Global expenditure of Muslim consumers crosses $1.9tr

Abu Dubai—The State of the Global Islamic Economy Report (SGIE) and the Global Islamic Economy Indicator (GIEI) 2016/2017 released by Thomson Reuters in partnership with the Dubai Islamic Economy Development Centre (DIEDC) DinarStandard strong growth trends in various components of global Islamic economy. The report based on a survey of 172 industry leaders estimates global Muslim spend across various sectors at over $1.9 trillion in 2015, while the Islamic Finance sector has around $2 trillion (Dh7.34 trillion) in assets.
Food and beverage tops Muslim spend by category, at $1.17 trillion in 2015, followed by clothing and apparel at $243 billion, media and recreation at $189 billion, travel at $151 billion, and spending on pharmaceuticals and cosmetics at $78 billion. The report estimated the revenue generated by Halal Certified Food and Beverage companies world-wide to be $415 billion. Halal food, the largest Islamic economy pillar by revenue has shown clear signs of maturity with increased private equity investments in the sector.—Reuters

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