Global Islamic banking assets which stood at $1.3 trillion in 2011 are expected to reach $2 trillion in 2014 and have registered an average annual growth of 19 per cent over the last four years, according to the regional head of Thomson Reuters.
Russell Haworth, Managing Director (Middle East and North Africa) also added that the global market for halal food is estimated at $685 billion a year as the Muslim countries’ food industry imports are valued at $126 billion, 12 per cent of global food imports while the GCC food market was worth $83 billion in 2012, and is expected to rise to $106 billion by 2017.
Speaking at a roundtable discussion on the theme, ‘What is the Islamic Economy’, in Dubai earlier this week, Haworth further stressed that Muslim tourists globally represent a major niche market worth $126.1 billion in 2011 (excluding Hajj & Umrah) and is expected to grow at 4.8 per cent through 2020 which is higher than the global average growth rate of 3.8 per cent while the average global Muslim tourist spending is 12.3 per cent of the worldwide total as the market is expected to grow 20 per cent over next decade.
The roundtable discussion was organised for the media as a prelude to the ‘Global Islamic Economy Summit’ taking place in Dubai on November 25 and 26, 2013.
Haworth also said that over the next 30 years, 70 per cent of global population growth will be in Muslim countries as the Muslim population of 1.6 billion is growing at twice the rate of the global population thus representing the fastest growing consumer segment in the world.
The Global Islamic Economy Summit will initiate a critical dialogue on the development of the integrated sectors covering Islamic financial services, halal manufacturing and related lifestyle sectors. The topics of discussion will include the six major pillars of the Islamic economy: Islamic Finance; Halal Food; Halal Lifestyle; Halal Travel; SME Development; and Islamic Economy Infrastructure. (OEPPA Business Development Dept)
*This article was published by Oman Daily Observer. Read the original article here.