state of the global islamic economy report - Dubai Islamic Economy ...
Islamic Finance Analyst ... The data of this report is believed to be correct at the time of publication but cannot ... business leaders, entrepreneurs, government officials and industry bodies to evaluate ..... Halal food issues & opportunities map.
STATE OF THE GLOBAL ISLAMIC ECONOMY REPORT 2015/16
SUPPORTED BY:
DEVELOPED AND PRODUCED BY:
IN COLLABORATION WITH:
GLOBAL ISLAMIC ECONOMY
TABLE OF CONTENTS 5
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Executive Summary
8
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Acknowledgements
10
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Report Purpose and Methodology
15
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The Global Islamic Economy Indicator (GIEI)
21
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Halal Food Sector The Halal Food Indicator (HFI) Current Landscape And Trends Key Challenges and Opportunities
24 26 32
Islamic Finance Sector The Islamic Finance Indicator (IFI) Current Landscape And Trends Key Challenges and Opportunities
42 44 48
Travel Sector The Halal Travel Indicator (HTI) Current Landscape & Trends Key Challenges and Opportunities
62 64 70
Fashion Sector The Modest Fashion Indicator (MFI) Current Landscape And Trends Key Challenges and Opportunities
86 88 92
Media and Recreation Sector The Halal Media and Recreation Indicator (MFI) Current Landscape and Trends Key Challenges and Opportunities
112 114 118
39
59
79
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109 |
125 |
Pharmaceuticals and Cosmetics Sector The Halal Pharmaceuticals and Cosmetics Indicator 130 Current Landscape and Trends 132 Key Challenges and Opportunities 136
145 |
Special Focus: Islamic Digital Economy
183 |
Innovation Imperative
194 |
Recommended Strategies and Worksheets
204 |
Appendix
Fireworks explode on top of Malaysia’s Petronas Twin Towers in Kuala Lumpur in this January 1, 2003. REUTERS/Bazuki Muhammad
p.4
State of the Global Islamic Economy 2015
Executive Summary
Muslims today are reengaging their traditional values for modern times. Both in Muslim and non-Muslim majority societies, traditional values like modesty, the concept of halal, Islamic principles regulating finance are being negotiated for our modern context. The result is a burgeoning Islamic economy. The State of the Global Islamic Economy Report 2015/16 brings you the latest developments and trends from this economy whilst also acting as a roadmap for you and your business to profit from this rising global market. Momentum has been building since last year, the Halal food sector saw South Africa partnering with Malaysia as the Western Cape Fine Food Initiative and the Malaysian Industry Government Group for High Technology (MIGHT) signed a co-operation agreement to foster partnerships between the Halal industries of the two countries; further cooperation occurred between South Korea and Abu Dhabi with South Korea gaining additional access to the global Halal market; obstacles were removed as a 10 year old poultry ban for exporting poultry products to countries in the Middle East has been lifted from Pakistan that was imposed after the bird flu epidemic in 2004. In the Islamic Finance sector, corporate sukuk issuance levels remain robust in the core Islamic Finance markets as Malaysia’s Bank Islam issued its first sukuk tranche worth $83 million and Dubai’s Noor bank marketed a $500 million, five-year debut, U.S. dollar sukuk issue. Beyond sukuk, a Bahrain-Dubai joint venture closed its third Bombadier deal and Cameroon’s Afriland First Bank launched its Islamic window as the availability of shariah-compliant financial products expands across the continent. Halal travel continues to soar. On the aviation front, Fatonee Airlines, a new airline in southern Thailand, is now targeting Muslim customers by providing direct flights to Saudi Arabia for Hajj and Umrah. While Etihad
Airways and Tourism Malaysia have signed a global partnership agreement to boost inbound t
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