As the global Muslim population grows at a rapid pace, the potential of the Islamic economy is ripe for the picking.
Around 1.8 billion Muslims are walking the planet – with a median age of just 24 years – and together they spent $2.1 trillion in 2017, according to the latest State of the Global Islamic Economy Report.
By 2060, there will be 3 billion Muslims on earth – it’s not difficult to do the maths on the world’s fastest-growing faith-based economy.
The Islamic economy comprises a vast range of sectors from modest fashion and beauty, to halal tourism and Islamic finance.
The last five years have seen an explosion of new products all designed to cater for the modern Muslim, such as ‘modest’ fashion ranges in mainstream stores, the first tech-smart sports hijabs, Muslim ‘Barbies’, fine dining halal meal kits, and a range of GPS and virtual reality apps to help Muslims live their lives in style and within the bounds of their faith.
Arabian Business reporters Shruthi Nair and Bernd Debusmann discuss the Muslim community as a target market on this edition of Inside AB.
(Source: Arabianbusiness.com YouTube channel)