Dubais growing Islamic Economy

the uae has been ranked among the top three islamic economy countries in the world according to the 2020 state of the global islamic economy report malaysia has continued to hold the lead followed by saudi arabia put simply the islamic economy is category for businesses finances and investments that are compliant with islamic principles and values welcome to dubai's international financial centre it's the business hub and anchor for the region it's where the two economies sit side by side we're focusing on the islamic economy which has three key areas one is islamic finance there's also halal products and islamic activities which encompasses the arts tourism and fashion over 2019 there were 2.4 trillion euro invested in islamic finance assets 1.9 billion muslims around the world spent just over 1.7 trillion euro across the islamic economy sectors with halal food modest fashion and media and recreation being the top three sources set up in 2013 dubai islamic economy development center was established to transform dubai into the capital of islamic economy so what this report provides is actually resource and in terms of what are the key investments in the various sectors of the islamic economy how much do the consumers actually spend in the products and services that comprise the islamic economy so it's very good source to for companies as well as governments to find out where the trend lies the 2018 texas research report estimated the uae's halal food and beverages market was projected to surpass 4.63 billion euro by 2022 an increasing muslim population rising per capita income and growing e-commerce are among the major factors boosting demand another factor is the rising acceptance for halal food among non-muslims here at prairie foods they follow the stringent regulations and policies regarding halal food and beverages we are going to all the different restaurants obviously very high-end restaurants the consumers most of them are some of them are not muslims don't really it's not really required for them but we are able to service this in dubai fast-growing relatively young population of muslims is increasingly asserting its islamic sensitivities in the marketplace to products as varied as food banking and finance extending all the way to fashion cosmetics travel and healthcare the clothing industry has seen its popularity swell in the region and beyond get many inquiries from lots of regions and like muslims in europe and even have non-muslim friends that they like to wear my my clothes not just like when they come and visit us here but even back home the islamic economy is focusing on how they will fair post covert 19. the state of the global islamic economy report forecast by 2021 gdp and employment will not only have bounced back but that will see growth to beyond pre-pandemic levels the report estimates advanced economies that were hit hardest will recover quickly and begin to outperform emerging markets and global growth overall today dubai leads the world in terms of the value of bonds islamic bonds listed in the market they do see sukuc's being issued to finance lot of the initiatives that will help recovery with the global islamic economy valued at over two trillion dollars dubai is here to claim its slice of this very lucrative pie