The State of the Global Islamic Economy Report is now in its seventh Annual Edition and shines an ever-strong spotlight on the 1.8 billion Muslim consumers around the world.
This year’s Report estimates that Muslims spent US$2.2 trillion in 2018 across the food ,pharmaceutical and lifestyle sectors that are impacted by Islamic faith-inspired ethical consumption needs. This spending reflects a healthy 5.2% year-on-year growth and is forecasted to reach US$3.2 trillion by 2024 at a Cumulative Annual Growth Rate (“CAGR”) of 6.2%. In addition, Islamic finance assets were reported to have reached $2.5 trillion in 2018.