A decade's journey: Mapping the Islamic economy & path ahead
The Islamic economy has endured a challenging ride over the past 10 years. While it has seen massive investments, strategic partnerships, and success stories, it has also faced its fair share of challenges.
Overall, however, the Islamic economy has been on an impressive upward trend. According to the State of the Global Islamic Economy (SGIE) Report 2023/24, the global Islamic economy has grown from a $1.62 trillion consumer-spending market in 2012, to $2.29 trillion in 2023, at a growth rate of over 41%.
Much of this growth has been driven by a young and fast-growing population that extends beyond the core two billion Muslim consumers to encompass a wider global ethical consumer market.
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