Dubai: The UAE is ranked top globally across five Islamic economy sectors out of eight, according to Global Islamic Economy Report 2018-19, commissioned by Dubai Islamic Economy Development Centre DIEDC and produced by Thomson Reuters.
In this year’s Islamic Economy Indicator, Malaysia once again topped the group of top 15 Islamic economies with the UAE emerging in the second position. In the sectorwise ranking, the UAE emerged in first place across five sectors such as Halal Food, Halal Travel, Modest Fashion, Halal Media and Recreation, and Halal Pharmaceuticals and Cosmetics — compared to three sectors in 2017-18.
With the Islamic economy contributing 8.3 per cent to Dubai’s GDP, the UAE is in a strong position contribute to the development of Islamic economy.
“This year, the UAE has boosted its Global Islamic Economy (GIE) Indicator score and attained the top spots in two additional sectors. The rise in the country’s standing testifies to the commitment of DIEDC’s partners to implementing the Centre’s initiatives, their significant contributions to the development of the Islamic economy in Dubai, as well as the success of the UAE’s sustainable development drive as part of its post-oil economy vision,” said Sultan Bin Saeed Al Mansouri, Minister of Economy and Chairman of DIEDC.
This report estimates that global Muslim spend across lifestyle sectors was $2.1 trillion in 2017, while the Islamic finance sector has $2.4 trillion in total assets. Food and beverage leads Muslim spend by category at $1.3 trillion, followed by clothing and apparel at $270 billion, media and entertainment at $209 billion, travel at $177 billion, and spending on pharmaceuticals and cosmetics at $87 billion and US$61 billion respectively.
The UAE has experienced 6 per cent compounded annual growth rate (CAGR) in its GIE Indicator score since 2014 and has taken important steps forward this year in cementing its core role in the global regulation of halal products. With the Islamic economy contributing 8.3 per cent to Dubai’s GDP, the UAE is in a strong position contribute to the development of Islamic economy.