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How major airlines can beckon Muslim travelers for greater revenues

As global travelers seek experiences aligned with their values, Muslim-friendly tourism has become more mainstream in the post-pandemic travel landscape. According to the 2025 Mastercard–CrescentRating Global Muslim Travel Index (GMTI), the global Muslim travel market is one of the fastest-growing segments in the international tourism industry. The study forecasts Muslim arrivals at 176 million in 2024, representing a 25% year-over-year increase, and projects this number to reach 245 million by 2030. 

Furthermore, DinarStandard’s State of the Global Islamic Economy 2024/25 Report estimates that Muslim-friendly travel spending reached $216.9 billion in 2023 and is projected to surge to $384.1 billion by 2028, representing a compound annual growth rate of 12.1%,  outpacing nearly every other lifestyle segment.

For airlines, this market represents both scale and loyalty with a clear underlying message: serve it well, and the revenue will follow.

Building a faith-aware travel experience

Muslim travelers are among the youngest and fastest-growing consumer bases in the world. The global Muslim population, currently around 2.19 billion, is projected to increase to 2.54 billion by 2035. Much of that growth comes from Gen Z and Millennials, digital natives entering their prime earning and travel years.

Within this segment, religious travel remains a major engine. Saudi Arabia welcomed 1.67 million Hajj pilgrims in 2025, a lower total than pre-pandemic peaks but still a vast logistical feat. The year-round Umrah pilgrimage has become another source of travelers with 6.5 million international Umrah visitors recorded in Q1 2025 and another 1.2 million arrivals since June, according to AP News. 

Within such a reliable, annual segment, the question for airlines then becomes, what are the areas through which they can attract the largest number of travelers. 

Food is often the first trust signal that comes up. Gulf carriers, such as Emirates and Qatar Airways, have long set the gold standard by offering halal-certified meals on every flight, verified by recognized bodies like the Halal Food Council. However, outside the GCC, many airlines still lag. 

Certifying caterers through globally recognized authorities, such as JAKIM or IFANCA, and clearly labeling halal options can make a significant difference. Pre-order systems for dietary preferences, transparent sourcing, and consistent cabin messaging reinforce confidence while streamlining operations.

Faith-aware design can also transform the passenger experience. Simple features such as Qibla direction indicators, prayer-time notifications, and content filters in in-flight entertainment signal respect and understanding. 

Muslim travelers already rely on third-party tools such as the HalalTrip app for in-flight prayer guidance; embedding these utilities directly into an airline’s digital experience elevates it from convenience to care. On the ground, dedicated prayer rooms, like those at Dubai (DXB), Doha (DOH), and Jeddah (JED), complete the circle of trust from check-in to arrival.

For airlines, Ramadan and Umrah are not just cultural moments; they’re commercial seasons. Treating them as such allows carriers to unlock new revenue layers. Ramadan flight calendars that include suhoor and iftar meal options, timed date-and-water service at sunset, or pre-order suhoor boxes on overnight routes are small gestures with significant brand impact.

Similarly, Umrah travel bundles, which cover visa assistance, ground transfers, flexible return fares, and guidance on Zamzam water handling, simplify planning and build customer trust. Stopover programs in halal-ready hubs like Dubai, Doha, and Istanbul can be enhanced with prayer-friendly hotels, halal dining guides, and family-friendly packages. 

Speaking to women and families
The two biggest key growth drivers in the Muslim traveler segment are famiy groups and female travelers. Airlines that cater to these demographics through tangible actions, such as guaranteed adjacent seating for families, mother-and-child amenities, modest swimwear-friendly stopover options, and privacy-oriented lounges, stand to earn lasting loyalty. 

Earning loyalty through trust and value
Muslim-majority markets tend to be price-sensitive but highly brand-loyal once trust is established. This dynamic favors strategic pricing such as Ramadan sales, Umrah off-peak fares, and faith-aligned co-branded credit cards offering halal-friendly rewards, including charity redemptions, Umrah travel, or family lounge access. Airlines that tie such offers to Eid promotions or loyalty-status accelerators will not only drive bookings but also build year-round engagement.

Following the pilgrims and the diaspora
Network planning can amplify these gains. The South and Southeast Asia to Saudi Arabia corridor remains the primary pilgrim route, and airlines that coordinate capacity around Hajj and Umrah can capture spillover from both faith and leisure travel. Codeshare partnerships with carriers in Indonesia, Pakistan, India, Bangladesh, and Malaysia can turn one-stop connections into competitive differentiators.

Diaspora routes also hold promise, such as the UK–Maghreb, France–North Africa, US–MENA, and Gulf–Africa connections. Through-checked baggage for Zamzam water, shorter connection times, and prayer-friendly terminals make a measurable difference in traveler choice.

The Bottom line
The opportunity is vast and visible. A quarter-trillion-dollar market by 2030 and projected spending of $384 billion by 2028 won’t wait for carriers that treat Muslim travelers as an afterthought. The airlines that lead will integrate halal-certified catering as standard, embed faith-aware digital features, recognize Ramadan and Umrah as distinct commercial seasons, and communicate authentically with families and female travelers.

OIC Economies
Will US tariffs prompt India to pivot to the GCC?

Indian businesses and exporters may steer a course towards GCC countries to circumvent steep US tariffs, according to analysts.  

US President Donald Trump signed an executive order in August, imposing an additional 25% tariff on imports from India, in addition to other duties, fees, taxes, exactions, and applicable charges.

The White House cited India’s continued purchase of Russian oil, as the rationale for the move, calling it a counter to Russia’s threat to US national security and foreign policy. Russia accounts for about 34% of India’s crude imports. 

Indian exports to the US fell 11.93% year-on-year in September, and a whopping 20.39% on the previous month, as the impact of the tariffs began to take shape. 

The steepest impact will fall on labour-intensive sectors where the US accounts for a large share of India’s exports - including carpets (58%), textiles and garments (35%), gems and jewellery (39%), and shrimp (32%), Ajay Srivastava, founder of the Global Trade Research Initiative, a Delhi-based think tank, tells Salaam Gateway. 

“These industries have thin margins and little room to absorb a 50% tariff shock.” 
The impact may drive Indian companies to veer towards other lucrative markets, including the GCC. 

“Several Indian firms, particularly in gems and jewellery and electronics assembly, are exploring a shift of production and processing bases to the UAE and other GCC countries to remain cost competitive. The region’s low-tariff access to key markets and strong logistics networks makes it an attractive fallback option,” adds Srivastava. 

“Sectors where production and finishing facilities can be quickly established are best positioned to reroute exports via the GCC.” 

Krishna Bhimavarapu, an economist at US-headquartered State Street investment Management adds that while there is a lot of uncertainty, there is a good chance for Indian firms to explore the GCC markets, especially given the positive trade dialogue that has been happening.

India has strong economic and diplomatic ties with the Gulf countries with bilateral trade worth $178.56 billion in FY2024-25. 

Indian exports to the UAE soared 24.33% year-on-year in September, rising from last year’s $2.8 billion to $3.5 billion last month. Exports to Saudi Arabia increased 14.2% last month, too, according to data released by the Indian ministry of commerce and industry.   

“Dubai and Abu Dhabi, already major re-export hubs, are emerging as natural staging points for Indian firms diversifying away from direct US shipments,” says Srivastava. 

The six-nation GCC hosts north of nine million Indian expatriates, making it an invigorating market for the Indian diaspora and products.  The influx of Indian businesses into the GCC has continued to gather momentum, with over 9,000 joining Dubai Chamber of Commerce during the first six months of the year.

Meanwhile, over 40 Indian companies have established regional headquarters in Saudi Arabia.

The UAE will also be home to Bharat Mart, a huge facility spread across 2.7 million square feet designed to provide new market opportunities to Indian manufacturers and exporters.

Trade alliances are in the ascendant, too - India signed a comprehensive economic partnership agreement (CEPA) with the UAE in May 2022, to reduce or eliminate tariffs on the vast majority of products. The Southeast Asian country has recenty concluded CEPA negotiations with the sultanate of Oman and is aiming to lock in a free trade agreement with Qatar by third quarter of next year to push bilateral trade to $30 billion by 2030.

Among reports of an imminent US-India trade deal, will such a pact, if realized, stall the influx of Indian companies looking to step up shop in the GCC? 

“I don't think so,” says Bhimavarapu. “Because there is also a trade dialogue with the GCC countries alongside with the US.”

Halal Industry
Indonesia to tighten oversight of halal imports from China

Indonesia will intensify oversight of halal-certified products imported from China through closer coordination between the Halal Product Assurance Agency (BPJPH) and the Indonesian Embassy in Beijing, officials announced on Wednesday.

The initiative will involve joint inspections of Chinese companies supplying halal goods to Indonesia, including reviews of production facilities, supply chains, and slaughterhouses across several Chinese provinces.

“This collaboration reflects our commitment to strengthening halal assurance on imports from China,” said Parulian Silalahi, deputy chief of mission at the Indonesian Embassy in Beijing. “Our team will work alongside BPJPH inspectors to ensure all certified producers meet Indonesian standards.”

According to Chuzaemi Abidin, BPJPH’s deputy for monitoring and guidance, the partnership is designed to ensure that halal integrity is maintained throughout the production and distribution process.

“This cooperation demonstrates BPJPH’s commitment to safeguarding the rights and confidence of Muslim consumers in Indonesia,” Abidin said. “Continuous verification is essential to guarantee that certified products remain compliant with halal principles.”

Indonesia, home to the world’s largest Muslim population, has increasingly focused on strengthening halal certification for imports, particularly from major trading partners such as China, to ensure full compliance with domestic regulations and consumer expectations.

OIC Economies
Bangladesh likely to offer Pakistan Special Economic Zone at upcoming joint economic commission meeting

Bangladesh plans to offer Pakistan a Special Economic Zone (SEZ) for investment during the ninth Joint Economic Commission (JEC) meeting scheduled for October 27 in Dhaka, according to officials from the Economic Relations Division (ERD).

The meeting, the first in nearly two decades, is expected to focus on enhancing bilateral trade and cooperation, particularly in textiles, agriculture, and halal food production, sectors where both countries see strong potential for collaboration.

“This is a warm-up meeting between the two nations after almost 20 years,” said Dr Mizanur Rahman, additional secretary at the ERD. “We hope Dhaka and Islamabad will reach a consensus on boosting trade, investment, and overall economic cooperation.”

Bangladesh’s delegation will be led by finance adviser Dr Salehuddin Ahmed, joined by special assistant to chief adviser Dr Anisuzzaman and ERD secretary Shahriar Kader Siddiky, while Pakistan’s delegation will be headed by federal minister for economic cooperation Ahad Khan Cheema, officials confirmed.

Officials said the two countries are expected to discuss joint ventures in halal food production aimed at expanding exports to overseas markets. The Bangladesh Standards and Testing Institution (BSTI) and the Pakistan Halal Authority (PHA) are also likely to sign a cooperation agreement to promote halal certification and industry growth.

According to ERD officials, reducing the trade imbalance will also be a key discussion point. In fiscal year 2025, Bangladesh imported $787 million worth of goods from Pakistan but exported only $80 million, highlighting a significant deficit.

Bangladesh will seek duty- and quota-free access for key products including jute, pharmaceuticals, ready-made garments, electronics, and tea, in a bid to diversify and strengthen exports to Pakistan.

The JEC meeting marks a thaw in bilateral relations after years of political distance. The last such meeting took place in September 2005, but subsequent sessions were postponed as ties cooled under the Awami League government, which took power in 2009.

Relations began to improve following the fall of the Awami League government in 2024, after which several high-level Pakistani delegations visited Dhaka. 

Officials in Dhaka say the renewed engagement and the upcoming JEC meeting could set the stage for deeper trade, investment, and industrial cooperation between the two South Asian nations.

All
US-based, Muslim-owned SMEs net $46.9bn in revenue, as halal goes mainstream

Muslim-led small and medium enterprises (SMEs) across the United States raked in $46.9 billion in 2024, as a new generation of young American Muslims seize entrepreneurial opportunities and growing market opportunities. 

The Thrive 2025 - North America Muslim Market Report, produced by DinarStandard, revealed that 49,973 SMEs based in the US garnered close to $47 billion last year.

Firms based in California, Toronto CMA (census metropolitan area), Florida and New York comprised 67.2% of the top 10 regions. 

Infrastructure and support services firms comprise nearly half of the total SME pool (44%), whereas other firms are concentrated across lifestyle, wellness and consumer markets (35%), followed by finance and impact each with ~9–10%, and media, with ~3–4%.

Source: Thrive 2025 - North America Muslim Market Report

The report estimates that US-based Muslim households spent $170.8 billion in 2024, while Muslims in the Toronto CMA spend $15.8 billion, based on the study’s estimated 2024 population of 7.47 million Muslims in America, and approximately 725,432 in the Toronto CMA.

American Muslims have a notably younger age profile than the overall US population, with 77% under the age of 50. The community also showcases a layered immigrant-origin profile, combining first-generation representation with substantial second- and third-generation cohorts. 

“The proliferation of high-quality Yemeni coffee shops like Qahwah House, Haraz and Qamaria are a manifestation of uniquely American style, third space coffee shops. American-made Habibi Oud perfumes, modest fashion brands VELA and Haute Hijab, fintech companies such as Zoya and Manzil, and crowdfunding platform LaunchGood all exemplify a new level of original Muslim entrepreneurial confidence and maturity,” the report read. 

Halal, has become a uniquely health-conscious and ethical trend, going mainstream through outlets like Halal Guys and other nationally expanding chains. Halal offerings from brands such as Crescent Foods and Saffron Road have owned shelf space in retail arenas, from Whole Foods to Costco.

The emergence of alternative national media platform Zeteo and Boycat, a platform for ethical alternative products, is also reflecting a rise in ethical consumer activism driven by Muslims. These are besides the thousands of small businesses such as clinics, convenience stores, gas stations, and investment platforms, owned and operated by Muslims. 

Key report findings also revealed housing finance, investments/savings, and personal insurance and pensions as the top three unmet needs across the American Muslim diaspora, indicating demand for transparent, compliant financial products and affordable care pathways. 
 

Halal Industry
Hong Kong to have first halal-certified restaurants under Q-mark scheme by year end

A clutch of Hong Kong-based halal certified restaurants is set to come under the city’s Q-mark scheme by the end of the year. 

Paul Chan Mo-po, the city’s finance secretary said that broadening global promotional efforts to lure Muslim tourists is the next step.

The rise of the halal economy reflected a wider shift and signalled the growing economic influence of the Global South, the South China Morning Post cited him as saying. 

“We are working to ensure that our tourism and hospitality sector is increasingly welcoming to Muslim travellers,” he said at the forum co-organised by the Hong Kong General Chamber of Commerce and the Federation of Hong Kong Industries. 

Federation chairman Anthony Lam Sai-ho said the first batch of restaurants receiving the Q-mark should be ready to welcome guests by the end of 2025 or first quarter next year. 

“We hope this will be a start. These restaurants would have a first-mover advantage, and Q-Mark-accredited restaurants would eventually be all over Hong Kong,” he said.

Hong Kong welcomed 54,000 visitors from the Middle East in the first eight months through August, 40% up year-on-year. The city hosted 44.5 million tourists last year, including a 42% rise in arrivals from Indonesia and 50% increase from Malaysia. 

The city is positioned to support the growth of Islamic finance and was attracting professionals with experience in the sector, the finance secretary added. 

“We already have the legal and regulatory frameworks in place to support Sharia-compliant instruments like sukuk.”

The federation and the Islamic Community Fund launched the city’s Q-mark halal scheme in August, designed to ease halal dining for Muslim residents and tourists.

Islam prohibits Muslims from consuming items such as pork and alcohol. Livestock must be slaughtered according to the Shariah doctrine for it be permissible for consumption. Therefore, food served at restaurants must be prepared separately to avoid cross-contamination, while cooking equipment and utensils should be thoroughly cleaned. 

“This might involve the remodelling of kitchens and staff training, but it’s a hurdle people have to get used to,” Lam said. There were several opportunities for Hong Kong businesses across the catering industry, such as investing in the supply chain, including importing halal-certified meat from countries such as Australia and Brazil.

Speakers on the panel also noted that businesses interested in the halal market should educate themselves about the Islamic world, including its two sects, the Shia and Sunni, and their differences.

Lam said companies had much to learn and should look beyond the Middle East to South Asia and Southeast Asia, which also had large Muslim populations.

“Even within the Gulf countries, they have different traditions and different political stances,” he said.
 

Islamic Finance
MENA startup funding surges to $4.5bn in Q3 on Saudi fintech boom

Startup funding in the Middle East and North Africa (MENA) region surged to $4.5 billion in the third quarter of 2025, marking a 523% increase from the previous quarter, according to new data from Wamda and Digital Diges.

The sharp rise was driven by a record-breaking September, which accounted for $3.5 billion across 74 deals, up 914% month-on-month. Even excluding $2.6 billion in debt financing, equity funding saw one of the strongest performances in the region’s history, rising 147% from August and 194% year-on-year.

Saudi Arabia leads regional surge

Saudi Arabia was the main growth driver, with 25 startups raising a combined $2.7 billion. Major deals included Tamara’s $2.4 billion debt facility, Hala’s $157 million Series B, Lendo’s $50 million debt round, and erad’s $33 million raise. Much of the activity coincided with Money20/20 Middle East, the region’s largest fintech event, which saw 15 deals announced.

The UAE followed with $704.3 million raised by 26 startups, highlighting continued investor interest in Dubai and Abu Dhabi’s tech ecosystems. Oman ranked third with $7.7 million, while Morocco and Egypt secured $6.8 million and $3.2 million, respectively. Egypt’s performance remained muted amid ongoing currency instability and inflationary pressures.

Fintech and proptech dominate

The fintech sector accounted for $2.8 billion across 25 deals, largely driven by Saudi megadeals. Property tech followed with $528.6 million, nearly all from Property Finder’s $525 million round. AI startups raised $34.3 million, while HR tech attracted $24.2 million.

Early-stage startups dominated in number, with 55 firms raising $129.4 million, though later-stage ventures captured the bulk of capital—$699 million across four rounds—indicating investor preference for scalable, proven business models.

Shifts in business models and gender gap

Hybrid B2B2C startups led fundraising for the first time, securing $2.4 billion across 15 deals, outpacing pure B2C firms ($557.3 million) and B2B ventures ($456.3 million). Analysts said this reflects a growing appetite for flexible models that serve both consumers and enterprises.

However, female-led startups continued to face funding disparities, attracting only $1.1 million across four deals, while male-founded ventures raised $3.3 billion. Mixed-gender teams secured the remainder. Women-led firms have yet to surpass 5% of total capital raised in 2025.

Year-to-date and sector overview

So far this year, MENA startups have raised $6.6 billion through 514 rounds, already surpassing most annual totals since 2021. Saudi Arabia led Q3 funding with $3.2 billion from 62 deals, followed by the UAE with $1.2 billion across 59 deals.

Despite geopolitical tensions, including the Israel-Hamas conflict, analysts said 2025 has been a transformative year for the region’s venture landscape.

Islamic Finance
Malaysian fintech platform Fasset secures approval to launch stablecoin-powered Islamic digital bank

Global fintech platform Fasset has received regulatory approval from Malaysia’s Labuan Financial Services Authority (FSA) to offer digital banking services, marking a major step in its transition from a digital asset platform to a full-service, Shariah-compliant financial institution.

The approval allows Fasset to operate within Malaysia’s regulated sandbox for Islamic fintech innovations, enabling it to offer deposit-taking, lending, and investment services powered by stablecoin infrastructure. The company’s new model positions it as the world’s first stablecoin-backed Islamic digital bank, serving a global user base of over 500,000.

The license expands Fasset’s operations beyond digital asset investing into on-chain, asset-backed banking. Users will be able to access zero-interest banking products alongside investments in U.S. stocks, gold, and cryptocurrencies through the company’s all-in-one financial superapp.

Founded in 2019, Fasset serves both retail and institutional clients across 125 countries, recording $6 billion in annualized transaction volume, a figure projected to reach $24 billion by 2026.

The new approval builds on Malaysia’s ambition to position itself as a regional hub for Islamic fintech. It also strengthens Fasset’s goal of addressing the lack of access to Shariah-compliant financial products across regions where traditional banking remains limited, such as Asia and Africa.

Fasset’s upcoming offerings will include asset-backed savings products, instant cross-border payments, and a crypto debit card that can be used globally through Visa, Google Pay, and Apple Pay. The company also plans to launch Own, an Ethereum Layer 2 network built on Arbitrum to facilitate settlement of real-world assets from regulated institutions.

Fasset’s expansion comes as the global Islamic finance industry surpasses $5 trillion in assets, with projections suggesting it could double by 2030, underscoring growing demand for modern, faith-aligned financial solutions.


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