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Australia rekindling relationships with the Muslim World  

There was a palpable silence at the end of a premier screening of the documentary ‘Before 1770’ held late last year, punctuated only by distant sobs and the ruffling of tissue packets emanating from the audience of largely Muslim Australians.  

The reason why the feature documentary - showcased in multiple screenings across the country - evoked such an impassioned response was because it represented the connection Australia and its First Nations people held with the Muslim world.  

This deep connection, starting sometime in the mid-1600s, lasted for centuries until 1907 when the last ‘Perahu’ (sailing boat) from Makassar visited Arnhem land in Northern Australia. 

The reason why it resonated strongly with Muslim Australians, was because it was an untold story omitted from Australian history books; a tale intricately linking them with Australia’s First Nations people and their legacy. 

Before White colonisation, Muslim Bugis and Makassar traders would sail with the monsoon winds via the Flores and Savu seas, arriving on the shores of Northern Australia in places like the Kimberley and Arnhem Land to meet First Nations trading partners like the Yolŋu people.  

They would trade in trepang, a type of sea cucumber which was a delicacy and an aphrodisiac they would sell to lucrative Chinese markets. While their motivations for visiting Australia might have been for trepang, this was all part of wider regional trade patterns which connected Arab, Indian and Chinese markets via the Malay Archipelago.

These same Bugis seafaring traders would find themselves immersed in mercantile activity in historic port cities dotted across the Indian ocean like Aden, Muscat, and even as far as Zanzibar.  

Australia for them, was just part of an ancient maritime silk road that swapped out camels for Perahu sailing boats that covered vast distances with monsoonal winds. 

Fast forward a hundred years or so with the rise of the modern global Islamic economy, the vibrant Australian Muslim community like the Bugis before them, are rekindling historic linkages with the Muslim world through trade, halal food and Islamic finance.  

Australia is a melting point of a vibrant and dynamic Muslim population base comprising more than 70 different ethnicities. Nearly a million Muslims - more than half under the age of 25 -reside in growth areas in all the major cities and help create robust networks for business and investment opportunities.  

Halal food is now an AU$2 billion industry that helps serve the local Muslim community as well as major export markets such as Indonesia, Malaysia, the UAE and Saudi Arabia. Over 70% of Australian abattoirs are now reported to be halal certified.  

Muslim students from around the world are fostering long-lasting linkages with Australia. More than 30,000 students from Malaysia, Indonesia, and Pakistan and over 15,000 from the GCC are enrolled across universities and higher education institutes in the country. The Brunei government sends hundreds of students on scholarships to Australian universities each year. 

Education services with Muslim-majority countries amount to nearly AU$4 billion annually, generating revenue as well as creating investment opportunities across several quarters, including student accommodation, migration and employment, and halal food services. 

Lastly, Islamic finance is perhaps an untapped gold mine for Australia, having remained under the radar of Islamic investors worldwide for decades. For enterprising investors, Australia emerges as an unexpected yet compelling destination for Islamic investment. 

For select Islamic investors, Australia is not a distant continent, rather a destination that is geo-strategically situated on the fringes of vibrant Southeast Asian economies and one that offers a unique combination of a well-regulated market alongside growth opportunities for Islamic-conscious capital. 

The recently signed Australia-UAE Comprehensive Economic Partnership Agreement is the first Free Trade Agreement between Australia and a Middle Eastern country, facilitating investments in local projects. Shariah-compliant real estate investment has gained ground too, with institutions such as the National Australia Bank (NAB) offering Islamic products, enabling Muslims to finance their projects.

This unique offering has facilitated numerous partnerships between Islamic investors from the GCC and Southeast Asia and the vibrant and entrepreneurial Muslim business community in Australia. 

Shariah-compliant fixed-income solutions is another area of opportunity with Australia one of the rare AAA rated countries in the world according to Moody's, S&P and Fitch. There is a slew of ASX100 companies that are investment grade and above, offering a huge opportunity for Islamic fixed-income products or Sukuk bonds. 

With ongoing tariffs and geopolitical realities, perhaps Australia is not as far away as one might believe. With its growing young and dynamic Muslim community, Australia offers a combination of economic stability, diverse investment sectors, and financial governance. Throw delicious halal food in the mix and we have a sweet spot of opportunities. 

Perhaps now is the time for Islamic investors to set their sails Down Under. 
 
Dr Imran Lum is the head of Islamic finance at a major Australian bank. He is the host of the ‘Muslim Money’ Podcast and the author of 'A Comparative Study of Riba and Islamic finance in Australia and the UK (Routledge)'.

The opinions shared here are his own and do not reflect the views of his employer
 

Islamic Lifestyle
Islamic lifestyle roundup: Transavia France to launch flights to Madinah

Here's a roundup of key developments across the Islamic lifestyle ecosystem during the month of April

 

Editor's Note: With the Hajj season upon us, Saudi Arabia is expected to dominate headlines - from additional inbound flights to electronic entry permits for expatriate workers, the kingdom is ensuring for a seamless pilgrim experience.  

 

Trade Developments


Saudi Arabia

Umrah and Ziyarah Forum in Madinah Concludes with agreements

The second edition of the Umrah and Ziyarah Forum, held from April 14 to 16, concluded with strong local and international participation.

 

During the forum, 4,251 collaboration agreements were signed, a 25% increase from the previous edition, highlighting its role in enhancing services for pilgrims.

 

The forum featured 150 exhibitors from 100 countries, representing various stakeholders, and included dialogue sessions and workshops addressing challenges and opportunities in the Umrah and visitor experience. (Saudi Press Agency)

 

Saudi Arabia

Electronic Makkah entry permits now available for expats

The General Directorate of Passports in Saudi Arabia has announced the commencement of electronic applications for entry permits to Makkah for expatriate workers ahead of the upcoming Haj season.

 

Expatriates can now apply through the Ministry of Interior's digital platforms, including Absher and the Muqeem portal, without the need to visit passport offices.

 

The service is integrated with the Tasreeh platform for issuing Haj permits, streamlining the process. (The Siasat Daily)

 

 

Company News


France / Saudi Arabia

Transavia France to launch Madinah flights

The Saudi Air Connectivity Program has partnered with the Al Madinah Region Development Authority to launch Transavia France's operations in Saudi Arabia.

 

Transavia, a French low-cost airline owned by Air France, will begin flights from Paris-Orly, Lyon, Marseille, and Toulouse to Madinah starting in October. (Zawya)

 

Regulatory


Nigeria

Sokoto reintroduces Hisbah Corps to promote Islamic culture

The Sokoto State government has re-established the Hisbah Corps to promote Islamic culture, moral discipline, and values in the state.

 

The Hisbah Corps is tasked with fostering a cleaner and safer society, tackling immorality and sinful acts, and promoting modesty.

 

The government has provided operational vehicles, motorcycles, and office accommodations for the Hisbah Corps, and will make monthly allocations to support their activities. (365 Daily)

Islamic Finance
Pakistan’s push for interest-free banking faces challenges

Pakistan is aiming to implement an interest-free Shariah-compliant banking system by January 2028. While the ambition reflects a momentous shift toward an Islamic values-based financial system, practitioners caution that unresolved challenges could undermine the transition.

Renewed political will
In April 2022, the Federal Shariat Court (FSC), the country’s constitutional Islamic religious court, ruled that the entire banking system must be completely free of riba – more commonly known as interest - by the end of 2027. The court instructed federal and provincial governments to amend relevant banking laws to comply with the Shariah legislation. 

The directive, however, wasn’t the FSC’s first attempt to push for a fully Islamic banking system. The religious court made an initial declaration in 1999, notes Dr Sanaullah Ansari, CEO of Al-Iqtisad Consulting, only for it to be delayed by later governments through appeals and legal reviews. 

“This process continued and finally, in April 2022, FSC ordered the government to convert the current conventional banking system by December 31, 2027,” he says. 

However, this time there is adequate political will to introduce Islamic banking, complemented by a clear roadmap accorded by the State Bank of Pakistan (SBP), the country’s central bank. Following the FSC’s decision, the SBP released its five-year plan (2023–2028), setting ambitious goals to transform the conventional banking sector. 

There are currently 22 banks operating in Pakistan, including six fully-fledged Islamic lenders. Many of the remaining conventional banks either operate Islamic windows or have started planning for a full conversion. United Bank Limited (UBL) and Faysal Bank have transitioned, while Bank of Khyber and National Bank of Pakistan are en route. Others like Bank of Punjab are also exploring the shift.

In parallel, the Securities and Exchange Commission of Pakistan (SECP) - the country’s financial regulatory agency - introduced the Shariah governance guidelines in January 2023.

These apply to non-banking financial companies, Takaful operators, and private pension funds, with the aim of deepening Islamic capital markets.

Sovereign debt, coordination mar outlook 
Pakistan is the second-largest Muslim-majority country in the world. However, despite strong numbers, financial inclusivity across the country is fairly tepid. The country’s sovereign debt profile is another critical factor; the IMF notes that government debt stands at 71.4% of the Southeast Asian nation’s GDP, much of which is denominated in conventional, interest-bearing instruments.

“Most of the government’s liabilities are in conventional form,” says Mohamed Damak, head of Islamic Finance at S&P Global Ratings. “The government could choose to issue only sukuks going forward to refinance all commercial debt and net new borrowings, assuming that the market appetite for these instruments will be there.”

Damak adds that a significant portion of the debt is in the form of multilateral loans, bilateral loans, and central bank swap lines, with some of the multilateral loans having very long-term tenors. “It remains to be seen if and how these can be converted or structured in a Shariah-compliant format,” he adds.

Farrukh Raza, CEO of Islamic Finance Advisory & Assurance Services (IFAAS), believes that renegotiation is likely to take time due to legal and risk concerns from creditors, as well as the complexity of restructuring existing debt. “Stakeholders need to stay focused and resolve these matters as soon as possible.” 

Despite steps taken by the SBP and SECP, several market practitioners highlight a lack of coordination between key institutions and an absence of clear, realistic timelines.

“There needs to be a more well-thought-out process with a realistic plan and determined goals,” says Raza. “There needs to be better coordination with policies and implementation among the different entities in the country.”

He outlines three critical requirements for a successful transition.

“There needs to be a political will to genuinely support this transition and all stakeholders to be aligned on making it happen,” he says. 

“Secondly, you need a well-structured roadmap with clear targets and timelines for everyone to understand and work towards. Thirdly, you need to create a national champion among state institutions to own, lead and deliver this transition.”

This lack of coordination is closely tied to insufficient communication. Public engagement has been limited, with few workshops, conferences, or awareness campaigns to educate stakeholders about what this transition entails, according to Ansari.

“While the SBP and SECP have done valuable work, the broader market is still unclear about how this transition will play out,” he says. “Without consistent messaging and cooperation between players, implementation by 2027 will be difficult.”

Changing perceptions
A significant challenge lies in public perception. Many consumers raise doubts on the veracity of the Islamic banking system, considering it a repackaged version of the conventional banking system. This lack of trust dents its uptake as well as its credibility. 

Ansari notes that many banking customers question whether there is a meaningful distinction between Islamic and conventional products. “Whilst a lot of work has been done to facilitate Islamic banking, there is still a perception that it is merely a replication of conventional banking,” he says.

Sceptics also point to challenges in countries that have adopted Islamic financial systems, including Iran, Sudan and Afghanistan, though Raza believes comparisons with those countries to be unfair. 

“It’s not fair to compare Pakistan’s transition with these countries because all of them remain challenged on the international stage,” he says. “The issues they face are political in nature and not due to their financial systems being Shariah-compliant.”

Creating goodwill through education and awareness in addition to a clear timeline and roadmap to assimilate these changes thus remains key. 

Islamic Finance
Strong banking, sukuk performance drives Islamic finance growth in 2024

Strong banking and sukuk performance has propelled double-digit growth for the global Islamic finance industry in 2024, a recent report has revealed. 

Total assets of the Islamic finance industry's increased by 10.6% in 2024, with Islamic banking assets contributing 60% of the sector’s growth last year, an S&P Global Ratings report detailed. 

Geograpically, the GCC accounted for 81% of the industry’s growth, with Saudi Arabia contributing two-thirds of it. 

“This strong performance results from opportunities created by the Saudi government's Vision 2030 program and the deep integration of the Islamic banking industry in Saudi Arabia.”

The momentum is expected to continue this year, as financing needs driven by economic transformation programs will remain high, and the inherent preference for Islamic finance will persist, the report added. 

Saudi Arabia's economic transformation plan will continue to translate into significant banking system growth, provided it attracts sufficient refinancing sources, including sukuk issuances from the international capital market, the rating agency added.

This will be complemented by the UAE’s non-oil economy along with its capital expenditure needs, which will shore up financing requirements and sukuk issuances in 2025. 

The Islamic banking sector is expected to grow by high single digits across the Asia-Pacific region over the next couple of years. 

“Robust demand for Islamic products and services in Malaysia and significant market potential in Indonesia, Bangladesh, and Pakistan support this trend,” it added. 

While sukuk issuances dipped slightly from $197.8 billion in 2023 to $197.8 billion in 2024, global sukuk issuance is likely to reach about $190 billion-$200 billion in 2025, with foreign currency-denominated issuance contributing $70 billion-$80 billion. 

S&P has revised its oil price assumption to $65 per barrel for the remainder of 2025 and $70 per barrel from 2026. However, a further decline in oil prices could reduce the growth prospects for core Islamic finance economies and markets. 

Adopting Sharia Standard 62 could also disrupt the sukuk market from 2026 by potentially reclassifying the instruments from debt-like to equity-like. 

“If Standard 62 is adopted as proposed, we anticipate the industry could become more fragmented and less attractive to investors and issuers due to higher sukuk pricing for issuers and fewer fixed-income investors,” the report noted. 

Islamic Lifestyle
Saudi Arabia sets target of 2.5m Umrah travelers for 2025

Saudi Arabia's Air Connectivity Program plans to set aside more than 700,000 airline seats for Umrah pilgrims through the first quarter of 2025 and 2.5 million seats by the end of next year. According to Arab News, this announcement was made by Majid Khan, chief executive of the program, while speaking at the Umrah and Ziyarah Forum in Madinah.

Khan said the program plans to expand to Europe, the Gulf, the Commonwealth of Independent States, and Indonesia, with a Stuttgart–Jeddah service scheduled to start later this year. With Eurowings already flying from Berlin and Cologne to Jeddah, this would be the third direct Umrah flight from Germany.

Transavia plans to launch new Paris–Jeddah and Lyon–Jeddah routes with a daily London Gatwick–Madinah flight in August, adding roughly 180,000 seats.

Twelve airlines joined Saudi Arabia's Air Connectivity program earlier this year. Twenty new routes have brought a combined 1.5 million seats. Recent entrants include ITA, British Airways, Eurowings, Transavia, and Wizz Air.

The Umrah and Ziyarah Forum runs until 16 April at the King Salman International Convention Center. The event is organized by the Ministry of Hajj and Umrah and the Pilgrim Experience Program.

More than 150 exhibitors from over 100 countries are taking part. The forum offers 50 workshops and sessions on accommodation, artificial intelligence, social‑media outreach, and Madinah's heritage. An accompanying exhibition showcases government projects to upgrade infrastructure, transport, and hospitality in the holy cities.

OIC Economies
Oman, Morocco joint committee convenes seventh session in Muscat

The Sultanate of Oman and the Kingdom of Morocco convened the seventh session of their Joint Committee on 13 April.

In the session, the Omani Foreign Minister Sayyid Badr Hamad Al Busaidi and Moroccan Foreign Minister Nasser Bourita served as co‑chairs. 

In a joint communiqué issued after the meeting, the two delegations reaffirmed the depth of bilateral relations. They pledged to widen cooperation across economic, investment, trade, industrial, tourism and educational spheres. 
Both ministers also emphasised the importance of adopting technological solutions, fostering innovation, and encouraging the private sector to play a greater role.

The session culminated in the signing of four memoranda of understanding addressing digital transformation, renewable energy, mutual recognition of maritime certifications, and sports cooperation. In addition, the two countries concluded an executive programme to enhance collaboration in tourism.

According to the statement, Muscat and Rabat agreed to activate existing accords and explore fresh partnerships in culture and logistics while continuing to bolster trade and investment ties. 
The communiqué further underscored a shared commitment to Arab solidarity and respect for national sovereignty, rejecting interference in domestic affairs. 

Both sides condemned terrorism and extremism in all forms and called for stronger regional and international coordination to combat such threats.

Senior officials from both foreign ministries attended the meeting, including Khalid Salim Bamakhalf, Oman’s ambassador to Morocco, Sheikh Faisal Omar Al Marhoon, Head of the Arab Department at the Foreign Ministry, and Tarek Lahssisne, Morocco’s ambassador to Oman.

OIC Economies
OIC roundup: Oman, Morocco sign agreements to strengthen cooperation

Here's a roundup of key developments across the OIC ecosystem during the month of April

 

Editor's Note: The GCC is looking beyond the region to strengthen cooperation in priority areas, as is evident with Oman's agreements with Morocco, Kuwait's intent to bolster trade ties with Kazakhstan and the UAE's keenness to forge alliances with Turkiye. 

 

Trade Developments


Oman / Morocco

Oman, Morocco sign new agreements to deepen bilateral ties

Oman and Morocco have agreed to expand cooperation across key sectors including trade, energy, education and tourism, following a joint committee meeting between their foreign ministers.

 

The meeting highlighted the strong historical ties between the two countries, and the commitment to enhance regular consultation and advance cooperation, particularly in economic, investment, commercial, industrial, tourism, and educational sectors. (Zawya)

 

UAE / Morocco

First UAE-Morocco Business Council convenes in Sharjah
The UAE-Morocco Business Council held its first meeting in Sharjah.

 

The meeting was attended by officials from both countries, including the Vice Chairman of the Federation of UAE Chambers of Commerce and Industry, the Ambassador of Morocco to the UAE, and the President of the General Confederation of Moroccan Enterprises. (Zawya)

 

Algeria

IsDB strengthens cooperation with Bank of Algeria to advance Islamic banking

President of the Islamic Development Bank (IsDB), Dr. Muhammad Al Jasser, met with the Governor of the Bank of Algeria, Dr. Salah Eddine Taleb, to discuss strengthening technical collaboration and enhancing the regulatory and supervisory framework for Islamic banking in Algeria.

 

During the meeting, Dr. Al Jasser expressed satisfaction with the cooperation between the IsDB and the Bank of Algeria and reiterated the IsDB's commitment to providing technical assistance to support the development of Algeria's Islamic banking ecosystem in line with international best practices. (IsDB)

 

Kazakhstan / Kuwait

Kuwait, Kazakhstan to strengthen trade ties 

The Kazakhstani Foreign Minister visited Kuwait to participate in the 3rd ministerial meeting of the "Central Asia – Gulf Cooperation Council" format.

 

The discussions with officials focused on expanding cooperation in sustainable development, infrastructure financing, and socially important projects in Kazakhstan, particularly in the energy, water supply, and agriculture sectors. (GOV.KZ)

 

UAE / Türkiye

UAE, Türkiye forge stronger economic ties

The UAE and Türkiye held the second session of the Joint Economic and Trade Commission (JETCO) in Abu Dhabi to further expand their trade and commercial relations.

 

The meeting, co-chaired by officials from both countries, highlighted the rapid progress in UAE-Turkish relations following the implementation of the Comprehensive Economic Partnership Agreement (CEPA) in 2023. (Zawya)

 

Islamic Lifestyle
Halal tourism faces a growing opportunity

The interconnected nature of the world today points to the fact that we have moved from an era of distinct national economies to interlinked ecosystems. 


The recent U.S. tariff wars and tightened immigration measures have brought this concept into sharp focus. The downturn in American inbound tourism, caused by the tariffs have prompted travelers, especially from the rapidly expanding Muslim travel segment, to look elsewhere for destinations that better align with their cultural, economic, and faith-related needs.

For decades, inbound tourism to the United States seemed relatively shielded from geopolitical strain. Yet the decline triggered by policy-driven tensions, such as trade disputes and perceived exclusionary rhetoric, has been particularly steep, underscoring how swiftly global perceptions can alter travel flows.

U.S. tourism in turbulence: The impact of tariffs and tensions
According to the World Travel & Tourism Council (WTTC), the United States welcomed 72.3 million international visitors in 2024, making it the world’s third-most-visited country that year. It also led in tourism revenue, earning approximately $194 billion. Canada and Mexico combined made up over half of all foreign arrivals (20.24 million from Canada and 16.98 million from Mexico), with the United Kingdom placing third at 4.03 million visitors (5.6% of total arrivals). Brazil, India, and China all posted healthy upticks last year, including a notable 24.3% increase from India and a 21.4% boost from China.

Those numbers, however, have begun to slip. A recent Skift report cites U.S. International Trade Administration data revealing a 10.3% decline in arrivals from 20 major source countries in March 2025 compared to last year. Western Europe saw a 17.2% slump overall, with Germany down 28.2% and the U.K. by 14.3%. Asia was off by 3.4%, while Eastern Europe increased by 1.5%.

Faltering numbers: What the numbers reveal
Mabrian, a global travel intelligence firm, analyzed millions of flight searches between January and March 2025 from ten primary outbound markets—the U.K., Germany, France, Canada, Mexico, Brazil, India, Japan, South Korea, and China. Their data reflected a 0.4% year-over-year drop in overall European interest in the U.S., with Germany and Italy slipping nearly one percentage point versus 2024.

Similarly, a Switzerland-based consortium, Serandipians, surveyed 250 member agencies outside the U.S. and found that 35% reported declining travel requests, while only 10% noted an uptick. Tourism Economics, a key forecasting firm, estimates a 9.4% drop in U.S. overseas arrivals for 2025—almost double its February projection of a 5% decline. The group also warns of a possible 20% fall in arrivals from Canada, a drop the U.S. Travel Association says could mean 2 million fewer visits, $2.1 billion in lost spending, and 14,000 job losses.

Halal tourism on the rise
While U.S. inbound tourism softens, destinations that cater to Muslim travelers have emerged as notable beneficiaries. An Al Jazeera report forecasts that halal tourism will reach $410.9 billion by 2032, up from $256.5 billion in 2023. Meanwhile, the Global Muslim Travel Index (GMTI) 2024 projects the Muslim population to climb from 2.12 billion in 2024 to 2.47 billion in 2034.

As younger, digitally savvy Muslim travelers seek destinations accommodating religious and cultural needs, these figures hint at a thriving market in need of responsive hosts.

Already, OIC nations such as Malaysia, Turkey, Indonesia, and the United Arab Emirates, have intensified efforts to position themselves as top picks for faith-aware tourists, offering everything from halal menus to family-friendly beaches. In Qatar, recent initiatives include medical tourism and large-scale sporting events tailored to Muslim guests. Meanwhile, lesser-known tourist destinations, like Oman and Saudi Arabia, are attracting interest with scenic landscapes and futuristic multi-billion-dollar tourism infrastructures, respectively. 


Beyond the OIC: Non-muslim destinations embrace inclusivity

Equally telling is the push by non-OIC countries, which see the financial upsides of appealing to Muslim travelers. For example, Thailand implemented a halal industry action plan in July last year to leverage the growing halal sector and revive its tourism-dependent economy post-pandemic. That same November, the Hong Kong Tourism Board announced an initiative to enhance Muslim-friendly tourism, encouraging restaurants, hotels, and attractions to review their offerings and pursue halal certification.

Taiwan has ranked highly with the Crescent Rating since 2019, while the Philippines, labeled an emerging Muslim-friendly destination, retained that distinction for a second straight year in 2024. Philippine Tourism Secretary Christina Frasco acknowledged the importance of halal tourism for the country's global competitiveness, emphasizing the need to accommodate Muslim travelers.

Elsewhere, Zanzibar hosted a Halal Tourism Exhibition last year, hoping to attract investors and support existing local enterprises that already adhere to halal practices. 

Japan also saw momentum grow ahead of the rescheduled 2020 Olympics, prompting Tokyo and Osaka to expand Muslim-friendly facilities. Over in South Africa, halal-friendly safari excursions, optimized for dining and prayer breaks, are being marketed to tap into the Muslim traveler market. Lastly, in Europe, Germany and the U.K. are leveraging sizable Muslim communities, ensuring reliable access to halal dining, prayer areas, and cultural events.


As the United States grapples with the aftereffects of its tariff conflicts and more restrictive immigration protocols, other destinations are pulling travelers in with a reputation for cultural sensitivity and hospitality. “Muslim leisure travelers share the same motivations as other tourists—they want to immerse themselves in local culture,” explained Crescent Rating CEO, Fazal Bahardeen in comments to Al Jazeera. “The difference lies in their desire to do so while meeting their fundamental faith-based requirements. This isn’t merely religious tourism.”

With these visitors’ numbers on the rise—and with non-OIC nations increasingly fine-tuning their halal certification standards—those able to adopt inclusive strategies will likely see short- and long-term gains. In the process, the global map of desirable travel hubs is evolving: once-loyal visitors to the U.S. are reassessing where they can spend their money in an environment they deem more inviting. As the Muslim travel segment broadens in size and spending power, it may become the linchpin in determining which destinations rise and fall in this newly competitive tourism landscape.
 


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