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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

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 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