UAE is the world's first in five halal sectors

The UAE has strengthened its ranking in the Global Islamic Economy Index, in five sectors: halal food, halal travel, conservative fashion, media and halal entertainment, pharmaceuticals and halal cosmetics, against three sectors in 2017-2018, progressing in two other sectors. According to the main conclusions of the Report on the World Economy for the Year 2018-2019, published yesterday in Dubai under the title "Global Ethical Economy", for the sixth year in a row, with the support of the Center for Development Dubai's Islamic economy and the preparation of Thomson Reuters, in collaboration with JD Standard and Dubai International Financial Center, The results were revealed during a seminar held at the DIFC conference center ( Dubai International Finance Center) the second day of the week of the Islamic economy.

The report was discussed at a post-launch session under the leadership of Mustafa Adel, Islamic Finance Officer at Thomson Reuters, with keynote speakers, including Shamzani Hussain, Director General and Head of Islamic Banking, Abu Dhabi First Bank; Ahmed Daoud, and Rafikuddin Chico, CEO of JD Standard.

HE Sultan bin Said Al Mansouri, Minister of Economy and Chairman of the Center for the Development of the Islamic Economy of Dubai, commented on the findings of the report: "This year, the UAE has strengthened its ranking in the country. Global Index of the Islamic Economy, obtaining advanced positions in two other sectors.It reflects the commitment of our partners in the implementation of the Center's initiatives, their important contributions to the development of the world's economy. Islamic economy in Dubai and the success of sustainable development efforts in the United Arab Emirates as part of the country's economic vision after oil. "

"Each annual report presents new facts and statistics that provide us with new insights and perspectives to better understand and anticipate the behavior of Muslim consumers in key markets," said Abdullah Mohammed Al Awar, executive director of the Islamic Economic Development Center in Nairobi. Dubai.

"This year, we have seen an increase in demand for Shariah-compliant financing requirements, strict environmental sustainability standards, and health and safety standards, which are also made from certified halal components. "This continuity, an essential element of the supply chain, reflects the growing attractiveness and growth of the products of the Islamic economy among the world's population."

Al Awar concluded by highlighting the commitment of the Center for the Development of the Islamic Economy of Dubai to strengthen the position of the UAE on the global index of the Islamic economy through 39, cooperative efforts with strategic partners to support the Islamic financial and banking sector, the only sector in which the country ranked second.

The Report on the Islamic World Economy 2018-2019 estimates that Muslims spent $ 2.1 trillion in the food, beverage and lifestyle sectors in 2017 and that spending are expected to reach $ 3 trillion in 2023. Food and beverage expenditures are at the top of the list, at $ 1 trillion, $ 270 billion in fashion, $ 209 billion in entertainment and entertainment, $ 177 billion in travel, 87 billion drugs, 61 billion cosmetics.

sectors

The Islamic economy has proven its ability to keep up with the latest developments in technology and investment. The companies are adopting Block Qin's payment technology to ensure Halal compliance and track food, cosmetics and pharmaceuticals from the manufacturing plant to the retailer. Artificial intelligence, virtual reality and the Internet are now attracting more investment than ever before.

Islamic economy companies seek to take advantage of growing trends in the use of natural and plant products, ranging from organic halal cosmetics to life-saving and animal-free vaccines.

Capital investment

There is considerable room for growth for the Islamic economy: only $ 745 million has been invested in private equity over the last three years, well under $ 595 billion of global investment in private equity and investment. venture capital in 2017. Government Support In some areas, the focus has been on areas likely to stimulate the development of the Islamic economy, particularly laws and regulations.

More halal industry companies are active than any other sector of the Islamic economy. The available products increase in proportion to the increasing number of certified Halal ingredients. Regulatory control of halal food production is steadily improving, under the leadership of the United Arab Emirates and Malaysia. In the midst of forecasts that Muslims' spending on food and beverages will reach $ 1.9 trillion by 2023, there are significant opportunities for investment and creation of international halal food brands.

Islamic finance

The impact of Islamic financial sector is increasing rapidly, especially in the OIC Member States. The spread of Islamic banks is increasing, especially in the UAE, while Islamic finance outweighs conventional lending in Malaysia in 2017, the main driver of growth of the local banking system. The value of assets in the booming sector was estimated at $ 2.4 trillion in 2017 and is expected to reach $ 3.8 trillion in 2023.

Tourism and Travel

On the other hand, the halal tourism and travel sector is enjoying a remarkable expansion thanks to its cultural, historical and religious festivals and seaside resorts complying with sharia law. The governments of the Middle East and the Far East are working to improve the services and facilities available, traveling abroad. Islamic fashion has also steadily increased in this trend, from the appearance of mannequins wearing headscarves to famous brands. Muslim spending on clothing reached $ 270 billion in 2017 and is expected to reach $ 361 billion in 2017. Year 2023.

Media and entertainment

On the other hand, the media and halal entertainment reinforce their presence and appeal, from the big screen to Netflix Islamic products for young people. In the Middle East, the demand for Arabic language content has increased, and Muslims have spent $ 209 billion on media and entertainment in 2017 and are expected to reach $ 288 billion in 2023.

Cosmetic

The halal pharmaceutical and cosmetics sector continues to grow with the increasing certification of Halal products and ingredients. The concentration of halal food is also increasing. Halal pharmaceuticals have seen the emergence of a new haloabathi treatment concept that combines spiritual healing concepts with halal medicines. In 2017, Muslims' drug spending reached $ 87 billion and is expected to reach $ 131 billion in 2023, while spending on halal cosmetics is estimated at $ 61 billion.