Dubai – “ASWAQ”
Muslims around the world are reported to have spent an estimated US$244 billion in 2015 on apparel, accounting for 13.56 per cent of the global Muslim consumer spending of US$1.8 trillion.
Spending by the Muslim population on apparel is expected to increase to US$322 billion by 2018, with the Islamic economy growing at nearly twice the rate of the global economy, as indicated by various studies.
A study by Thomson Reuters revealed that the global Islamic clothes, fashion and design market is larger than most top global clothing markets such as China, with customer spending of US$221 billion, Japan with US$111 billion, Russia with US$106 billion and Germany with US$101 billion in 2012, except the US, which is the biggest market in terms of expenditure on clothing and footwear recording spending of US$494 billion in 2012.
Another report by Salaam Gateway, the Global Islamic Economy Gateway, identified over 1,000 manufacturers of apparel based in Muslim countries, 146 key modest fashion brands, and 85 e-commerce retailers. Muslims spending on modest fashion clothing are underpinned by Islamic religious obligations, for both men and women.
Islamic banking assets hover around US$1.3 trillion and are expected to double in the next five years. While total spending by Muslims on Halal food and beverage annually exceeds US$1.1 trillion, equivalent to the combined spending of India and China, according to Mohammed Abdullah Al Gergawi, chairman of the Board of Dubai Islamic Economy Development Centre (DIEDC).
The most recent State of Global Islamic Economy Report mentioned that Muslims spent US$142 billion on tourism, with the GIEI ranking the UAE second best Islamic economy after Malaysia, for serving the family-friendly tourism sector among the 73 countries covered by the indicator.