US plays key role in building up Islamic economy momentum
The Islamic economy has gathered pace in recent years, having grown significantly on the back of multiple drivers, including growing consumer awareness and demand, evolving regulatory landscape and top-tier support.
Muslims spent $2.3 trillion on food, pharmaceuticals, cosmetics, modest fashion, travel, and media in 2022, with Islamic finance (IF) assets estimated to have reached $3.96 trillion in 2021/22, according to DinarStandard’s State of the Global Islamic Economy Report 2023/2024, released late last year. IF assets are expected to scale to $5.94 trillion by 2025/26.
Although Muslim-majority countries form the core nucleus of the Islamic economy industry, non-Muslim countries such as the United States have also been instrumental in the advancement of the space.
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