment by being good stewards of the Earth we
porting efforts to eradicate polio. We support institutions have been given, and we will serve the global community
working to make the world a better place for everyone, by continuing to fund and assist with food security and
whether or not someone is a halal consumer. health equity programs worldwide.
As part of this commitment to equity, IFANCA works Whether it is in halal compliance, sustainability, food
with administrators to create halal-certified foodservice pro- security, or health and nutrition equity, we look forward
grams so that no student goes hungry simply because they to having the opportunity to work with you.
INVESTORS
Opportunity for investors within foodtech; however, the rising geopolitical
tensions risk market volatility.
Opportunities
GOVERNMENTS
Sustainability is key for governments to consider while trying to promote
and grow the halal economy.
Opportunities
BUSINESSES
Emerging opportunity for cultivated meat and plant-based markets for the
halal economy.
Opportunities
Challenges
Your Guide
to the Global
Halal Market ®
Learn More
www.isahalal.com
CHAPTER
Islamic
7
Finance
PEXELS
CONSUMER
OPPORTUNITY
Represented by $3.96 trillion in Islamic finance
assets globally (2021/22 est.)
GOVERNMENT LEADERSHIP
Malaysia, Indonesia and the GCC
$3.96 trillion
2021/2022
countries dominate the Islamic finance
ecosystem.
1
$5.94 trillion
2025/2026
11
Consumer perspective
21
61
1,679 71
Islamic financial institutions
globally
81
$238 billion 91
value of Islamic funds
100
$713 billion 1. 2. 3. 4. 5.
value of outstanding sukuk MALAYSIA SAUDI IRAN BAHRAIN KUWAIT
ARABIA
Sustainable High
Waqf and zakat in Malaysia
Islamic finance
and Burkina Faso aim to
alleviate poverty and hunger. microfinance
Islamic capital
Automated sukuk platforms and market innovations
virtual reality-based services in Untapped region
Islamic finance. market entry
*Islamic Finance sector provided by Refinitiv Islamic Finance Development Indicator 2021/22 data. All other estimates including ‘signals’ by DinarStandard
Research & Advisory. Investments (figures and individual deals) are based on a detailed scan of databases from CapitalIQ, Crunchbase and DinarStandard
analysis from 1st August 2022 to 31st July 2023. See appendix for detailed methodology. OIC Organization of Islamic Cooperation, 57 mostly Muslim-majority
member countries.
M
ultilateral institutions like Islamic Technological innovation is another growth driver,
Development Bank (IsDB) group with fintech playing a central role. Saudi Arabian market
have signed agreements to bolster introduced an automated sukuk issuance platform, and
trade and development in countries Pakistan has seen the launch of Electronic Warehouse
such as Uzbekistan, Bangladesh, and Receipt financing. Bursa Malaysia has rolled out ESG-
Senegal, primarily using Islamic themed indices, Warba Bank is offering VR-based financial
financial instruments like sukuk. services, and IBF Net has launched the first shariah-com-
Sukuk issuance has been a major driver of the sector’s pliant metaverse.
expansion. The Islamic Corporation for the Development These developments are propelling Islamic finance
of the Private Sector (ICD), a member of the IsDB group, towards greater digitalization, sustainability, and financial
assisted in launching Kazakhstan’s first local currency inclusion. By 2030, these priorities aim to not only serve
sukuk. Additionally, Pakistan’s fintech company Abhi Muslim consumers but also contribute to wider economic
became the first shariah-compliant fintech to issue sukuk and sustainable development goals. The Islamic finance
in the MENA region and Pakistan. industry, valued at US$3.96 trillion in 2021/2022, is forecast
The ethical framework of Islamic finance positions it to grow to US$5.94 trillion by 2025/26.
as a contributor to climate transition, with an increasing
focus on green finance. The UAE, hosting COP28 in 2023,
highlighted the role of sustainability-linked sukuk in cli-
mate action. The country’s decision to waive registration
fees for green sukuk listings has spurred private sector
involvement. Similarly, Tunisia has engaged in green-trade
financing agreements, and banks like Al-Rajhi, Dubai
Islamic Bank, and Gatehouse Bank are issuing sustain-
able sukuk for eco-friendly projects.
Islamic banking is also expanding into new markets,
including Russia, which is exploring Islamic banking to cater
to its significant Muslim population. Australia and Uganda
have licensed their first Islamic banks, and Mexico, the
Philippines, and France are considering Islamic financial
instruments.
Regulatory bodies are also strengthening the framework
of the industry. Nigeria’s Central Bank revised guidelines for
non-interest financial instruments, and Malaysia’s Securities
Commission introduced new digital-related regulations.
Global Islamic assets were valued at US$3.96 trillion for 67 deals related to Islamic finance were recorded in
the 2021/2022 period. This is a 17% increase from US$3.37 2022/23, 47 of which were disclosed and valued at US$14.4
trillion valuation in 2020/2021. Islamic banking accounts billion. This is a 559% increase from the US$2.19 billion in
for 70% of this value. By 2025/26, global Islamic assets Islamic finance-related deals recorded in 2021/22.
are forecasted to reach US$5.94 trillion, growing at a CAGR
of 9%.
MULTILATERAL ISLAMIC FINANCE for the Insurance of Investment and Export Credit
DEVELOPMENTS (ICIEC) has received a substantial capital boost with
a 150% increase, bringing its authorized capital to
The Islamic Development Bank (IsDB) Group has outlined Islamic Dinars 1 billion (about US$1.35 billion).157 This
a new strategic direction for 2023-2025, emphasizing increase in capital is set to enhance ICIEC’s financial
resilience, green initiatives, and inclusive development strength, loss-bearing equity resources, and market
while increasing trade and investment endeavors across competitiveness.
the member countries.
SHUTTERSTOCK
IDLC Finance,199 and DBH Finance200 received approvals Islamic finance. Notably, sovereign sukuk issuances from
to start Islamic finance windows, and Ethiopia saw various regions are attracting considerable global investor
the opening of Rammis Bank’s headquarters as the interest.
fourth interest-free bank in the country.201
• In the corporate sukuk sector, Saudi Electricity
Company’s (SEC) issuance of a US$2 billion sukuk
SUKUK DEVELOPMENTS saw an overwhelming response, attracting US$15.4
billion in orders, 7.7 times the offer size, with a focus
The Gulf’s corporate sukuk market is experiencing strong on funding green projects.202 Additionally, Emirates
demand, with issuances seeing significant oversubscrip- Islamic marked a milestone in the UAE by issuing
tions. Globally, there is a surge in shariah-compliant ETFs, the first dirham-denominated sukuk, valued at AED
funds, and indices, highlighting the expanding reach of 500 million, 203 which is a significant step towards
Market Penetration
in Untapped Regions
The emergence of new Islamic
financial institutions in markets
like Iraq and Türkiye and growth
in regions such as Sub-Saharan
Africa and Russia underscore the
expanding opportunities in areas
with significant Muslim
populations.
Regulatory Support
Advancements in for Islamic Finance:
Islamic Capital Markets Recent advancements in key
Innovative products in Islamic countries are catalyzing the growth
capital markets are emerging, as of Islamic finance. Initiatives by
highlighted by Bursa Malaysia’s Malaysia’s Securities Commission,
Carbon Exchange and Franklin new insurance sector regulations in
Templeton’s shariah-compliant Saudi Arabia, and Pakistan’s Federal
technology funds. Court-driven banking reforms
are significant in driving
this expansion.
INVESTORS
Investors are gravitating toward ESG-themed and shariah-compliant tech-
nology funds, underscoring a shift toward sustainable and religiously aligned
investments. However, challenges like ensuring transparency in tech-driven
financial products and addressing data privacy concerns on digital platforms
persist. Navigating these challenges is crucial to maintaining investor trust
and sustaining the growth of these innovative investment sectors.
Opportunities
GOVERNMENTS
Governments are proactively fostering innovation in Islamic finance and
fintech, which can lead to accelerated economic growth and position their
nations as global technology-based Islamic finance hubs. The governments of
various OIC member countries are embracing sustainable finance initiatives,
including green sukuk, to align with environmental goals while at the same time
fermenting socio-economic development. However, balancing innovation with
financial stability, consumer protection, and ensuring equitable distribution
of benefits remains pivotal to safeguarding public trust and holistic growth.
Opportunities
Advance thought
leadership
Visit lseg.com/en/data-analytics/islamic-finance
@IFGateway LSEG Data & Analytics
@IFGateway
PEXELS
2 The positive impact of sustainable
finance initiatives, such as green sukuk,
can promote environmentally friendly
creating jobs and stimulating industries aligned with
sustainable practices.
Relevant Developments & Precedents:
projects and socio-economic development. • Increased implementation of Islamic microfinance
From a government’s perspective, sustainable finance initiatives supporting entrepreneurship and small
initiatives like green sukuk offer a dual benefit. Firstly, businesses in underserved regions such as Sahel
they provide a mechanism to raise capital for envi- and CIS regions.
ronmentally friendly projects, supporting the nation’s Potential Outcomes by 2033:
goals for sustainability and combatting climate change. • A more inclusive and sustainable financial ecosystem
These projects could range from renewable energy supporting socio-economic development and address-
infrastructure to sustainable agriculture. Secondly, ing societal needs. Empowered communities with
such initiatives can drive socio-economic development, improved access to finance and financial education.
Challenges
Opportunities
Challenges
The Islamic finance industry from 2012 to 2022 transformed from niche to mainstream in many countries, demon-
strating how a small sector can grow to become a large standalone industry. In this article, we cover the development
of the industry based on the IFDI data that we have gathered since 2012.
WIDER AND DEEPER GLOBAL increased by 84% to 274 in 2022. The highest
PRESENCE AS MORE growth in Islamic banking in the past decade
COUNTRIES ADOPT OR was in Saudi Arabia, the United Arab Emirates
EXPAND ISLAMIC FINANCE and Iran that capitalised on improvement of
its local currency in the early years.
Global Islamic financial assets expanded by Holding around 70% share of global Islamic
69% in the last five years and 163% in the financial assets, Islamic banking was the main
past ten years. This growth reflects a healthy driver of the overall growth of the industry in
industry driven by strong balance sheets, high the last ten years. Islamic banks stayed resilient
profits, regulator support and sustained demand by both through market volatilities from 2012 to 2022, pertinently
customers and investors across different regions. recovering from the intense stress inflicted on them during
The largest and most developed Islamic finance the Covid-19 pandemic and economic uncertainties post-
markets are Iran, the GCC countries, Malaysia, Türkiye, 2020 that prompted investors to push more capital and
Bangladesh and Pakistan. In the last decade, Islamic investments towards Islamic banking institutions. During
finance gained a foothold not only in more MENA nations the decade, more countries welcomed Islamic banks–
such as Morocco, but also in countries that are not Islamic significantly Oman was the last GCC country to adopt
or Muslim-majority, such as the UK. The industry’s geo- Islamic finance–while others, such as Qatar, closed Islamic
graphical expansion has brought more diversity and depth windows. Outside the GCC, countries in other regions also
to markets, for example with different instruments, struc- started focusing more on Islamic banking, with the prime
tures and investor capital. examples being Türkiye, the CIS countries Kazakhstan and
The industry has also deepened in presence and Uzbekistan, Nigeria and Uganda in Sub-Saharan Africa,
impact. In the last decade, regulators and governments and the Philippines in Southeast Asia.
continued to strengthen Islamic finance regulations, We also observed the push from governments in recent
growth strategies and comprehensive roadmaps to develop years for consolidation to create mega banks with interna-
the industry and its ecosystem. Whatever their motives– tional reach. We saw many mergers and acquisitions within
political, meet local demand, capitalise on a growth industry the banking sector in key Islamic finance markets, starting
or leverage funding options–we saw many jurisdictions with the UAE, followed by Indonesia, Malaysia, Bahrain,
build long-term strategies, invest in human capital and Kuwait, and Saudi Arabia, among others. In addition, we
education, organise industry events and publish dedicated also saw the increasingly mainstream Islamic finance
reports. Some, such as Indonesia, Malaysia, Saudi Arabia attract conventional financial institutions, for example in
and Türkiye, even added Islamic finance metrics as part of Morocco and Oman conventional banks established Islamic
their national economic strategies and blueprints. These subsidiaries and in Pakistan more insurance operators
initiatives bore much fruit in the form of double-digit opened Takaful windows.
growth rates in assets in the past few years. FinTech, digital banking and artificial intelligence (AI)
were some of the key developments that had material
impacts on the development of Islamic banking in the
ISLAMIC BANKING: SEVERAL FACTORS decade leading up to 2022. We saw many new digital banks
THAT HAVE RESHAPED THE SECTOR open such as in Malaysia and Indonesia in Asia, Bahrain
and Saudi Arabia in the Middle East, and Türkiye and the
The assets of the world’s Islamic banks expanded rapidly United Kingdom in Europe. We also closely followed the
to reach $2.76 billion in 2021/2022. The number of full- increasing importance and practice of sustainable finance at
fledged Islamic banks rose by 36% to 336 in 2022 while Islamic banks that led to new departments and frameworks
conventional banks with Islamic windows or services covering ESG, and sustainable finance and investments.
3,500
3,000 2,875
140%
2,500 2,453
USD BILLION
2,133
2,000
1,769 1,831 1,882
1,558 1,443 1,603
1,500 1,303
1,000
500
0
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
UNSPLASH
400
346 349
US$198.82 billion compared to 878 in 2012 with a total 300
306
248
value of US$142 billion. Issuance from both international 213
200
and domestic markets reached a ten-year high in 2021. 100
The development of the Sukuk market was primarily 0
driven by the ever-growing need for funding. Additionally,
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
150 128
113 104 100 117
in traditional Islamic finance markets. However, in the 100 93
71
past decade issuers from different countries in Europe, 50
Asia and Sub-Saharan Africa entered the Sukuk market to 0
contribute to its diversification and depth. Despite growth,
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Muslim-
8
Friendly
Travel
PEXELS
CONSUMER
OPPORTUNITY
Represented by US$133 billion of spending
by 2 billion Muslims on travel (2022 est.)
GOVERNMENT LEADERSHIP
Türkiye and MENA countries (including
GCC) dominate Muslim-friendly
travel ecosystem.
$133
2022 MUSLIM-FRIENDLY TRAVEL – Financial
GIE INDICATOR RANKING Governance
(2023) Awareness
Social
Innovation
5.5%
CAGR
11
21
$174
2027
31
41
Consumer perspective
51
81
*All estimates by DinarStandard. Muslim consumer spend estimates & analysis by DinarStandard leveraging World Bank’s ICP 2017 consumer data as
baseline reference. Muslim outbound travel spend estimates & analysis by leveraging UNWTO and World Bank data as baseline. Projections are baselined
using UNWTO forecasts. Investments (figures and individual deals) are based on a detailed scan of databases from CapitalIQ, Crunchbase and DinarStandard
analysis from 1st August 2022 to 31st July 2023. See appendix for detailed methodology. OIC: Organization of Islamic Cooperation, 57 mostly Muslim-majority
member countries.
D
espite a global slowdown in invest- nesses, several companies secured significant funding
ment, activity in the travel industry in 2022/23. Indonesian online travel agency Traveloka
in OIC countries grew at a strong raised US$300 million from investors; Pakistan’s Roomy
pace over the past year, driven by raised US$1 million to help unbranded hotels renovate their
the expansion of tourism products, properties; and UAE-based travel management company
enhanced connectivity, and stra- Dharma closed a US$3.5 million investment round.
tegic campaigns promoting year- Mergers and acquisitions (M&A) in the digital travel
round travel. space have also seen growth, with Singapore-based travel
Sovereign wealth funds are ramping up tourism startup GoZayaan acquiring Pakistan’s FindMyAdventure
spending, with billions of dollars in the pipeline for new for US$3.5 million and UAE-based OTA Musafir gearing up
projects. For example, Saudi Arabia plans to spend over to raise US$50 million to fund acquisitions in the Middle
US$800 billion on tourism projects in the next 10 years, East and India. Furthermore, shariah-compliant travel
while Morocco’s Mohammed VI Investment Fund plans to financing is being offered for Hajj and Umrah trips in
acquire minority stakes in distressed local hotels to support Oman and Malaysia.
the sector’s post-pandemic recovery. Altogether, 13 deals related to the Muslim-friendly
As travelers gear up for their next adventures, hotel-de- travel industry were recorded in 2022/23. Nine of these
velopment activity continues to boom in the MENA region, deals were disclosed and valued at US$3.4 billion. As the
including in upcoming destinations such as New Mansoura appetite for travel returns strongly, vast opportunities await
in Egypt. At the same time, bilateral cooperation in trans- Muslim-friendly tourism destinations, service providers,
portation among OIC countries, along with relaxed visa and hospitality businesses.
rules, is expected to enhance travel connectivity. In Oman Muslim spend on travel was valued at US$133 billion
and Saudi Arabia, new tourism laws are expected to elevate in 2022, an increase of 17% over the previous year. By
quality standards across the industry. 2027, it is forecast to reach US$174 billion, growing at a
Within the thriving medical tourism space, a variety CAGR of 5.5%.
of initiatives were rolled out across the Middle East and
Asia, such as Malaysia’s Flagship Medical Tourism Hospital
Program. On the other hand, there has been an upsurge
of interest in blended spirituality, fitness, and wellness
experiences among Muslim travelers. To meet the growing
demand for personalized experiences, travel companies
have been expanding their horizons and experimenting
with Artificial Intelligence (AI) in travel booking.
While shariah-compliant investors have traditionally
been reluctant to invest in Muslim-friendly travel busi-
United Arab Mergers & Hotels, Resorts, and Cruise National Corporation 198,800
Emirates Acquisitions Lines (Primary); Financials; for Tourism and Hotels
Restaurants (ADX:NCTH)
Muslim travel spiritual retreats are on the rise, whether Shariah-compliant travel financing is being offered for
organized by travel companies, other businesses, or social Hajj and Umrah trips.
media influencers. • Oman Air Holidays partnered with the National Bank
• The GMW, which is part of LaunchGood, organized of Oman’s Islamic banking window, Muzn, to offer
a gathering of Muslim entrepreneurs in the Islamic flexible financing plans for Umrah packages. Under
economy space in Istanbul in 2022 and in Bali in 2023, the scheme, guests can tailor their pilgrimage with
and at the time of writing, a GMW Summit in Doha, flight, accommodation, transport, and add-on options
Qatar, was planned for November 2023. and pay for it in monthly installments according to
• The Productive Muslim and HalalTrip held a spiritual the service Ijarah concept.313
and personal growth retreat in Bosnia in May 2023. • Malaysia-based Emraz Travel & Tours and AmBank
• Holiday Bosnia organized a spiritual sister’s retreat Group have partnered to launch a shariah-compliant
with Muslim influencer Laura Booth. They have also financing package for Umrah.314 Similarly, Felda Travel
held charity and adventure retreats.312 partnered with Bank Simpanan Nasional (BSN) to
• British travel blogger Ellie Belhaj of the Wandering offer shariah-compliant financing for Hajj and Umrah.
Quinn collaborated with Abdiya Iman of Modest
Fitness, an influencer, for a fitness and spirituali- Several ministries of tourism have created digital plat-
ty-themed retreat in Southern Spain in 2022. They forms in the form of marketplaces to support the industry,
also hold retreats in Morocco and the UK. while a telehealth initiative was launched to accommo-
• Malaysia-based travel writer Anis Ramli, founder of date pilgrims’ medical needs.
Halaluxe, organized luxury spiritual retreats in 2022 • Ivory Coast’s Ministry of Tourism partnered with an IT
and 2023 that blended spirituality and wellness with firm to provide a central marketplace for its tourism
a luxury resort experience. products as well as offer secure payment options to
tourists.315
• Cameroon launched a marketplace platform funded
by the European Union that lists hotels, apartments,
tourist sites, and travel agencies.316
• Oman launched a partner support platform called the
Oman Tourist Hub, through which it shares knowledge
with local stakeholders on Oman’s tourism strategy
and its tourism products.317
• A Saudi-Pakistani Pilgrim Telehealth Center was estab-
lished by Funadiq and Educast, with plans to open
centers in all major hotels in Makkah and Madinah.
The center provides telehealth services to Pakistani
pilgrims during Hajj and Umrah.318
SHUTTERSTOCK
SMIIC has released a standard for adventure tourism, with SOCIAL IMPACT DEVELOPMENTS
a standard for spas on the way, while MDEC has partnered
with a travel tech company to accredit accommodations Ecotourism is gaining traction with initiatives like Egypt’s
as suitable for digital nomads. sustainable tourism campaign. RCU’s AlUla masterplan,
• The Standards and Metrology Institute for Islamic Kuwait’s net-zero city, and Abu Dhabi’s sustainable
Countries (SMIIC) released the “Adventure Tourism guidelines highlight regional commitments. Meanwhile,
Safety Management Systems” standard in 2023. Pakistan’s ecotourism project, Emirates’ US$200 mil-
Additionally, a forthcoming standard, “Halal Tourism lion eco-fund, and initiatives by TUI, Bobobox, and
– Classification for Wellness Spa,” is under develop- CrescentRating showcase global strides toward sustainable
ment.341 SMIIC had already released a “Halal Tourism tourism. Dubai is making efforts to improve accessibility
Services – General Requirements” standard in 2019. for disabled travelers.
• Malaysia Digital Economy Corporation (MDEC) part-
nered with travel tech startup Tourplus to accredit Ecotourism has taken the forefront, with destinations
accommodations as suitable for digital nomads.342 implementing practices that emphasize environmental
sustainability, support for local communities, and pres-
Saudi Arabia and Oman announced tourism laws in 2023. ervation of local cultures.
• Saudi Arabia released a new tourism law in March 2023 • Egypt’s Ministry of Tourism launched a campaign
that covers regulations related to accommodation, to promote sustainable tourism titled “a civilization
travel agents, tour guides, and tourism destinations. inspired by nature.” The campaign was launched on
This legislation also enables Saudi citizens to rent the sidelines of the UN Convention on Climate Change
their homes to tourists. (COP 27).352
• Oman issued a draft law, also in 2023, that simplifies • Dubai established a task force mandated to improve
procedures regulating tourism activities and focuses accessibility for travelers with disabilities.353 The
on elevating quality standards.343 Emirate also held its 3rd Dubai Accessible Travel and
Tourism International Summit in November 2022,
AirAsia’s mother company started accepting cryptocur- with a 4th edition slated for 2024.
rency; Saudi Arabia provided US$80 million to SMEs. • Moreover, Dubai’s Department of Economy & Tourism
• Capital A’s (the mother company of AirAsia) fintech (DET) launched the ‘Dubai Sustainable Tourism Stamp’
arm, BigPay, started accepting cryptocurrency in to recognize hotels with the highest adherence to
partnership with Singapore-based crypto payment sustainability standards.
firm TripleA.344 • The Royal Commission for AlUla (RCU) launched its
• Saudi Arabia provided funding worth US$80 million second masterplan, “Towards a Prosperous Society,”
to tourism SMEs. The Tourism Finance Program was for the development of AlUla. The plan focused on
launched by the Tourism Development Fund and the improving the quality of life for its residents, pro-
Arab National Bank.345 moting economic growth, and protecting both the
natural environment and the region’s rich heritage.354
Several OIC countries are easing visa requirements to • Kuwait plans to develop a net-zero-carbon city for
boost tourism, with GCC countries planning to introduce residents and tourists. The city will include a five-
a unified visa. star eco-resort and eco-lodges, as well as a nature
• GCC countries are planning to introduce a unified conservation center.355
Schengen-style visa for visitors from 25 countries.346 • Abu Dhabi released its “Sustainable Tourism Guidelines,”
• Qatar expanded its Hayya visa processing platform, which cover recommendations across culture and her-
which it used during the FIFA World Cup, to be used itage, events, food and beverage, hotels, leisure and
for all tourist and business visas.347 entertainment attractions, as well as travel agents
• Egypt announced a new five-year multiple entry visa and tour operators.356
for citizens of 180 countries at a cost of US$700. This • Pakistan is implementing the third phase of the
Dubai
Opportunities
Challenge
Opportunities
Challenge
Opportunities
Challenge
Modest
9
Fashion
PEXELS
CONSUMER
OPPORTUNITY
Represented by US$318 billion of spending
by 2 billion Muslims on fashion (2022 est.)
GOVERNMENT LEADERSHIP
Türkiye, Southeast Asian and European
countries dominate the modest
$318 fashion ecosystem.
2022
11
21
$428
2027
31
41
51
Consumer perspective 61
71
Some stores do not follow
the modest fashion for
clothing, so I go for baggy 81
Indonesia as the
British Airways’ uniform upgrade
future hub of modest
includes hijab and jumpsuit.
fashion
*All estimates by DinarStandard. Muslim consumer spend estimates & analysis by DinarStandard leveraging World Bank’s ICP 2017 consumer data as baseline
reference. Fashion exports are based on ITC Trademap 2022 data. Projections are baselined on data from IMF Outlook from April 2023. Investments (figures
and individual deals) are based on a detailed scan of databases from CapitalIQ, Crunchbase and DinarStandard analysis from 1st August 2022 to 31st July 2023.
See appendix for detailed methodology. OIC Organization of Islamic Cooperation, 57 mostly Muslim-majority member countries.
T
he global fashion industry saw a York and the European Union, new rules were introduced
good recovery after 2 years of uncer- to ensure corporate sustainability and ethical production
tainty driven by the COVID-19 pan- brands such as Modest Transitions and Studious Mondays
demic. Similarly, the modest fashion are already implementing sustainability practices in their
industry saw a good recovery with modest fashion businesses, while others are working with
the revival of old brands, the addition textile manufacturers to produce more sustainable fabrics
of many new brands and continued for their designs.
interest from mainstream retailers. While legal rulings against hijab in some places have
Throughout 2022/23, established modest fashion created limitations for women choosing to wear it, social
brands continued to receive investment for further growth, media users and celebrity influencers have been vocal
while smaller-scale brands attracted attention at investor about this discrimination and are helping to educate the
forums. Türkiye’s Modanisa raised US$20 million, Palestine’s public about Muslim women. As modest fashion steps
Modesta raised a six-figure amount in its Seed round, and further into the spotlight and gains more recognition in
UAE-based The Giving Movement raised US$15 million. In fashion schools, fashion events, and mainstream retail
Indonesia, hijab brand Elzetta entered the stock exchange stores, this dynamic segment of the fashion industry is
with an IPO of US$114.21, becoming the first Muslim fashion bound to continue expanding.
retailer to be listed in the country. In 2022, Muslim spend on apparel and footwear
All in all, a total of six deals related to the apparel and was valued at US$318 billion, an increase of 8.4% over
modest fashion industry were recorded in 2022/23. Four of the previous year. By 2027, Muslim spend on apparel and
these deals were disclosed and valued at US$129 million. footwear is forecast to reach US$428 billion, growing at
In a widespread effort to promote inclusivity, main- a CAGR of 6.1%.
stream clothing retailers launched modest clothing ranges
and edits. These included Saudi Arabia-based REDTAG,
the UK’s BooHoo and Next, Australia’s The Iconic, and
Indonesian brand Claude. Another trend saw modest fash-
ion brands partner with mainstream retailers to increase
the reach of their products, though some chose to expand
by themselves within their regions.
Several brands rolled out innovations to cater to
the diverse needs of the modest fashion consumer, such
as modest surfwear, clothing made with fabric that can
absorb vitamin D-rich light, and the first-ever water and
windproof hijab and niqab.
In certain jurisdictions, such as the State of New
Mainstream clothing retailers, specifically luxury brands, The modest clothing market is seeing growth beyond
continue to capitalize on the “Ramadan Rush,” but many the religious context.
consumers have found the marketing related to these • The Reflective, which started off as a modest fashion
campaigns to be inauthentic. content-based platform in 2020, has launched an
• The demand for modest clothing increased by 30% in online marketplace for modest clothing. The market-
Indonesia as the annual “mudik,” or returning home place caters to women across the modest spectrum.
for Eid celebrations, returned for the first time since The online marketplace was launched in May 2023.409
the pandemic.393 • The ADdress department store opened in New Jersey,
• Online retailer Farfetch and multi-brand boutique USA. The department store is dedicated to modest
Browns launched a 182-piece capsule collection of fashion, catering to the significant populations of
modest clothing for men, women, and children.394 Muslims and Orthodox Jews in the area.410
• Net-a-Porter launched the Ramadan range, made up
of designs from over 27 Arabian and international Swimwear and activewear continue to be popular areas of
names, exclusively for the Middle Eastern market.395 specialty and brand expansion for modest clothing labels.
• Off-White released a 17-piece Ramadan collection • Malaysian modest swimwear brand Matsalleh Design
featuring a selection of luxury loungewear and acces- launched a sports hijab as part of their new collection.411
sories. The line was sold online and in selected retail • Activewear label Lululemon launched two styles of
stores in Kuwait, Dubai, and Riyadh.396 workout hijabs, with a third style planned for launch.412
• Louis Vuitton launched its first ready-to-wear line • Malaysia-based modest activewear label The Modest
for Ramadan 2022, which was available exclusively Brand was launched. All items use recycled materials.413
to stores in the Middle East.397 398 • Malaysian brand LILIT launched a size-inclusive mod-
• Luxury brands, including Prada, Dior, and Christian est swimwear range.414
Louboutin, as well as e-tailer Net-a-Porter’s subsid- • UAE-based influencer Hadia Ghaleb launched a lux-
iary, Mr Porter, all released Ramadan ranges for men ury modest swimwear range in 2022. The range sold
in the Middle East.399 out soon after being released. Accessories such as
• Danish brand Stine Goya releases an exclusive 12-piece handbags and swim hijabs were added to the Spring/
Ramadan collection sold through their website and Summer 23 range.415 416
select retailers in the UK and Middle East.400 • Malaysia-based TudungPeople signed an MoU with the
• Ultra-luxury brand Lauro Piana launched a Ramadan National Sports Council to supply modest headgear
capsule collection with Harrod’s.401 for athletes’ training from now until 2024.417
• Versace launched a special-edition women’s ready-to- • Breethe Modest Activewear was launched in South
wear, bags, and shoes collection for Ramadan 2023. Africa. The line is produced locally.418
Exports Imports
$37.1
$122.7
Footwear Apparel
29.2% 70.8%
OIC countries
Indonesia is intent on becoming the global hub of modest its foreign trade offices to promote the Indonesia
fashion by 2024 and has been implementing various Modest Fashion Week (IMFW). The Trade Ministry
initiatives to grow and strengthen its modest fashion is actively working to increase Indonesian Muslim
industry. fashion exports through various trade cooperation
• With the Jakarta Muslim Fashion Week (JMFW) being schemes with partner countries.450
an important part of growing the Indonesian modest • Asia Pacific Rayon (APR) signed a memorandum of
fashion sector, a series of events were held in the understanding (MoU) with fashion design schools in
buildup to the main event in The Road to JMFW 2023. Indonesia. The development of fashion schools is one
This included panel discussions attended by key gov- of the key parts of Indonesia’s strategy to become the
ernment and industry representatives like the Vice global hub of modest fashion. The MoU encompasses
President of Indonesia, Ma’ruf Amin, and Trade Minister, partnerships in access to sustainable viscose rayon,
Muhammad Lutfi, and a Ramadan fashion festival. The research on sustainable modest fashion, and working
Road to JMFW 2024 is already in progress, from March together to mentor local fashion micro, small, and
to September 2023, and is supported by the Tourism medium enterprises (MSMEs). APR also collaborated
and Creative Economy Ministry.446 447 448 449 with designers for a sustainable, modest fashion show
• The Indonesian Trade Ministry mobilized all 46 of at the MUFFEST+ event.451 452
INNOVATIONS
The unique needs of the modest fashion consumer continue
to be addressed through innovation in fabrics and designing
fit-for-purpose items.
Social commerce
as a fashion retail channel. Modest clothing resale
Social media platforms like and rentals services
TikTok and Pinterest are actively Fashion’s sustainability improves
developing their commercial by cutting clothing waste. Popular
capabilities. Over a third of TikTok users mainstream brands, such as ASOS, have
purchase post-ad viewing, spending partnered with resale platforms. In
14% more than other networks.554 Social the UK, Harrod’s launched an in-store
commerce fosters direct consumer designer clothing rental service. There
contact. Influencers will play an is yet to be a resale or rental platform
even more critical role in dedicated to modest clothing.
sales conversion.
Specialized modest
sportswear for women.
Female athletes participating in
sports requiring specialized gear
are unable to find modestly suitable
versions. These need to be developed
in partnership with sports bodies
and athletes.
Opportunities
Challenges
Opportunities
Challenges
Opportunities
Challenges
Halal
10
Pharma
SHUTTERSTOCK
CONSUMER
OPPORTUNITY
Represented by US$108 billion of spending
by 2 billion Muslims on pharmaceuticals (2022 est.)
GOVERNMENT LEADERSHIP
Southeast Asian and European
countries dominate the halal
$108 pharmaceutical ecosystem.
2022
11
21
$142
2027 31
Consumer perspective 41
51
For my kids, I’m constantly
looking for products without
gelatin and in our medications 61
and supplements.”
Laura Hassan, US
71
81
Harmonized halal
standards
Qatar enhances pharmacy
education. Pharma
tech
*All estimates by DinarStandard. Muslim consumer spend estimates & analysis by DinarStandard leveraging World Bank’s ICP 2017 consumer data as baseline
reference. Pharma exports are based on ITC Trademap 2022 data. Projections are baselined on data from IMF Outlook from April 2023. Investments (figures
and individual deals) are based on a detailed scan of databases from CapitalIQ, Crunchbase and DinarStandard analysis from 1st August 2022 to 31st July 2023.
See appendix for detailed methodology. OIC Organization of Islamic Cooperation, 57 mostly Muslim-majority member countries.
T
he COVID-19 pandemic has dom- more so in the halal pharmaceutical sector, which is why
inated almost every aspect of the the UAE has launched a new national drug tracking system.
pharmaceutical industry over the In Nigeria, Chekkit, a blockchain-powered drug-tracking
past few years, providing opportu- solution provider, secured funding that will enable it to
nities for local vaccine manufac- support more manufacturers across Africa and expand
turing in OIC countries. As a result, into the Middle East and beyond. There has also been
SaudiVax is positioned to become the an increasing uptake of AI solutions to accelerate local
first manufacturer of halal vaccines and biotherapeutics in pharmaceutical manufacturing in OIC countries, which
Saudi Arabia, and Indonesia has launched its first home- will help advance halal medicine.
grown halal-certified COVID-19 vaccine. While globally harmonized halal standards are not
Building stronger local health resilience and grow- yet in place, the OIC organization SMIIC published a new
ing the local economy are driving major pharmaceutical standard in 2022 covering the manufacturing and trans-
industry localization projects, particularly in GCC and portation of halal pharmaceuticals. Talent development
Southeast Asian countries such as Indonesia, Malaysia, for the halal pharmaceutical sector is still minimal, and
Saudi Arabia, and the UAE. These initiatives are becoming there remains a shortage of skilled individuals who can
a catalyst for halal pharmaceutical development. Abu build the industry with strong knowledge of both shariah
Dhabi’s newly launched M42, a tech-enabled healthcare and science.
company, is now looking to advance medical research and As more halal medicines and innovations are com-
capabilities in the UAE, while Saudi Arabia’s PIF launched mercialized, and accreditation practices are increasingly
Lifera to boost local pharmaceutical manufacturing. In harmonized, halal pharmaceuticals will continue to scale
Asia, China and Indonesia are investing US$120 million in up and expand.
two state-owned Indonesian pharmaceutical companies, Muslim spend on pharmaceuticals was US$108 billion
and a growing trend has seen Korean companies create in 2022 and is forecast to reach US$142 billion by 2027.
JVs to develop pharma businesses in Indonesia.
Although dedicated funding for the development of
halal pharmaceuticals is still limited, innovation in the
sector is progressing. Malaysian companies continued to
drive forward such innovation, with Duopharma becoming
the first in the country to receive halal certification for
oncology products in 2022 and Pharmaniaga aiming to
commercialize Malaysia’s first halal blood anticoagulant
drug by 2024.
Traceability of drugs remains crucial for maintaining
product integrity in the pharmaceutical industry, and even
Indonesia Venture Capital Commerce and Shopping, Health Kimia Farma Apotek 119,235
Care
Morocco Private Equity Health Care, Hospital, Medical Oncorad groupe 45,358
PEXELS
Exports Imports
$5.2
$60.8
agreements will benefit the EU economy, including The UAE, Egypt, Jordan, Indonesia, Iran, and African nations
in attracting larger investments. Based on this study, are strengthening regional collaboration with significant
the pharmaceutical industry is the most IP-intensive investments and partnerships in areas like pharmaceu-
industry in Europe, followed by the ICT and elec- ticals, medical technology, and digital health innovations.
tronic sectors.603 • The UAE, Egypt, and Jordan have reached an agreement
• The WTO approved a waiver of IP protections for to establish a US$10 billion industrial partnership
COVID-19 vaccine patents, previously secured under investment fund.606 These countries will collaborate
the Trade-Related Aspects of Intellectual Property in five key areas: food, agriculture and fertilizers,
Rights (TRIPS).604 The WTO is also considering expand- pharmaceuticals, textiles, minerals and metals, and
ing this waiver to include COVID-19 diagnostics and petrochemicals.
therapeutics in addition to the vaccine. • The pharmaceutical industry in Africa has become
• The EU revamped its drug laws after the COVID-19 one of the highest-potential sectors affected by the
pandemic and drug shortages, aiming to revive invest- AfCFTA free trade area.607 Pharma also has high prod-
ment and enhance affordable access while facing a uct complexity, which has led to a higher opportunity
drained health budget due to the cost of treating for high local value-added production.
COVID-19.605 • Indonesia and Iran are collaborating on a pilot project
focused on telerobotic surgery and telemedicine.608
PEXELS
The emergence of
Vaccines and pharma tech, especially
biopharmaceuticals are a artificial intelligence (AI), hybrid
growing area in halal pharma. manufacturing facilities, tracking
The Muslim reaction to the vaccine technology, and telemedicine.
during the recent pandemic has led These technologies not only
to an increased demand for halal- boost awareness and access to
certified vaccines, and the industry halal medicines but also increase
wants to sustain this efficiency and trigger more
momentum. innovation in the halal
pharma industry.
Progression in Innovation
pharmaceutical industrial to develop local and green
regulation in OIC countries. halal pharmaceutical products.
Countries like Nigeria and Egypt With the rising consumer demand
have recently reached level 3 in WHO for sustainability standards, halal
regulatory standards, potentially green pharmacy has the opportunity
boosting local pharmaceutical to give stronger value to broader
production. consumer segments.
INVESTORS
Opportunities
Challenges
Opportunities
BUSINESSES
Opportunities
Challenges
Halal
11
Cosmetics
ADOBE STOCK
CONSUMER
OPPORTUNITY
Represented by US$84 billion of spending
by 2 billion Muslims on cosmetics (2022 est.)
GOVERNMENT LEADERSHIP
Southeast Asian and European countries
dominate the halal cosmetics ecosystem.
$84
2022 HALAL COSMETICS – Financial
GIE INDICATOR RANKING Governance
(2023) Awareness
Social
Innovation
8.9%
CAGR
11
21
$129
31
2027
41
51
61
71
Consumer perspective
81
Non-alcohol
L’Oréal partners with the perfumes gaining
metaverse avatar platform, popularity
Ready Player Me. Growing trend
of Korean cosmetics
in MENA
Paragon’s new Looklab promotes
sustainable halal lifestyle.
Live commerce
strengthens halal beauty
influencer
*All estimates by DinarStandard. Muslim consumer spend estimates & analysis by DinarStandard leveraging World Bank’s ICP 2017 consumer data as baseline
reference. Cosmetics exports are based on ITC Trademap 2022 data. Projections are baselined on data from IMF Outlook from April 2023. Investments (figures
and individual deals) are based on a detailed scan of databases from CapitalIQ, Crunchbase and DinarStandard analysis from 1st August 2022 to 31st July 2023.
See appendix for detailed methodology. OIC Organization of Islamic Cooperation, 57 mostly Muslim-majority member countries.
T
he explosive growth of social media this space include Clinique, L’Oréal, and Southeast Asia’s
platforms has played a huge role in e-commerce giant Lazada.
raising awareness of clean and halal Funding and M&A activity driven by the Middle East
beauty in recent years. Celebrity and Southeast Asia continued through 2022/23, with direct-
endorsements and Korean beauty to-consumer brands accounting for the lion’s share. Some
content have also influenced men’s of the biggest deals were made by Indonesian companies,
skincare habits in OIC markets. The such as Sociolla, which secured US$60 million in funding,
Skintellectual generation is particularly spurring these and beauty brand YOU, which raised US$40 million.
trends. Driven by TikTok, these consumers are well-informed Regulatory oversight has increased in several mar-
about clean and halal beauty and often share knowledge kets. Singapore, for example, started mandatory packaging
in their beauty communities. reporting in 2022, while Pakistan plans to establish its
As younger generations become increasingly aware of first cosmetics authority, a move that will support the
sustainable beauty products, brands are leveraging their local industry’s growth on a global scale.
communities and turning to co-creation for product devel- As halal cosmetics brands continue to meet consumer
opment and sales. One such brand is virtual-led beauty demand for unique products such as multitasking makeup
platform KIKI, which in 2023 launched Pretty Nail Graffiti sticks and alcohol-free fragrances, and as they continue
and invited members to vote on the colors of nail polish to put their brand communities first through product
it produces. Indonesia’s ‘Mad for Makeup’ also tapped co-creation, the sector will ultimately grab a bigger share
into Gen Z, leveraging its 1,000+ members for product of the global beauty market in the years to come.
development and marketing. Muslim spend on cosmetics was estimated at US$84
Responding to the growing demand for natural per- billion in 2022 and is forecast to reach US$129 billion by 2027.
fumes, global brands like Dior launched their first-ever
alcohol-free and water-based fragrances, while Indonesia’s
halal-focused Wardah Beauty introduced men’s perfumes. A
range of brands are also investing in supply chain upgrades
to become more sustainable. L’Oréal, for example, invested
in a new venture to create sustainable alternatives to
key beauty-product ingredients, while other brands are
integrating sustainable packaging, such as Indonesia’s
beauty lifestyle store Looklab.
Meanwhile, new technologies like augmented reality
(AR) and artificial intelligence (AI) are reshaping customer
interactions with beauty brands, ushering in immersive
and personalized experiences. Companies investing in
The beauty industry experienced a rebound in makeup There were a total of 10 cosmetics-related deals in 2022/23.
demand post-pandemic, triggered by more intense outdoor Seven of these were disclosed and valued at US$99 million.
activities and relaxed mask-wearing regulations. Social This is an increase of 10% from the US$90 million invested
media platforms, such as TikTok, have raised customer in 2021/22, where three deals were disclosed.
awareness of authentic, clean, and halal beauty. They have
also impacted the increased adoption of skincare products There has been a rebound in demand for makeup, espe-
among men. With the increasing demand for halal beauty cially lip products.
products, several halal beauty startups secured funding • Makeup, especially lipstick, has rebounded in the
from VCs to tap into maximum opportunities. post-pandemic era.615 Besides more outdoor activ-
ities and relaxed mask-wearing, it also becomes an
Latest Projections emotional boost amid difficult times in the pandemic
and post-pandemic.616
In 2022, Muslim consumer spend on cosmetics reached • Increasing trend of hybrid, a multitasking product
US$84 billion. This is an increase of 14.3% from 2021, when where skincare benefits are added to makeup formulas
spend was valued at US$74 billion. India and Indonesia to improve skin quality with each wear.617 Customers
remain the top two largest markets by Muslim consumer are increasingly moving to simple beauty usage and
spend on cosmetics; however, Türkiye has moved up to are aware that healthy skin is the foundation of beauty.
third position. This market is forecasted to grow at a CAGR
of 8.9% between 2022 and 2027, reaching US$129 billion The Skintellectual generation is emerging, driven by
by 2027. social media, especially TikTok. It is a generation with
rising knowledge and awareness of clean and authentic
Note: This does not represent the actual value of ‘halal-cer- beauty. This is a generation that is open and eager to learn
tified’ cosmetics consumption. Rather, it represents the new concepts, including halal beauty. Some ingredients,
core addressable Muslim consumer market spending in the such as retinol and niacinamide, also gained popularity
cosmetics category. on social media due to their important functions for
healthy skin.
Exports Imports
$5.1 $15.56
Parfume and
toilet water
14.9%
Essencial Oil
2.9%
Oral Care
4.8% Personal Haircare
8% 10.7%
There are more initiatives to build sustainable global filling argan oil bottles as a source of income.
trade in the cosmetics supply chain. Korea is actively work- • Indonesia and Malaysia’s palm oil industry, which
ing to establish a global network to capture a larger share has become an important ingredient in many beauty
of the Muslim cosmetics market. products, are being compelled to adopt more sus-
tainable practices due to a new EU regulation. The
More regulation is approved with the aim of building EU has approved a regulation that prohibits the sale
more sustainable trade in the local cosmetics industry. of palm oil and other commodities associated with
Morocco has announced the regulation of exporting deforestation unless importers can provide evidence
argan oil. In Southeast Asia, Indonesia and Malaysia that the production of their specific goods has not
are being compelled to adopt more sustainable practices resulted in any harm to forests.643
due to EU regulation.
• In 2022, Morocco announced the issuance of licenses Korea is actively building its global trade network to
to permit the export of argan oil.642 This initiative aims boost its cosmetic products.
to regulate the quantities exported and preserve local • South Korea’s leading cosmetics ODM company,
jobs in the sector, particularly for those who rely on Kolmar, has signed a contract with International
ECOSYSTEM DEVELOPMENT
More countries have increased their ethical standards
for beauty products to ensure a sustainable impact on
health and the environment.
• Pakistan has approved the draft bill for the establish-
ment of the first Pakistan General Cosmetics Authority
under the Ministry of Science and Technology. This
step has been taken to separate the authority to reg-
ulate the complex business of the cosmetics sector
and to generate revenue to support industry growth
on a global scale.648
• After more than 80 years without a major update,
US cosmetics regulation has been updated with the
Modernization of Cosmetics Regulations Act (MoCRA)
to advance product safety and innovation in the US
cosmetics industry.649
• The regulatory body of Kuwait cooperatives has banned
cosmetics and personal care products containing Lilial
(products that contain butylphenyl methylpropional)
to ensure consumer safety.650
• Singapore started mandatory packaging reporting
on March 31, 2022. It requires brand owners, man-
ufacturers, and importers with an annual turnover
of more than SGD10 million (US$7.3 million) to file a
report on the amount of packaging used annually to
the National Environment Agency (NEA) each year.651
Non-alcohol and
naturally sourced perfumes
are gaining more popularity.
Consumer awareness of natural
perfume and emerging non-alcohol
perfume technologies, such as WPE,
has increased the popularity of non-
alcohol perfumes. Big brands like Dior
have successfully launched their
first-ever alcohol-free and
water-based fragrances.
Increasing trend
Live and Social of Korean cosmetics to MENA.
commerce strengthens The Korean cultural wave is
the role of halal beauty experts gaining popularity in the MENA
and influencers. region, which is helping the
Live and social commerces such as cosmetics industry in the area.
Tiktok Shop, goes beyond traditional Kolmar Korea is set to begin
commerce, offering new engagement supplying halal cosmetics to the UAE,
and education to consumers about marking the company’s first foray
halal cosmetics. into the Middle Eastern
beauty market.
INVESTORS
Opportunities
Opportunities
Challenges
Opportunities
“TikTok has been a great asset for the halal industry. I have
been exposed to a lot of videos on what to use or not,
so a lot of this narrative is helping a brand like Anaaka. For
the markets where we operate, TikTok is not a medium to
sell but to educate. We use it to educate and promote our
identity. It is no longer regional but global.”
Hajar Hachki, Marketing Manager, Anaaka
Media &
12
Recreation
PEXELS
CONSUMER
OPPORTUNITY
Represented by US$247 billion of spending by
2 billion Muslims on media and recreation (2022 est.)
GOVERNMENT LEADERSHIP
Southeast Asian and GCC countries
dominate the Islamic-themed media
$247 and recreation ecosystem.
2022
11
21
$344
2027
31
Consumer perspective
41
81
I consistently monitor my
children, ensuring awareness 91
of their viewing choices.
It’s important that they
100
understand and prioritize
Islamic ethics and values.
1. 2. 3. 4. 5.
Sadia Kashif, Pakistan MALAYSIA SINGAPORE CHINA QATAR UK
Türkiye 26.3
$247 billion
United States 24.3
Muslim spend on
Indonesia 23.7
media and recreation
Saudi Arabia 14
Pakistan 13.8
*All estimates by DinarStandard. Muslim consumer spend estimates & analysis by DinarStandard leveraging World Bank’s ICP 2017 consumer data as baseline
reference. Halal and related product exports are based on ITC Trademap 2022 data. Projections are baselined on data from IMF Outlook from April 2023.
Investments (figures and individual deals) are based on a detailed scan of databases from CapitalIQ, Crunchbase and DinarStandard analysis from 1st August
2022 to 31st July 2023. See appendix for detailed methodology. OIC Organization of Islamic Cooperation, 57 mostly Muslim-majority member countries.
F
rom Islamic TV channels and Kingdom, and Zain Bhikha Studio’s sleep-aide app and toy
edutainment initiatives to lifestyle for Muslim kids.
and gaming apps, Muslim represen- Meanwhile, governments across the MENA region
tation in mainstream media and have been tightening social media regulations and mone-
content platforms is rapidly growing. tization policies. Egypt, for example, is drafting a law that
Advancements continued in would require social media platforms to obtain a license to
Saudi Arabia’s communication land- reach mobile users locally. The country is also planning to
scape, with government collaborations that aim to bolster tax social media influencers earning above EGP 500,000
the local and regional media ecosystem. Among the biggest (US$32,000) a year. In Saudi Arabia, individuals are now
initiatives were the launch of the Saudi Broadcasting required to secure a license before posting advertising
Authority Training Academy, designed to develop a new material on social media platforms.
generation of media professionals, and the US$100 million Further afield, Indonesia is planning for a new regula-
Film Investment Fund, which aims to support local film tion that will permit media outlets to be compensated by
and media at the Cannes Film Festival. digital platforms or aggregators displaying their material,
Efforts to develop digital radio broadcasting ser- a move that aims to balance profit generation between
vices also placed the Kingdom among the frontrunners tech firms and content providers.
in implementing this technology to enhance listeners’ With the growing use of digital technologies to aug-
experiences. The progression of Saudi Arabia’s media sector ment traditional Islamic interactions and the rising demand
led American Canadian broadcasting group Vice Media to for Muslim-centric gaming and content platforms, Muslim-
broaden its operation in the country through a content themed media is expected to record strong growth and
partnership with MBC Group. profitability in the years ahead.
Islamic streaming witnessed a surge, with Malaysia’s Muslim spend on media and recreation was valued at
Islamic video-streaming platform for children, Durio, US$247 billion in 2022 and is forecasted to reach US$344
raising US$2.85 million. Singapore’s Bitsmedia unveiled billion by 2027.
a streaming service called Qalbox with content that high-
lights Muslim cultures and identities worldwide.
As one of the key drivers of Islamic-themed media,
Muslim-themed children’s content saw an uptick in activity
in 2022/23. Qatar Foundation, for example, launched a
series of special episodes of Siraj, its 3D edutainment TV
series, to teach children about Islamic values. Similarly,
Islamic educational toys are reaching global production
scale, as seen with Desidoll, whose products are now
being sold in Asda, Morrisons, and Selfridges in the United
Global Muslim consumer spending in media and recre- A total of 21 deals related to media and recreation in
ation surged to US$247 billion in 2022, growing by 6.4%. OIC countries were recorded during 2022/2023. 14 of
Türkiye leads, with the US in second place. OIC coun- these deals were disclosed, totaling over US$4.9 billion,
tries recorded 21 deals in Media and Recreation worth increasing from US$2.4 billion in 2020/2021. This number
over US$4.9 billion. Technology, such as AI, continues is dominated by the acquisition of Scopely, valued at
to augment offerings in this sector, giving rise to new US$4.9 billion, by Savvy, a game and esports company
offerings and new businesses. wholly owned by Saudi Arabia’s Public Investment Fund
(PIF). If this deal is excluded, the remaining 13 acquisitions
Latest Projections have a total disclosed value of US$84 million.
In 2022, Muslim consumer spend on media and recreation Advancements and partnerships in Saudi Arabia’s com-
reached US$247 billion, growing by 6.4% from US$233 munication landscape.
billion in 2021. Türkiye has retained first position in terms • The Saudi Food and Drug Authority (SFDA) and the
of Muslim consumer spend on media and recreation, while Saudi Broadcasting Authority (SBA) inked a memo-
the US has moved up to second position, pushing Indonesia randum of cooperation (MoC). This collaboration aims
down to third. Between 2022 and 2027, Muslim consumer to bolster communication and foster the creation and
spend on media and recreation is forecasted to grow at a dissemination of expert media content in the realms
CAGR of 6.8%, to reach US$344 billion in 2027. of health and food.656
• SRMG, a prominent integrated media conglomerate,
Note: This does not represent the actual value of Islamic- has inked a Memorandum of Understanding (MoU)
themed or regulated media and recreation consumption. with NEOM Media Industries, an emerging hub for
Rather, it represents the core addressable Muslim consumer media and creative sectors situated in Saudi Arabia’s
market spending in the general media and recreation cat- core.657
egory. • Camel Lab and WEO Technology, in a collaborative
effort between Saudi and Chinese enterprises, are set
to unveil “Hectar.” This new social media application
United States Mergers & Entertainment and Video Games Scopely 4,900,000
Acquisitions
Türkiye Venture Capital Media and Entertainment (Primary) Ace Academy 33,000
Teknoloji AS
boasts numerous features that position it competi- • A tech-savvy entrepreneur and banker from London
tively alongside major social media platforms.658 has introduced a new social media platform named
‘Labayk.’ This platform aims to be more socially impact-
Innovations enhancing Islamic engagement and cultural ful and truthful while also upholding Islamic values.662
connection globally. • The app, dubbed ‘Qur’an Sahbi’ (Qur’an is my compan-
• Singapore’s Bitsmedia, the brains behind the Muslim ion), has been developed by the Kuwaiti Charitable
lifestyle app Muslim Pro, has now unveiled a global Society for the Service of the Holy Qur’an.663
subscription-based streaming service called Qalbox. • The Faculty of Qur’an and Sunnah Studies at Universiti
This service showcases a spectrum of content that Sains Islam Malaysia (USIM) has developed the nation’s
highlights Muslim cultures and identities worldwide.659 inaugural Qur’an application, designed to assist those
• NIM, the innovative Muslim dating app, has officially with hearing impairments in reading and exploring
debuted, marking a new phase of contemporary the sacred text.664
and significant relationships for Muslims globally.
Prioritizing intentional relationships and emphasizing Pioneering innovations and collaborations in the Middle
compatibility, NIM has swiftly earned the moniker “The East and Southeast Asia.
Raya for Muslims,” likening it to the famed exclusive • Viola Outdoor, a subsidiary of the Abu Dhabi-centric
dating platform, Raya.660 media communications expert Viola Communications,
• According to the Match to Marriage report by Halal has unveiled a groundbreaking advancement in the
Wave, close to 77.8% of Muslims are leveraging DOOH media space. This innovation comes as a col-
matchmaking platforms to find their special some- laborative venture with Firefly, a frontrunner in mobile
one. Topping the list of commonly used Muslim dating marketing media solutions.665
and matchmaking apps among 25 to 34-year-olds are • Salman Al-Dosari, the Saudi Minister of Media and
Muzz, Salams, and BaitulJannah.661 Chairman of the Board of Directors of the Saudi
Decentralized learning to reach global audiences for Khayaal, featuring diverse characters from global
Islamic education. and Muslim cultures worldwide.707
• Qatar Foundation launched a series of special episodes
of Siraj, its 3D edutainment TV series, that are religiously Muslim visibility through competitive sports.
significant and offer an engaging way for children to • Following Morocco’s impressive run in the World Cup,
learn Islamic values and morals. Siraj uses storytelling Morocco’s visibility in leading media outlets increased
and animation to teach children about Islamic values. by 277%, with a reach of 6.4 billion during the tour-
• The Little Believers, a children’s Islamic media com- nament, bringing both Islamic teachings and culture,
pany, collaborated with Mufti Ismail Menk and Shaikh such as parent-child interactions, to mainstream
Omar Suleiman, two prominent scholars, in creating conversations.708
children’s content.703 • Following Khabib Nurmagomedov and Islam
• Desidoll, a children’s Islamic educational toy company, Makhachev’s victories in the UFC, the Dagestani fight-
is now being sold in Asda, Morrisons, and Selfridges ers have been cited as being religious, influencing the
in the United Kingdom.704 reason why they are disciplined and hence dominant.709
• At a camp called Hooping in Faith, young women build
Culture in Muslim-majority countries goes mainstream, confidence in their identities as athletes and faithful
bringing Islam into mainstream content. Muslims.710
• Widely praised for being the first Marvel show with a
Muslim and Pakistani lead, Ms. Marvel currently has AI is changing the way Muslims interact with their religion.
an 80% fresh audience rating on the leading movie • A chatbot was launched called Ansari.ai, which was
site, Rotten Tomatoes.705 designed to help answer non-Muslims’ questions about
• AlRawabi School for Girls’ trends globally on Netflix, Islam and to help Muslims strengthen their faith.
announcing a new season.706 • In March, a day before Ramadan, Raihan Khan launched
• An online sci-fi/fantasy webcomic launched off the his AI chatbot, QuranGPT. In the first 36 hours alone,
back of a crowdfunding campaign called Tales of it processed over 60,000 searches from 73 countries.711
PEXELS
INVESTORS
Opportunities
GOVERNMENTS
Opportunities
Challenges
Opportunities
DinarStandard™ is a growth strategy research and exe- Dubai’s Department of Economy and Tourism (DET) is
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specializes in the global halal/ethical economy, govern- hub for the global economy and tourism and in boosting the
ment innovation, and the social impact space. Since 2008, Emirate’s economic and tourism competitiveness indicators.
DinarStandard has supported over 30 government entities, Under this remit, DET is driving efforts to further enhance
investment institutions, industry leaders, and multilat- Dubai’s diversified, innovative service-based economy to
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Launched in October 2015, Salaam Gateway (SG) is the Serving more than 40,000 institutions in approximately
world’s leading news and insights platform on the global 190 countries, Refinitiv provides information, insights,
Islamic economy. It covers Islamic finance, halal, and and technology that drive innovation and performance in
Islamic lifestyle sectors, with an eye on the key producer global financial markets. Our history of integrity enables
and consumer markets. It is for professionals, business our customers to make critical decisions with confidence,
owners, decision-makers, and policymakers who operate while our best-in-class data and cutting-edge technologies
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ACKNOWLEDGMENTS 241
Report Team
Sohail Zubairi
Senior Advisor - Islamic Economy, Department of Economy & Tourism (DET)
Salama Evans
Senior Advisor
Rozi Osman
Advisor, Halal Industry Strategist
Kamil Echchihab
Research Analyst, DinarStandard
Hanya Waseem
Market Research Assistant, DinarStandard
Fareeha Ali
Researcher
We would also like to thank all the industry experts interviewed for this report, as referenced in the Methodology section.
We would like to dedicate this edition to one of our most inspirational leaders at DinarStandard, Randah Taher, who left
this world back to her Creator this year. May God Almighty grant her a high level in paradise.
Disclaimer Copyright
The data of this report is believed to be correct at the time DinarStandard 2023 All Rights Reserved.
of publication but cannot be guaranteed. Please note that
the findings, conclusions, and recommendations that The material in this report is subject to copyright. Given
DinarStandard has delivered are based on information that Dubai’s Department of Economy and Tourism (DET) and
gathered in good faith from both primary and secondary DinarStandard encourage dissemination of this report, this
sources, whose accuracy we are not always in a position to work may be reproduced, in whole or in part, for non-com-
guarantee. The findings, interpretations, and conclusions mercial purposes as long as full attribution to this work is
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report is intended to provide general information only and, Department of Economy and Tourism (DET).
as such, should not be considered as legal or professional
advice or a substitute for advice covering any specific situa-
tion. DinarStandard specifically disclaims all liability arising
out of any reliance placed on this material. DinarStandard
makes no representations or warranties of any kind, express
or implied, about the completeness, accuracy, reliability, or
suitability of this material for your purposes.
ACKNOWLEDGMENTS 243
Report Purpose
and Methodology
Context Purpose
The 57 OIC (Organization of Islamic Cooperation) countries The purpose of the State of the Global Islamic Economy
represent close to 15% of global GDP (PPP). Furthermore, Report is to inspire and empower government officials,
the Muslim population exceeds two billion, representing business leaders, entrepreneurs, and industry bodies to
more than 25% of the global population, growing at a evaluate and develop an actionable, practical, and high-im-
faster pace than the overall global population, and con- pact market strategy focused on the global Islamic econ-
taining some of the fastest-growing global economies. The omy. The 2023-24 State of the Global Islamic Economy
influence of the Islamic economy stretches beyond the report presents the continued momentum of the global
OIC countries, as more than 500 million Muslims reside Islamic economy, highlighting progress during the past
as minorities in many non-Islamic countries. All over the year, taking the pulse of its fast-growing and young demo-
world, this fast-growing and relatively young population of graphic, related global trade flow, and, most importantly,
Muslims is increasingly asserting its Islamic sensitivities looking to future growth challenges and opportunities.
in the marketplace across lifestyle products.
APPROACH
In addressing its purpose, the report incorporates a top-down and bottom-up approach. This includes:
Zain Bhikha
Director, Zain Bhikha Studios
The OIC imports and their exporting markets are retrieved Around 29 HS codes (2-digit) were analyzed. Food
and synthesized by DinarStandard from the ITC Trademap product codes exclude the codes identified as haram (not
database (2022). The OIC import projections for 2023-2027 permissible to consume in Islam). Trade data on phar-
were forecast using one of the following three methods: maceuticals and cosmetics is based on codes 30 and 33,
1) Correlating GDP with OIC imports 2) Using GDP CAGR, respectively. Fashion product codes include only apparel
or 3) Forecasting using historic import CAGR. The trade and footwear trade codes. The categorization of products
projections are assumed to account for the impact of for each sector is a result of DinarStandard’s proprietary
COVID-19, using the latest IMF GDP growth projections trade database and analysis.
released in April 2023.
Overall, the estimates of the Islamic economy sector are Global Muslim market estimates are applied based on
based on the potential universe of opportunity and focused DinarStandard’s Muslim population estimates per country,
on its core audience of Muslim consumers globally. This which are adjusted for income disparities. Projections
number does not represent the actual value of the global were determined primarily by regressing historical annual
Islamic or halal-certified products economy, but more growth of the relevant industry metrics on GDP growth
broadly, the total spend value that Muslims provide to the for each country, in many cases showing a high correla-
referenced sectors. Islamic finance estimates are based on tion, while also comparing them to external estimates by
the ICD Refinitiv Islamic Finance Development Indicator national statistics agencies and global industry forecasts
(IFDI), with banking estimates baselined from central to triangulate historic and projected growth.
bank data, and assume full regulatory support in the core
Islamic finance markets (OIC countries) and 100% Muslim
demographic penetration.
2. Muslim multiplier
= • Muslim % of population
• Relative income levels
DS Analysis and Estimations
• Muslim spend on food and beverage • Spend on food and Baselined from the latest International
• Muslim spend on apparel non-alcoholic beverages Comparison Program values (2017),
and footwear • Spend on clothing and footwear adjusted to more recent values
• Muslim spend on media • Spend on culture and recreation from national statistics agencies
and recreation and GDP evolution
CALCULATION OF NUMBER OF obtained from the WTTO and applied to the total number
MUSLIM TOURIST ARRIVALS of tourist arrivals. The number of Muslim tourists amongst
these arrivals was derived by applying the Muslim multi-
The number of Muslim tourist arrivals was derived by plier of the tourist country of origin. The top five source
calculating the proportion of Muslims within the total countries were provided. For the remaining inbound
inbound tourist arrivals to a specific country. tourists, a 5% Muslim proportion was applied for non-
The total number of tourist arrivals per country OIC destination countries, and 55% was applied for OIC
in 2022 was obtained from UNWTO. The breakdown of destination countries.
the tourist arrivals based on their country of origin was
4. Investment Research
An extensive list of investments made in the OIC and GLOBAL ISLAMIC ECONOMY
Islamic economy-specific investments outside the OIC INDICATOR
over the period August 2022 to July 2023, covering the
Food, Pharmaceuticals, Cosmetics, Islamic Finance, Media Methodology
and Recreation, Apparel, and Travel sectors, was compiled
based on research carried out across multiple databases, In its tenth year, the purpose of the GIEI is to benchmark
including CapitalIQ and Crunchbase. This research was the leading national ecosystems best able to support the
supplemented by DinarStandard’s own research and a development of Islamic economy business activity relative
scan of subsequent transactions identified by Salaam to their size. The GIEI is a composite weighted index that
Gateway and other news publications from August 2022. measures the overall development of the Islamic economic
Investments analyzed include mergers and acqui- sectors across 81 key countries by assessing the performance
sitions (M&A), private equity (PE), and venture capital of its parts in line with its broader social obligations. It
(VC) transactions. For venture capital transactions, angel comprises 52 metrics organized into five dimensions (finan-
funding, seed rounds, or pre-seed rounds are not included. cial, regulatory, awareness, social, innovation) for each of
Public offering/IPO deals are not included. the seven sectors of the Islamic economy (Islamic finance,
Financial services companies operating in both con- halal food, Muslim-friendly travel, modest fashion, media
ventional and Islamic finance were also assumed to belong and recreation, halal pharmaceuticals, and halal cosmetics).
to the Islamic finance category. To enhance the indicator as it moves toward its second
The scope of comparison has been altered from the decade, some changes are being introduced into the meth-
previous year’s report to widen the net and capture all odology. In addition to those changes incorporated last year,
relevant sector transactions to gain a more nuanced view such as expanding the countries covered and expanding the
of investments in the broader sector. definition of the food items being exported, the indicator
now includes an innovation dimension, and the weighting
of each dimension and sector has been changed to better
reflect the impact of the different dimensions and sectors.
GLOBAL INDICATOR
COUNTRY INDICATOR
SECTOR LEVEL
DIMENSION
LEVEL
The GIEI is calculated by applying a weightage to each The different components that make up the indi-
of the sector indicators. The weightage is fixed to give cator are selected based on an outline of the industry’s
proportional importance to each sector. The weighting key constituents as a whole and are based on critical
is as follows: contemporary issues, including financial, governance,
awareness, and social developments. All are fundamen-
30% 30% 10%
Islamic Finance Halal Food Halal tally important for the development of the industry as
Travel a global business.
10% Modest Fashion
10% Halal Media & Recreation
10% Halal Pharmaceuticals & Cosmetics
For numerical values (US$ amounts) and numbers (e.g., number of seminars or conferences):
Absolute Value Metric Weight
Metric Value = x
(Scale Value x Rationalizing Coefficient) 2
For yes/no values (e.g., if there are regulations for Islamic banks):
Metric Value = Metric Weight if yes, 0 if no
The Rationalizing Coefficient is specific to each country We have designed the Rationalizing Coefficient to
and is designed to adjust the scale based on the size of compare the relevant country size based on their GDP and
the country. This is designed to ensure the comparability population. These are compared to the median value for
of the indicator values across countries. all countries so as not to be skewed by extreme values at
both ends of the scale.
Scale Value is the average of all absolute values for that Metric Weight is designed to ensure that particular sub-in-
metric (not including zeros). This value forms the basis dicator metrics are weighted to ensure that all sub-indica-
of our scale for that metric and will remain unchanged tors are comparable, regardless of the number of metrics
for future years. used to derive each.
This will ensure the development of the metric is
not restricted to a particular range, and the first year will
form the base year against which relative growth in the
The Metric Weight is calculated as follows:
metric is measured.
100
Metric Weight =
Total metrics within
the Sub-Indicator
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ENDNOTES 257
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147. IsDBI helping Uzbekistan to build a resilient Islamic finance industry. Zawya. March 26, 2023.
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149. Fitch Rates ICD Eagle Limited’s Proposed KZT Trust Certificates ‘A+’. Fitch Rating. May 22, 2023.
150. ITFC signs annual financing plan for $1.4 billion with Bangladesh to ensure energy security. The Business Standard. May 28, 2023.
151. ITFC signs six agreements totaling $101mln with Cote d’Ivoire, Egypt, Uzbekistan, and The Kingdom of Saudi Arabia. Zawya. May 12, 2023.
152. ITFC Signs the 2023 Annual Work Program with Egypt for US$1.5 billion. International Islamic Trade Finance Corporation. January 23, 2023.
153. ITFC signs largest Syndicated Murabaha Trade Financing Agreement with STO, Maldives & MoU with MIFCO. International Islamic Trade Finance Corporation. September 25, 2022.
154. ITFC Signs Euro 400 million 2023 Annual Plan with Senegal and AATB Country Program. International Islamic Trade Finance Corporation. January 30, 2023.
155. ITFC, Tunisia sign nearly $280mln worth of trade financing agreements. Zawya. March 6, 2023.
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162. Short-term liquidity facility for Islamic banks introduced. New Age Business. December 5, 2022.
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176. Vineeta Tan. Profit, people, planet — HSBC Amanah unveils triple bottom line framework as part of sustainability drive. Islamic Sustainable. September 28, 2022.
177. Bursa Malaysia Launches Two New Esg Themed Indices with Ftse Russell. Bursa Malaysia. August 29, 2022.
178. Cynthia Ignatius. Bursa Enhances Listing Requirements to Facilitate Offering of Islamic REITs, ETFS With Waqh Features. Business Today. March 27, 2023.
179. Islamic Organization for Food Security eyes local currency agricultural Sukuk issuance. Islamic Organization for Food Security. August 1, 2023.
180. AmInvest reintroduces AmBon Islam as SRI fund. Business Times. January 10, 2023.
181. Elizabeth Yee. Hong Leong’s First Shariah-Compliant ESG Fund Launched by Its Asset Management Arm. Business Today. January 9, 2023.
182. Cynthia Ignatius. Greenpro Launches World’s First Shariah-Compliant ESG Digital Asset Exchange, Green-X of Labuan. Business Today. September 20, 2022.
183. Carbon credits can now be traded in line with Islamic principles. FMT. December 9, 2022.
184. Gulf Ventures launches food business platform. Gulf Ventures launches food business platform. March 28, 2023.
185. Standard Chartered Malaysia introduces SC WIN. The Star. June6, 2023.
186. CIBAFI Launches Sustainability Guide for Islamic Financial Institutions. Islamic Markets. 2023.
187. Faysal Bank becomes full-fledged Islamic bank. Business Recorder. December 31, 2022.
188. Erum Zaidi. Faysal Bank becomes full-fledged Islamic bank. The News. May 10, 2023.
189. KARACHI: Security Investment Bank Ltd (SIBL) told the Pakistan Stock Exchange on Friday its board has decided to transition into a Sharia-compliant entity. Dawn. May 13, 2023.
190. Khurshid Ahmed. Pakistan’s Summit Bank changes name after acquisition by Dubai-based businessman. Arab News. July 18,2023.
191. Sarmad Khan. Bank Dhofar makes offer to acquire 100% of competitor Ahli Bank. The National News. May 24, 2023.
192. KFH Wins “Best Islamic Bank in Kuwait” and “World Best Islamic Bank for ESG 2023” awards. Kuwait Finance House. June 22, 2023.
193. Sunil Singh. Gulf Bank and Ahli Bank of Kuwait call off merger talks. The National News. June 05, 2023.
194. Interim Condensed Financial Statements for The Nine Months Ended 30 September 2022. Sohar International. 2023.
195. HSBC Oman merger with Sohar International complete. Zawya. August 20, 2023.
196. Al Salam Bank completes $2.2bn acquisition from Ithmaar. Retail Banker International. November 16. 2023.
197. FABMISR announces successful integration of all banking services with Bank Audi Egypt. Zawya. November 1, 2022.
198. Akanda Muhammad Jahid. IBBL, Agrani, Al-Arafah top remittance recipient banks in FY23. The Daily Star. July 7, 2023.
199. IDLC Finance gets nod to launch Islamic finance window. The Daily Star. April 11, 2023.
200. DBH Finance gets approval to launch Islamic finance window. The Finance Express. April 13, 2023.
201. Muluken Yewondwossen. Rammis Bank cuts its HQ ribbon. Capital Ethiopia. June 5, 2023.
202. SEC’s $2bn Sukuk oversubscribed 7.7 times, attracting $15.4bn order book. Arabian Business. April 5, 2023.
203. Emirates Islamic is first bank in the UAE to issue a Dirham Sukuk. Emirates NBD. February 09, 2023.
204. Press Release: N100 Billion Sovereign Sukuk Issuance For 2022 Closes on a High Note. Debt Management Office Nigeria. December 07, 2022.
205. Egypt’s debut sukuk sale 4x oversubscribed at $6.1bln. Zawya. February 27, 2023.
206. Tariq Al Fahaam. UAE’s Islamic Treasury Sukuk achieves bids worth $2.26bln and oversubscription of 7.6 times. Zawya. May 11, 2023.
207. Pomegranate Nigeria Limited secures ₦2.25 billion ijarah Sukuk Funding. Business Day. November 29, 2022.
208. Chimera Capital launches two US Shariah-compliant exchange traded funds. Zawya. June 27, 2022.
209. Chimera Capital LLC launches shariah-compliant ETF tracking Hong Kong-listed Chinese equities. Zawya. May 25, 2023.
210. Hejaz launches Australia’s first Sharia-compliant ETFs on ASX (ASX: ISLM and ASX: HJZP). Zawya. October 17, 2022.
211. QIC and QInvest LLC announce the establishment of Epicure Islamic Investment Management LLC. Zawya. October 3, 2022.
212. Sputnik ATX launches first Shari’a compliant VC Fund. Zawya. April 26, 2023.
213. BlueBox launches Shariah-compliant technology fund. Zawya. August 4, 2022.
214. STV launches $150 million Total Growth investment platform. Wamda. February 8, 2023.
215. Merak Capital launches SAR 200mln Direct Lending Fund. Zawya. February 7, 2023.
216. Saudi stocks exchange launches first Shariah-compliant index. Arab News. July 17, 2022.
217. First Islamic Indices Based On S&P/ASX Series Launched. Seeking Alpha. March 9, 2023.
218. FTSE Russell & IdealRatings Launch FTSE IdealRatings Islamic Index Series. FTSE Russell. July 19, 2022.
219. Maingi Gichuku. Nigerian mobility fintech Moove raises US$30 million for UAE expansion. The Exchange Africa’s Investment Gateway. December 8, 2022.
220. Tamara raises $100mln in Series B equity round. Zawya. August 22, 2022.
221. Indonesia’s Alami Closes Pre-Series B Round Led by East Ventures. Tn Global. October 10, 2022.
222. Wa’ed leads $50 million Series B round for US-based fintech startup Wahed. Wamda. June 16, 2022.
223. Aisha S Gani. Startup Wahed Backed by Aramco and Paul Pogba Now Valued at $300 Million. Bloomberg. June 15, 2022.
224. Entrepreneur Middle East Staff. Iraq’s First Independent Technology Fund Launched Through Partnership Between Iraqi Islamic Bank and Singapore-Based Venture Capital Fund
MSA Novo. Entrepreneur Middle East. March 16, 2023.
225. Ethis Group Launches New Ethis Super Angel Syndicate. Ethis. August 10, 2022.
ENDNOTES 259
306. Mars W. Mosqueda Jr. Bangladeshi online ticketing startup Shohoz raises $3.4m in convertibles. Deal Street Asia. June 5, 2023.
307. Tage kene-okafor. Yassir pulls in $150M for its super app, led by bond. Tech Crunch. November 7, 2022.
308. Peden Doma Bhutia. Middle East Hotel Project Count Hits All-Time High. Skift. September 6, 2023.
309. Tradea Arabia. Azizi unveils $16.3 bln Dubai hospitality investment plan. Zawya. May 6, 2023.
310. Trencer baker. Brands schedule development project in Morocco as travelers return. CoStar. April 13, 2022.
311. Sama Mousa. Egypt investor to build hotels in New Mansoura. Amwal Al Ghad. July 11, 2023.
312. Interview with Kamraan Siddiqui, Founder of Holiday Bosnia. 2023.
313. Oman Hir holidays partners with Muzn Islamic banking. Oman Air. March 19, 2023.
314. Bank, travel agency lunch shariah-compliant umrah financing package. Free Malaysia Today. February 3, 2023.
315. Cybastion, ivorian ministry sign $23M tourism digitization PPP. Emerging Brand Africa. April 6, 2023.
316. Yaounde. Cameroon gets a digital tourism promotion platform. Business in Cameroon. December 14, 2023.
317. Amr Alfiky. Oman launches new digital platform for tourism sector. Zawya. April 22, 2023.
318. First pak-Saudi Telehealth center established in Makkah to facilitate Pakistani pilgrims. Economy.pk. March 14, 2022.
319. IHG Hotels & Resort signs MoU with the Saudi Tourism Authority. Zawya. May 5, 2023.
320. Aurora Welch. Emirates Embarks on partnership with Bahrain and Zambia tourism to attract more tourists. Travel Radar. May 4, 2023.
321. Abu Dhabi launches global campaign one summer isn’t enough. Branding in Asia. May 24, 2023.
322. Summer in Saudi. Visit Saudi. 2023.
323. Peden Doma Bhutia. UAE Eyes $122 Billion a Year Form Tourism by 2031: Middle East Travel Roundup. Skift. November 16, 2022.
324. Marwa Hassan. British Airways Lunches new uniform with hijab option. The National News. May 23, 2023.
325. Bernama. M’sia introduces firs flagship Medical tourism Hospital programme. NST. March 17, 2023
326. Penang Adventist Hospital in Malaysia Partners with Firefly Airlines. A Today. March 3, 2023.
327. Chiva-Som. Zulal Wellness Resort. Zulal. 2023
328. IMTJ Team. Iran to set up state medical travel agency In Oman. Laing Buisson News. December 16, 2022.
329. 220 Iranian hospitals have medical tourism licenses. Tehran Times. January 14, 2023.
330. Johor wants to become a sports tourism hub, says state exco. Malay Mail. May 10, 2023.
331. Saudi Arabia wins bid to host 2029 Asian winter games at NEOM. Reuters. October 4, 2022.
332. Oman launces world’s longest zipline as part of tourism boost. Travel and Tour World. April 25, 2023.
333. Adam Stacey. IDEAS: Adventure Awaits with Akun, The Latest Offering Form Red Sea Global. Skift. May 15, 2023.
334. Trade Arabia. Bahrain, Saudi Arabia deal to position as single tourism destination. Zawya. June 7, 2023.
335. Emirates boost ties with Indonesia, Morocco and Zimbabwe. Trade Arabia. May 2, 2023.
336. Saudi Arabia launches new national airline. Reuters. March 14, 2023.
337. Amani Hamad. Saudi Arabia to boost airports’ capacity to handle 330 million passengers by 2030. Al Arabiya. May 10, 2023.
338. Uganda Announces four new airfields in national parks. Travel Agent Central. May 4, 2023.
339. Ayu Verma. Salam Pakistan: First-ever National Tourism Brand to Promote Tourism in Pakistan. Native Planet. August 8, 2023.
340. Saudi Crown Prince announces kingdom’s fifth giga-project. Arabian Business. January 9, 2023.
341. Standards Under Development. SMIIC. 2023.
342. Tourplus partners with MDEC in de Rantau Programme. NST. November 25, 2022.
343. Shura approves draft Tourism law, focus on quality services. Oman Observer. May 15, 2023.
344. Dashveenjit Kaur. Capital A’s fintech arm BigPay makes a foray into the cryptocurrency space. Tech Wire Asia. November 4, 2022.
345. Nirmala Naryanan. Tourist businesses given $80m funding injection amid Saudi plans to grow sector. Arab News. June 13, 2022.
346. ATM 2023: New ‘Schengen- style’ GCC unifed visa for tourist, business people soon. Gulf News. May 4, 2023.
347. Qatar visa update: All tourist must use new Hayya Platform. Arabian Business. April 17, 2023.
348. Marina Makary. Egypt Introduce Five-Year Multiple-Entry Visa for Foreigners. Egyptian Streets. June 20, 2023.
349. Free four-day visa introduces for Saudi Arabia air travelers. Al Arabiya. January 31, 2023.
350. Galiya Khassenkhanova. Kazakhstan plans to grant visa-free regime to 100 countries. Tha Astana Times. September 29, 2022.
351. Iran set to drop visa requirements for 50 countries. Tehran Times. January 7, 2023.
352. Habiba Hamdy. ‘A Civilization Inspired by Nature’, An Egyptian campaign to promote sustainable tourism. Ahram Online. November 17, 2022.
353. Josh Corder. Sheikh Ahmad priorities US$ 150bn disabled tourism marker, looks to make Dubai more accessible. Hotelier Middle East. December 9, 2022.
354. Path to Prosperity. Royal Commission for AlUla. 2023.
355. Trade Arabia. Major sustainable tourism project coming up in Kuwait. Zawya. August 23, 2022.
356. DCT Abu Dhabi’s new initiatives to promote sustainable tourism. Gulf Today. May 5, 2023.
357. Amin Ahmed. Rs300m agreement inked for next phase of ecotourism project in KP. Dawn. April 29, 2023.
358. Emirates airline earmarks $200mln fund for sustainability research. Zaywa. May 11, 2023.
359. Gabon launches new tourism identify for “the last eden”. Travel Agent Central. January 27, 2023.
360. Children becoming ambassadors for a green Jamaica and turkey – environmental education through two new TUI Junior Academies. TUI Group. June 26, 2022.
361. Travel Tech 4 good- TUI Care foundation and enpact launch tourism startup accelerator in Egypt. TUI Group. July 8, 2019.
362. Ghania Nurcahyadi. Dukung upaya keberlanjutan, Bobobox gandeng Fairatmos kembangkan fitur carbon offest. Media Indonesia. December 14, 2023.
363. Caroline Boey. Mastercard- crescentrating introduces new tools in global Muslim Travel Index 2023 report. TTG Asia. June 7, 2023.
364. Arya M Nair. Saudi travel company Almosafer to use ChatGPT in mobile Booking booking platforms. GCC Business News. May 8, 2023.
365. Yousef Saba. Etihad to make flight bookings conversational Using Artificial Intelligence. Skift. May 3, 2023.
366. Visa and Saudi Tourism Authority team up to improve saudi Tourist Experience. The Fintech Times. May 2, 2023.
367. Personalized tourism: Saudi tourism authority reinvents travel. Deloitte. November 18, 2022.
368. Jonathan E. Hendry. Emirates reveals the world’s 1st robotic check in assistant. Simple Flying. April 27, 2023.
369. Dubai airport will scan your face as you walk through a video tunnel. Engadget. October 10, 2017.
370. Alula enters virtual world with Hegra’s tomb of Lihyan. Arab News. November 14, 2022.
371. Claire Turrell. Indonesia’s futuristic take on travel. BBC. June 28, 2023.
372. PIF announces the establishment of the Saudi tourism investment company “Asfar”. Zawya. July 27, 2023.
373. Dewi Elvia Muthiariny, Laila Afifa. Indonesia to invest hajj funds inSsaudi Arabia’s Property sector. Tempo. February 17, 2023.
374. Wellnes tourism market size, share & trends analysis report by service (Lodging, wellness activities) By travel purpose (primary, secondary), By travel type (Domestic, international),
By region, and segment forecasts, 2023-2030. Grand View Research. 2020.
375. Pathom Sangwongwanich. Thailand plans $131 Million Phuket Medical hub to boost tourism. Bloomberg. October 11, 2022.
376. Crayon Data and TBO.com partner to bring personalized travel experiences to the banking Industry. Crayon Data. June 7, 2023.
377. Lim Fathimah Timorria. Emiten Hijab Elzatta (ZATA) resmi masuk bursa, himpun dana IPO Rp 170 Miliar. Bisnis.com. November 10, 2022.
378. Mumtaz Hussain Bhat. Sana Farheen’s modest clothing pitch wows Shark Tank India judges. The Siasat Daily. May 16, 2023.
379. Modanisa, the global leader of modest fashion receives 20M USD investment. Re-pie Asset Management. July 22, 2022.
380. Palestinian e-commerce Modesta raises six-figure Seed round. Wamda. July 19, 2022.
381. UAE brand the giving movement raises $15m in series Around. Gulf Business. March 11, 2022.
382. Value fashion giant REDTAG launches modest range, empowers women to experiment with latest trends. APN News. January 20, 2022.
383. Georgia Wright. Boohoo set to launch a new range this summer created by a graduate fashion week student. Retail Gazette. February 7, 2022
384. Georgia Wright. Boohoo set to launch a new range this summer created by a graduate fashion week student. Retail Gazette. June, 24, 2022
385. LC Waikiki opens GCC’s first modest store in Doha. Khaleej Times. November 11, 2022.
386. Sammy Preston. The iconic just dropped a brand-new modest fashion edit. Urban List. June 1, 2022.
ENDNOTES 261
469. Maria C, Azis Kurmala. Indonesia Seeks to Corner Share of Africa’s Muslim Fashion Market. Antara. October 13, 2022.
470. Unzela Khan. Massive 20,000 Person Muslim Food and Shopping Festival Coming to London. MyLondon. March 22, 2022.
471. Modest Fashion Show 2022 In Its 1st Edition in Riyadh. DestinationKSA. February 28, 2023.
472. Miami Beach Chamber. An Ultimate Experience of Unorthodox Modest Fashion Show Fashion Talk That Are Breaking Borders and Creating Dialogue. Miami’s Community News.
March 26, 2022.
473. GetNews. Modest Fashion Day at International Economic Summit Russia Islamic World Kazan Summit the Aesthetic of Modern Modesty. Digital Journal. May 23, 2022.
474. Kazan Summit 2022 Hopes to Spur Cooperation Between Russia And Islamic World. YeniSafak. April 18, 2022.
475. Sibel Morrow, Zeynep Beyza Kılıç. Tatarstan Hosts Modest Fashion Day as Part of Kazan Forum 2023. Anadolu Agency. May 21, 2023.
476. Yusef Jalali. Iran’s Islamic Clothing Expo Draws Designers from Muslim Nations. Press TV. May 1, 2022.
477. Yusef Jalali. 11th International Fajr Fashion and Clothing Festival in Iran. Press TV. July 11, 2022.
478. Muslim News Staff. Halal Expo Canada Comes to Toronto This Week. About Islam. May 8, 2022.
479. Sajira Shrestha. Namaste Eid Fest Concludes with A Great Success. MyRepublica. May 8, 2022.
480. GetNews Published. Istanbul Hosted Togethere Summit Royal Experience by Markamarie Modest Fashion Event with Royal Touch. Digital Journal. June 17, 2022.
481. Melbourne Fashion Week to Bring Style and Flair. Mirage News. August 31, 2022.
482. Patty Huntington. Day Five At AAFW: An Inside Look Through the Eyes of BAZAAR’s Fashion News Director. Harper’s Bazaar Australia. May 14, 2022.
483. Lauren Sams. Cover Up Girls on The Runway in Australian Fashion Week First. Financial Review. May 15, 2023.
484. Cait Emma Burke. Afterpay Australian Fashion Weeks Next Gen Program. Fashion Journal. March 29, 2022.
485. Muslim News Staff. Biggest Halal Expo Comes to London Next Week. About Islam. November 27, 2022.
486. Riyadh To Host Latest Edition of Modest Fashion Week, December 15–17. Lucire. December 6, 2022.
487. Laman Ismayilova. Azerbaijan Fashion Week Presents Dazzling Fashion Looks. MENA FN. December 7, 2022.
488. Ko Dong-hwan. Nation 2023. The Korea Times. May 5, 2023.
489. Modest Fashion Is A Minimalist and Comfortable AestheticT hats Taking Over Tiktok Video. MalayMail. May 11, 2023.
490. Husna Anjum. Islamic Festival Launches Birmingham Full. Birmingham Live. May 18, 2023.
491. Council Of Modest Fashion. Facebook. November 23, 2022.
492. Caitlyn Terra. Modest Fashion Brand Les The Brand: “We Provide the Ingredients to Look Stylish Yet Modest”. Fashion United. March 15, 2023.
493. Two Arab Female Designers to Watch Out for At Milan Fashion Week. Albawaba. February 25, 2022.
494. Malaysian Halal Players Should Seize Business Opportunities in The Netherlands. The Sun Daily. May 26, 2022.
495. Brands Showcasing an Exhibition In New York. The Kurator. July 26, 2022.
496. Gulf News Report. Taiwan Modest Fashion Show to Live Streamed in Arab World. Gulf News. September 22, 2022.
497. Jeremy Ng. Islamic FashionF estival Trending Design Raise Funds. SAYS. November 25, 2022.
498. Sidec Brings Top Ecm Awards Back Adds Fashion Accelerator Mix. Digital News Asia. June 22, 2022.
499. Aufa Mardhiah. Sidec To Empower Small Fashion Businesses with Digitisation. The Malaysian Reserve. July 29, 2022.
500. Deal signed to support Saudi fashion designers. Arab News. April 24, 2022.
501. Manjushree G Naik. Hijab Clad Students Denied Entry to Classrooms in Udupi College in Karnataka. Deccan Herald. January 1, 2022.
502. Amy Woodyatt, Nada Bashir, Dalal Mawad. French lawmakers have proposed a hijab ban in competitive sports. The impact on women could be devastating. CNN. February 1, 2022.
503. Islamic Clothing of Women Featured in French Election Debate. Yeni Safak. April 16, 2022.
504. Layli Faroudi. Top French Court Upholds Ban on Barristers Wearing Hijab in Lille Courtrooms. Reuters. March 2, 2022.
505. French City Approves Muslim Swimsuit in Controversial Change. The Strait Times. May 17, 2022.
506. French court blocks ‘burkinis’ in council’s pools. France 24. May 25, 2022
507. Xhorxhina Bami, Egzon Dahsyla. Kosovo Muslims Want Ban on Religious Dress in Schools Lifted. Balkan Insight. April 1, 2022.
508. Shakira Adunola. Supreme Court Approves Wearing of Hijab in Lagos Schools. The Guardian. June 17, 2022.
509. RFE/RL’s Radio Farda. Iran President Orders Enforcement Hijab Chastity Law. RFE. July 7, 2022.
510. Lindsay Owens. UGA hosts ‘Islamic Fashion and Anti-Fashion’ presentation. The Red and Black. April 19, 2022.
511. Rahul Sachitanand. Hijrah Movement: Brands Court Newly Conservative Consumers. Campaign. March 28, 2022.
512. Al Huda CMF-UAE Signed MOU With University of Management and Technology. Zawya. July 7, 2022.
513. Amy Peacock. Kazna Asker Blends Islamic Fashion and Sportswear To “Showcase the Diversity of Britain. Dezeen. January 11, 2023.
514. Sophie Williams. Nemahsis Nemah Hasan Tiktok Interview. NME. January 19, 2022
515. Ghufrane Mounir. France French Vogue Headscarf HijabH ypocritical Double Standards Instagram Julia Fox. Middle East Eye. January 30, 2022.
516. Sara Alhumiri. Bella Hadid: “I urge countries who are discriminatory against Muslim women, to rethink what decisions you have made”. Cosmopolitan. February 18, 2022.
517. Belal Nawar. Bella Hadid And Huda Kattan Break Their Silence on Hijab Bans and Discrimination. Scoop Empire. February 19, 2022.
518. Chintan Girish Modi. As India’s Muslim women are reduced to their hijabs, an art project offers empowering counter-narrative. News Nine. April 6, 2022.
519. Eduardo Campos Lima. Muslim women in Latin America becoming online influencers. Arab News. April 13, 2022
520. Sarah Mainuddin. Vogue France Features a Hijabi On Its Cover for The First Time. Muslim Girl. September 5, 2022.
521. Modest fashion is a minimalist and comfortable aesthetic that’s taking over TikTok (VIDEO). MalayMail. May 11, 2023.
522. World Hijab Day to be celebrated tomorrow to stress its significance, Muslim women’s right. Associated Press of Pakistan. January 31, 2022.
523. Irvin Ibarra. World Hijab Day Gives Columbia Students Opportunity to Wear A Hijab for The First Time. The Columbia Chronicle. February 14, 2022.
524. Maricel Cruz. Lawmakers OK Measure on National Hijab Day. Manila Standard. November 16, 2022.
525. Evon Goh. Mas Issues Survey on Revamping Iconic Kebaya Uniform After British Airways Unveils New Modest Attire. World Of Buzz. January 17, 2023.
526. Experts Confirm Joshimath Disaster Due to Rampant Infrastructure Development. Ummid.Com. January 8, 2023.
527. Ellie Aben. Philippine Coast Guard Allows Female Muslim Personnel to Wear Hijab. Arab News. February 3, 2022.
528. The World’s First Media Style Guide on Islam Launches. NewsWires. April 4, 2022.
529. Zeynab Mohamed. Brands Cashing in On Muslim Holy Money Need to Get Better at Representation. Elle. April 8, 2022.
530. Hafsa Lodi. Meet Asma Elbadawi: The Athlete Who Made Basketball Accessible to Hijab-Wearing Women. The National News. March 1, 2022.
531. María Paula Mijares Torres. Hijab Campaign Raises Awareness Violations. Chicago Tribune. April 20, 2022.
532. Az Munrallee. Muslim Men Like Me Often Face Hostility, However Fashion Magazines Have the Power to Change That. iNews. April 26, 2022
533. Spin Master Teams with Inner City Arts Students to Amplify Diversity with Creative Play. License Global. June 1, 2022.
534. Bongo Introduces Its Newest Live TV Addition Fashion TV. United News of Bangladesh. June 28, 2022.
535. Husain Razvi. Designer Lara Ali On Her Modest and Modern Fashion Fusion. Khaleej Times. October 9, 2022.
536. Katy Gillett. Miss Universe Bahrain Evlin Khalifa Wears Abayas As Beauty Pageant Begins. The National News. January 7, 2023.
537. Hajra Akbar. Rotherham University Graduate Unveils Collection for Muslim Women at York Fashion Week. The Star. March 28, 2022.
538. Josa Lukman. APR Highlights Commitment to Sustainable Modest Fashion in MUFFEST 2022 Collaboration. The Jakarta Post. April 25, 2022.
539. Courtney Duchene. Voice: Courtney Duchene. The Philadelphia Citizen. June 7, 2022.
540. MJ Galbraith. Dearborn Apparel Company Launches First Full Line of Modest and Sustainable Fashion. Metromode. November 3, 2022.
541. Fashion Groups Face New Uyghur Forced Labour Complaint in France. France 24. May 17, 2023.
542. Zofia Zwieglinska. How New Legislation Will Affect Fashion Brands In 2023. Glossy. January 3, 2023.
543. Loana Popescu, Rita Tedesco. ECOS briefing: Sustainable Products Initiative (SPI) – What to expect?. ECOS. March 28, 2022.
544. Sam Allcock. Smart Fabric Clothing Brand. Wealth Of Geeks. March 30, 2023.
545. Laura Kell. Introducing The Nanoabaya: The Future of Modest Activewear That’s HH Sheikha Moza of Qatar Approved. February 16, 2023.
546. Syida Lizta Amirul Ihsan. Fashion Hijab Inner Keep You Cool. New Straits Times. January 17, 2023.
547. Camilla Rydzek. Tommy Hilfiger and Calvin Klein To Introduce Regenerated Fibres Into Them. The Industry Fashion. May 10, 2022.
548. Alia Kamelia. My Lifestyle Lush Pins Hijab Earrings. SAYS. August 23, 2022.
549. Xara Aziz. Co-Founders Design FDA Approved Protective Gear for Muslim Women in Healthcare. Shine My Crown. December 6, 2022.
ENDNOTES 263
631. Acne-Friendly Cosmetics: Indonesia’s Mad for Makeup Tapping Gen Z Base for Co-Creation and Marketing. March 31, 2023
632. Community-Driven Beauty Platform KIKI Turns Consumers into Co-Creators. Beauty Packaging. May 16, 2023.
633. L’Oréal Invests in Geno-Led Venture for Sustainably Sourced Ingredients. Beauty Packaging. March 21, 2023.
634. e.l.f. Beauty Becomes the First in the Beauty Industry to Achieve Fair Trade USA™ Certification for a Manufacturing Facility. Business Wire. September 7, 2022.
635. The Body Shop Adds Makeup to its Refill Arsenal in Battle Against Plastic Waste. Retail Touch Points. March 28, 2023.
636. LookLab, Gerai Kecantikan Pertama dari Paragon Hadirkan Wardah hingga Make Over. Kumparan. September 20, 2022.
637. Lazada Launches New Augmented Reality Virtual Try-On for Beauty Lovers. PR Newswire. March 10, 2022.
638. L’Oréal premier’s virtual beauty looks on first ever multi-brand beauty partnership with metaverse avatar platform, Ready Player Me. Loreal. November 15, 2022.
639. Austyn King. Clinique Enters the Metaverse With Immersive Virtual Clinique Lab. Cosmetic Business. March 29, 2023.
640. Shiseido Commits to Invest in Perfect Corp. Shiseido. March 3, 2022.
641. Lamine Rahhali. Morocco Announces Licenses to Permit Exporting Argan Oil. Morocco World News. April 14, 2022.
642. Growing Tensions Between Asian Palm Oil Producers and The European Union. Reuters. January 15, 2023.
643. Kolmar Korea To Assemble and Ship Beauty Products Targeting Muslim Consumers. PulseNews. February 24, 2022.
644. Kolmar Korea To Assemble and Ship Beauty Products Targeting Muslim Consumers. PulseNews. February 24, 2022.
645. HDC, South Korean Agency to Strengthen Halal Industry Ties. The Sun. May 17, 2023.
646. HDC, South Korean Agency to Strengthen Halal Industry Ties. The Sun. May 17, 2023 .
647. Pakistan General Cosmetics Authority Bill Approved to Regulate Cosmetics Industry. PT Profit. May 22, 2023.
648. Major Change Is Coming to Beauty Regulation: Is the Industry Ready for It?. MindBodyGreen. March 7, 2023.
649. Kuwait Cooperatives’ Regulator Bans Cosmetics Containing Lilial. Zawya. November 23, 2022.
650. Need-to-know: The major cosmetics regulatory issues on the agenda for APAC in 2023. Cosmetics Design. January 4, 2023.
651. Estée Lauder Launches AI-Powered Beauty App for Visually Impaired Users. Premium Beauty News. January 12, 2023.
652. L’Oréal Created A Motorized Lipstick Applicator for People with Limited Mobility. Engadget. January 4, 2023.
653. Pakistan General Cosmetics Authority Bill Approved to Regulate Cosmetics Industry. Pakistan Today. May 22, 2023.
654. Kolmar Korea To Supply Private-Label Cosmetics To UAE. Yonhap News Agency. September 7, 2022.
655. Made for Me: Customised Cosmetics Will Become ‘Centrepiece’ Of K-Beauty in A Post-COVID Market – Review. The Korea Economic Daily. September 26, 2022.
656. SFDA, SBA sign MoC to create media content in health, food fields. Saudi Gazette. April 6, 2022.
657. NEOM And SRMG Agree Partnership To Enhance Regional Media Ecosystem. NEOM. June 11, 2023.
658. LEAP 23 sees launch of Hectar as most competitive social media application. Saudi Gazette. February 7, 2023.
659. Parent firm of Muslim Pro app enters SEA streaming race. Marketing Interactive. October 5, 2022.
660. Sahar Younus. NIM: The First Private Muslim Dating App That Redefines Love and Connection. Newswires. June 7, 2023.
661. Marcus Venu Das. Study: Global Muslim consumers to spend US$2.8 trillion by 2025, marriageable Muslims key. Marketing Interactive. September 8, 2023.
662. Naima Rabbie. Labayk; The first social media app that runs on the principles of Islam. Techjuice. July 28, 2023.
663. Khatm Quran App Launched in Kuwait. International Quran News Agency. May 14, 2022.
664. Bernama. USIM develops M’sia’s first sign language Quran application. Malaysia Kini. April 19, 2022.
665. Viola Outdoor launches market-leading taxi-top digital media screens from the UAE capital. Zawya. June 7, 2023.
666. Minister of media inaugurates SBA Training Academy and DAB+ technology. Saudi Gazette. August 7, 2023.
667. Leap22. ‘Ignite’ to uplift Saudi digital content creation and media production with US$1.1 billion of investments. PR Newswire. February 2, 2022.
668. Sukhbir Cheema. M’sia’s REV Media Group grows even larger through the purchase of Tantannews. Mashable SE Asia. September 22, 2022.
669. Alyssia Birjalal. DStv adds the first Islamic channel to its platform. IOL. June 28, 2022.
670. Alex Ritman. Vice Expands in Saudi Arabia Via Deal With Media Giant MBC. IMDb. January 25, 2023.
671. Azanis Shahila Aman. Ansat Broadcast, MNC Group ink MoU to bring DTH satellite contents to Malaysian market. Business Times. December 21, 2022.
672. Shadine Taufik. Malaysia streaming platform for Muslim children raises $2.8m. TechInAsia. March 1, 2023.
673. Qalbox Partners Astro To Offer Muslim-Focused Entertainment Content in Malaysia. Technode Global. August 5, 2023.
674. Samindra Kunti. Saudi Soccer Bonanza: Public Investment Fund Backs Four Domestic Clubs To Grow Game And Influence. Forbes. June 6, 2023.
675. Lillian Rizzo. PGA Tour agrees to merge with Saudi-backed rival LIV Golf. CNBC. June 6, 2023.
676. Quest Esports opens gaming district in Doha. Gulf Business. December 2, 2022.
677. Saudi Arabia invests almost $40bn to become video gaming hub. Middle East Monitor. April 5, 2023.
678. Training program targets Saudi entertainment entrepreneurs. Arab News. July 16, 2023.
679. Zain Bikha Sleepytime. Zain Bikha Kids. 2024.
680. NEW! Sheepy the Sleepytime Sheep. Desi Doll. 2024.
681. One Carlo Diaz. Islam for children: Toymaker in Dubai launches Lego-style Muslim Blocks. The National News. July 29, 2023.
682. Museum of Fine Arts. New Hossein Afshar Galleries for Art of the Islamic Worlds open Sunday, March 5, at the Museum of Fine Arts, Houston. PR Newswire. March 2, 2023.
683. Petra Loho. Islamic video game Muslim 3D launches. Salaam Gateway. February 23, 2022.
684. Saudi data authority, Islamic Affairs Ministry sign deal to boost integration through Tawakkalna. Arab News. February 27, 2023.
685. Arya Devi. World’s first Shariah-compliant metaverse to accelerate digitalisation in the Islamic world. Edge Middle East. January 23, 2023.
686. Islamic Affairs Minister Launches Several E-Apps. Asharq Al Awsat. June 19, 2023.
687. Ministry of Media launches Saudi ‘Konoz’ initiative to document cultural richness. Saudi Gazette. January 5, 2023.
688. Tamara Abueish. MBC, VICE to partner on content training in Saudi Arabia, wider Middle East. Al Arabiya English. January 26, 2023.
689. Saudi media minister calls for Arab efforts to address content infringing on societal values. Arab News. June 22, 2023.
690. Natasha Turak. Saudi Arabia and Gulf neighbors threaten Netflix over content that ‘violates Islamic values’. CNCB. September 7, 2022.
691. Tala Michel Issa. YouTube removes offensive ads upon request by Saudi Arabia regulators. Al Arabiya English. July 25, 2022.
692. New social media requirements for Saudi Arabia. Clyde&Co. September 14, 2022.
693. Gamal Essam El-Din. Egypt drafting legislation to regulate social media platforms. Ahram Online. January 22, 2023.
694. Egypt to tax social media influencers earning over $32,000. Middle East Monitor. September 28, 2021.
695. Kherk Ying Chew & Chun Hau Ng. Malaysia: Review of online content regulation and framework. Global Compliance News. December 13, 2022.
696. Indonesia drafts law enabling media to receive payments from digital platforms for content. Reuters. February 9, 2023.
697. UAE President issues law establishing Abu Dhabi Media Office. Gulf Business. January 13, 2023.
698. Algeria bans foreign ownership of media. Middle East Monitor. April 14, 2023.
699. Egypt to censor Netflix, Disney+ content. Al-Monitor. September 15, 2022.
700. Saudi audio visual body unveils mechanism for clearing cinematic films. Al Arabiya English. August 2, 2023.
701. Indonesia drafts law enabling media to receive payments from digital platforms for content. Reuters. February 9, 2023.
702. Fareeha Imtiaz. Museum of Islamic Art becomes Asia’s first museum to achieve carbon neutral status. ILoveQatar. November 3, 2022.
703. The Little Believers Video. The Little Believers’ Instagram. April 18, 2023.
704. Kelly-Ann Mills. Islamic toy range launches in Asda, Morrisons and Selfridges in time for Ramadan. Mirror. March 22, 2023.
705. Mera Aladam. Meet Marvel’s female Muslim heroes: From Kamala Khan to Monet St Croix. Middle East Eye. June 20, 2023.
706. About the Project. Tales of Khayaal. 2024.
707. Morocco’s World Cup Success Goes Far and Beyond Football. Carma. March 28, 2023.
708. Faizan Mirza. “They Don’t Chase Girls, They Don’t Drink”: Joe Rogan Lauds Khabib Nurmagomedov’s Beliefs as He Explains the Mentality of ‘Islamic Fighters That Are in Dagestan’.
Essentially Sports. January 13, 2023.
709. Liz Kineke. Hoop dreams, with hijab. Religion News. September 7, 2023.
710. Waleed Kadous. Ansari. Github. 2024.
711. Anu Prabhakar. Religious GPT: The chatbots and developers fighting bias with AI. The National News. July 29, 2023.
ENDNOTES 265
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