Global 'Islamic Economy' will see a rebound by late 2021, says DIEDC. This year will see 8% drop in spending by Muslims on halal products, services.
Dubai , Dubai
17 November 2020, 12:00 AM
30 November 2020, 12:00 AM
Dubai Islamic Economy Development Centre (DIEDC) economy report revealed that global spending by Muslims on halal products and services will see a rebound by late next year and create an “Islamic economy” of $2.4 trillion by 2024.
The results of the annual State of the Global Islamic Economy Report 2020-21 stated that Muslims spent $2.02 trillion in categories such as halal food, modest fashion, family-friendly travel and halal pharmaceuticals in 2019. But this year could see an 8 per cent drop due to the outcomes created by the pandemic.
A statement from Dubai Islamic Economy Development Centre (DIEDC) announced that spending across these Islamic economy sectors - excluding family-friendly travel - is forecast to rebound by end-2021.
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Dubai Crown Prince and Chairman of The Executive Council of Dubai said, "The Islamic Economy sector has the potential to lead post-pandemic global economic recovery. The need [is] to take advantage of fresh opportunities that can open new economic horizons and help both the region and the world overcome the repercussions of the pandemic."