The Dubai Islamic Economic Development Center (DEDC) announced yesterday the main findings of the 2019-2020 World Islamic Economy Reality Report.
Malaysia, the United Arab Emirates, Bahrain and Saudi Arabia continue to lead the way, with Indonesia making the biggest jump on the ladder, climbing from 10th to 5th place. The UAE ranked first in five of the seven sectors of the Islamic economy.
The report, prepared by Dinar Standard Research and Consulting, a strategic partner of the Dubai Islamic Economic Development Center, estimated Muslim spending on halal food, medicine and lifestyle sectors in 2018 at $ 2.2 trillion (about AED 8 trillion).
Healthy growth
According to the report, this spending reflects healthy growth of 5.2% year-on-year, and is expected to reach $ 3.2 trillion by 2024, with a cumulative annual growth rate of 6.2%. Islamic finance assets are estimated to have reached $ 2.5 trillion in 2018.
Investments in the Islamic economy grew by 399% to reach $ 1.2 billion in 2018, compared to 2017, the report said. Total investments, Islamic lifestyle 4%.
He pointed out that these figures reflect a wide range of corporate-led acquisitions, project investments in halal startups and private equity investments.
Positive effect
Sultan bin Saeed Al Mansouri, Minister of Economy and Chairman of the Dubai Islamic Economic Development Center, said that the UAE's advanced position in the Global Islamic Economy Index reflects the positive impact of the initiative of Dubai, the capital of Islamic economy, on the UAE economy.
Al Mansouri praised the great efforts of the Center and its strategic partners to implement various initiatives successfully, pointing out that these continuous efforts have contributed significantly to the growth of the Islamic economy in Dubai, in light of the sustainable development and economic diversification policy adopted by the UAE.
Significant growth
Essa Kazim, Secretary General of the Dubai Islamic Economic Development Center, said that the Islamic economy has achieved remarkable growth on an annual basis in its various sectors.
He pointed out that the announced figures indicate the main role of the Islamic finance sector in the Islamic economic system as a whole, pointing out that the successful adoption of modern technologies, such as financial technology and digital banking services, created new opportunities for the development of the Islamic economy.
Abdullah Mohammed Al Awar, Executive Director of the Dubai Islamic Economic Development Center, said that the report, in its seventh edition, has become a reliable global reference for the Islamic economy.
“The report anticipates carefully identified opportunities for each of the seven sectors covered, with clear recommendations for governments, businesses and investors to reap significant economic benefits. These include the growth of startups and digital Islamic projects, especially in the Shariah-compliant financial technology sector. ”
Largest listing markets
NASDAQ Dubai Chief Executive Hamid Ali has confirmed his commitment to support the growth of Islamic financial markets products and to support Dubai's global role as one of the largest $ 64.3 billion Sukuk listing markets.
399%
Growth in activity
Investment in the economy
Islamic.