Indonesia edges past US to become largest digital Islamic economy

Indonesia hosts the world’s largest digital Islamic economy by market size, valued at $40.57 billion in 2022 and expected to grow to $76.09 billion by the year 2027.

The US came in second, raking in $25.5 billion in digital Islamic economy revenue in 2022, the Indonesia Digital Islamic Economy Report 2023/24, produced by DinarStandard in partnership with the Indonesia Halal Lifestyle Center, reveals.

It was followed by China ($22.8 billion), Türkiye ($20 billion), and Saudi Arabia ($14.9 billion). Iran, the UAE, the UK, India and Egypt rounded off the top 10. 

The report states 15 strategic recommendations, including the establishment of a dedicated digital Islamic economy entity. These recommendations are driven by three key performance indicators (KPIs).