Malaysia continues to hold the lead, followed by Saudi Arabia. Put simply, the Islamic economy is a category for businesses, finances and investments that are compliant with Islamic principles and values. Over 2019, there were €2.4 trillion invested in Islamic finance assets. 1.9 billion Muslims around the world spent €1.7 trillion across the Islamic economy. Halal food, modest fashion and media and recreation being the top three sources. Set up in 2013, the Dubai Islamic Economy Development Centre (DIEDC) was established to transform Dubai into the global leader in this area. UAE halal food and beverages market is projected to surpass €4.6 billion by 2022. An increasing Muslim population, rising per capita income and growing e-commerce are among the major factors boosting demand. Another factor is the rising acceptance for halal food among non-Muslims.
Dubai a fast growing and relatively young population of Muslims is increasingly asserting its Islamic sensitivities in the marketplace to products as varied as food, banking and finance, extending all the way to fashion, cosmetics, travel and healthcare. The clothing industry has seen its popularity swell in the region and beyond. Working within the Islamic economy are focusing on recovery post-COVID-19. The state of the Global Islamic Economy report forecasts by 2021, GDP and employment will not only have bounced back, but growth will be beyond pre-pandemic levels. The report estimates advanced economies that were hit hardest will recover quickly and begin to outperform emerging markets and global growth overall. And with the global Islamic economy valued at over $2 trillion.