Consumer Spending in Global Islamic Economy Reaches USD2.29 Trillion in 2022

The results of the State of the Global Islamic Economy Report (SGIE) 2023/24 have been announced.

IDXChannel - The results of the State of the Global Islamic Economy Report (SGIE) 2023/24 have been announced.

Produced by research and advisory firm DinarStandard, the tenth edition of the report presents an annual update on the Islamic Economy - encompassing halal products, Islamic finance, and lifestyle sectors and services.

“The SGIE report, in its 10th year, with the grace of God Almighty, has evolved into a global reference point to evaluate the Islamic Economy’s annual developments globally across the seven sectors covered while highlighting potential areas of development,"  Rafi-uddin Shikoh, CEO and Managing Director of DinarStandard said in a media release on Tuesday (26/12/2023).

"Muslim spending has increased from USD1.62 trillion in 2012 to USD2.29 trillion a decade later," he added. 

Islamic finance assets are estimated to have reached USD3.96 trillion in 2021 and will grow to USD5.96 trillion by 2026.
 
Investments in Islamic economy-relevant companies increased significantly, reaching USD25.9 billion in 2022/3, representing a 128% year-on-year growth. 

Imports of halal-related products by the Organisation of Islamic Cooperation (OIC) member countries is set to grow to USD492 billion in 2027 from USD359 billion in 2022. 

Imports by OIC member countries represent a significant majority of halal products traded globally, which include food and beverage, fashion (apparel and footwear), pharmaceuticals, and cosmetics. 

Malaysia retained the top spot in the Global Islamic Economy Indicator (GIEI). Malaysia was followed by Saudi Arabia, Indonesia and the United Arab Emirates (UAE). 

Indonesia moved up to the top 3. Bahrain has returned to the top 5 for the first time since 2019/20 and South Africa has entered the top 15 for the first time. 

(WHY)