World Economy

Muslim Consumers’ Share $107b of Digital Economy

Muslim Consumers’ Share $107b of Digital EconomyMuslim Consumers’ Share $107b of Digital Economy

The overall contribution of Muslim consumers worldwide to the global digital economy in 2014 stood at $107 billion, representing 5.8% of the nearly $2 trillion market, a report has revealed.  

The growth in the total value of Muslim consumers’ contribution to the global digital economy (at a CAGR of 17% by 2020) is expected to outweigh the growth of the total global digital economy (at a CAGR of 15%), the ‘Digital Islamic Economy Report’ for 2015 said, TradeArabia reported.

The report was released by Dubai Silicon Oasis Authority and Thomson Reuters, with support from the Dubai Islamic Economy Development Center, and in collaboration with DinarStandard.

Launched at a press briefing hosted at the Dubai Technology Entrepreneurship Center, DSOA’s wholly-owned entrepreneurship center and the largest of its kind in the region, the report serves as a precursor to the second edition of the Global Islamic Economy Summit that will be held from October 5 to 6 at Madinat Jumeirah, Dubai, UAE.

The report focuses on a new and a more specialized area of digital islamic consumer services. Currently, more than 2,000 Islamic lifestyle services are being provided across websites and mobile platforms worldwide. The most popular categories include ‘News and Insights’ (used by 21% of users), followed by ‘Retail Sales’ and ‘Media and Entertainment’.

Five segments within Digital Islamic Consumer Services have emerged as the most promising Islamic segments, namely Sharing Economy; Social Commerce; Retail e-Commerce; Food Transportation and Logistics, and Islamic Finance Investment Products.