Global Islamic Economy Report (SGIE) 2023/24 (Overview)

This year’s SGIE report, produced by Dinar Standard, a US-based research and advisory firm, indicates that Muslims spent US$2.29 trillion in 2022 on   halal food, pharmaceuticals, cosmetics, modest fashion, travel, and media. Islamic finance assets are estimated to have reached US$3.96 trillion in 2021 and will grow to 5.96 trillion by 2026.

The report’s national benchmarking Global Islamic Economy Indicator (GIEI) of 81 countries ranked Malaysia 1 which retained the top spot for the 10th consecutive year.  Malaysia was followed by Saudi Arabia, Indonesia and the UAE. Indonesia moved up the ranking to 3. Bahrain has returned to the top 5 for the first time since 2019/20 and South Africa has entered the top 15 countries for the first time. The biggest gains within the top 15 were achieved by Iran, Qatar, Pakistan, and South Africa.

Investments in Islamic economy-relevant companies increased significantly, reaching $25.9 billion in 2022/3, representing a 128% year-on-year growth. Over 55 per cent of investments were within the Islamic finance category, while Media attracted 19.2 per cent, Travel 13.1 per cent and Halal Food 8.5 per cent.  Such figures reflect corporate-led mergers and acquisitions, venture capital investments in tech start-ups, and private equity investments.

Import of halal-related products by the OIC member countries is set to grow at 7.6% CAGR to US$492 billion in 2027, with US$359 billion in 2022. Imports by OIC member countries represent a significant majority of halal products traded globally, which include food and beverage, fashion (apparel and footwear), pharmaceuticals, and cosmetics.

The SGIE report 2023/24 has been produced in partnership with SalaamGateway.com, the largest Islamic economy news and media platform.