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Which countries secured most Islamic economy-related investments in 2022/23?

Investments related to the Islamic economy (IE) continued to build on their momentum, according to the State of the Global Islamic Economy (SGIE) Report 2023/24 released earlier last week. 

IE-related investments marked a 128% year-on-year growth in value, rising from $11.4 billion in 2021/22 to $25.9 billion in 2022/23.

In terms of volume, the total number of relevant mergers and acquisitions (M&A), private equity (PE), and venture capital (VC) transactions increased from 199 in 2021/22 to 220 in 2022/23.

Indonesia and the UAE held on to the top two positions, respectively, in securing most number of Islamic economy-related investments.

Türkiye and Malaysia shared the third slot, Egypt moved down to the fourth position, while Saudi Arabia and Nigeria share the fifth place.

The US occupied the 6th slot, Pakistan and Bangladesh shared ninth place, while the UK rounded off the top ten. 

Investment by sector

In terms of sectors, Islamic finance as well as media and recreation accounted for 75% of the total deal value.

Halal food
In 2022/23, 44 deals related to halal food were recorded, with 30 disclosed deals amounting to $2.2 billion.

Indonesia secured most investment deals in halal food during 2022/23, followed by the UAE and Bangladesh. 

Islamic finance 
In 2022/23, 91 deals related to Islamic finance were recorded, 47 of which were disclosed and valued at $14.4 billion.

Indonesia secured most investment deals in Islamic finance during the aforementioned period, followed by the UAE and Malaysia. 

Muslim-friendly travel
In 2022/23, 13 deals related to the Muslim-friendly travel industry were recorded, nine of which were disclosed. Most of the deals were related to digital travel-related solutions such as booking apps.

The UAE secured most investment deals during 2022/23, followed by Switzerland and Algeria. 

Apparel and modest fashion
In 2022/23, six deals related to the apparel and modest fashion industry were recorded, four of which were disclosed and valued at $129 million.

Türkiye secured most deals in this space, followed by the UAE and Indonesia. 

In 2022/23, 35 deals related to the pharmaceutical industry were recorded, of which 22 were disclosed and valued at $702 million.

Indonesia secured most deals in pharmaceuticals in 2022/23, followed by Egypt and Malaysia. 

There were a total of 10 cosmetics-related deals in 2022/23, seven of these were disclosed and valued at $99 million.

Indonesia stood out as the country that received most investment deals in this sector, followed by Uganda and India. 

Media and recreation 
Total value for deals related to media and entertainment increased stood at $4.98 billion during 2022/23. 

Indonesia garnered most deals in this space, followed by Türkiye and the UAE. 


Islamic Economy
Media and recreation
Modest fashion
Halal Food