UAE - Mubasher: The UAE has been placed among the top three countries in the global Islamic economy indicator, as shown by the 2020-2021 State of the Global Islamic Economy report.
The indicator covers 81 countries in the 2020-2021 report, produced by DinarStandard, a US-based research and advisory firm, in partnership with SalaamGateway, according to a press release on Monday.
In its eighth edition, the report referred that Muslims spent $2.02 trillion on halal food, modest fashion, family-friendly travel, halal pharmaceuticals, halal cosmetics, and halal media and recreation in 2019, showing a 3.2% year-on-year (YoY) growth.
However, expenditure in 2020 is forecast to retreat by around 8% due to the negative economic impact on the coronavirus (COVID-19) outbreak.
By the end of 2021, spending across the Islamic economy sectors, excluding family-friendly travel, is expected to recover and reach $2.4 trillion by 2024.
The UAE topped 81 countries in the modest fashion as well as halal media and recreation sectors.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince, said that the UAE has set up a strong fintech infrastructure which places the country in a strong position to become a global leader in developing the Islamic economy sector.
The Chairman of the Dubai Islamic Economy Development Centre (DIEDC), Sultan bin Saeed Al Mansouri, said: "The Dubai: Capital of Islamic Economy initiative, which is based on the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai to enhance the country’s diversification, is a key contributor to the UAE’s top rank in the Global Islamic Economy Indicator year after year."
