The year 2015 marks the tipping point for Islamic lifestyle economy services moving from establishing a business-case to focusing on building successful business models and quality execution strategies, said an industry expert.
“As more Islamic economy success stories emerge, the momentum is also starting to shift towards solutions that have a wider, values-driven, global audience appeal for socially responsible products and services,” said Rafiuddin Shikoh, CEO and managing director of DinarStandard, a growth strategy research and advisory firm, TradeArabia reported.
He was commenting on the 2015-2016 edition of the ‘State of the Global Islamic Economy’ report and the accompanying Global Islamic Economy Indicator to be published by Dubai Islamic Economy Development Center in partnership with Thomson Reuters, a major provider of intelligent information for businesses and in collaboration with DinarStandard.
The report, which is being compiled for the third consecutive year, is set for release in the fourth quarter of 2015, ahead of the Global Islamic Economy Summit that will run in Dubai, UAE on October 5 and 6. Examining latest development trends and statistics across a number of key sectors that comprise the $2 trillion Islamic economy currently featuring predominantly Muslim consumers, the report focuses on categories such as Islamic finance, halal food, tourism, clothing and fashion, media and recreation, and pharmaceuticals and cosmetics.
Sukuks
New markets are emerging, with African countries launching debut sovereign sukuk and East Asian countries enabling their domestic markets to tap into Islamic financing.
The Islamic Development Bank and the Bill & Melinda Gates Foundation have formally launched a $500 million grant facility to address poverty and diseases in IDB member countries.
Meanwhile, European banks in Russia and Germany, for example, are also investing in Islamic finance through debut sovereign sukuk and Islamic banking windows.
Digital Economy
A new frontier in the Islamic economy is its digital component. This segment has woven itself into the lives of many Muslims worldwide as an integral part of their lifestyle. From Qur’an and halal travel mobile apps to online Islamic education services and tools for locating the nearest halal restaurants, the Islamic Digital Economy has emerged as a high growth segment.
