WHAT IS THE GLOBAL ISLAMIC ECONOMY?

By: Thomson Reuters

The Islamic Economy affects the lives of more than just the 1.7 billion Muslims worldwide. It is open to all discerning consumers, citizens, and businesses from Australia to Alaska who understand the need to improve the way we consume, produce and work with one another.

The Islamic Economy is a way of living – through products, experiences, services, processes and relationships – that is halal, ethical, wholesome and family-friendly. The Global Islamic Economy portal is your central resource to learn about, connect, and engage with the rapidly-growing global Islamic economy, Aquila Style quoted by Mi’raj Islamic News Agency (MINA).

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Islamic Finance

Today, Islamic finance is used in 60 countries and is an ethical, stable and viable financial system that is growing faster than conventional finance. The biggest markets are in Southeast Asia and the Middle East.

Halal Food

Halal food & beverages are produced and sold by countries from Australia to the USA and which range from meat and poultry to non-meat foods to micro ingredients to flavourings and colourings. The industry shares many values with other Abrahamic religions and the ethical food industry, which are aligning itself with Islamic teachings that condemn unfair and unethical business practices.

Fashion

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The Islamic fashion industry is worth more than $200 billion worldwide. Islamic fashion is more than just modest attire. The sector is increasingly aligning itself with end-to-end Islamic teachings that condemn unfair and unethical business practices.

Travel

Muslims are spending more on travel and tourism as middle classes and spending power go up in Islamic countries. When travelling on holiday or business, the Muslim seeks halal experiences that are wholesome and family-friendly.

Pharmaceuticals

End-to-end halal ingredients aren’t only for Food and Beverages. If aligned fully with the Islamic ethos. the pharmaceuticals industry is on that champions ethical practices, including providing mediciines to those who cannot afford them.

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Cosmetics

End-to-end halal ingredients aren’t only for Food and Beverages. If aligned fully with the Islamic ethos. the Cosmetics industry is on that champions ethical practices.

Media and Recreation

The production and consumption of media and recreational activities is a rapidly-growing sector. Physical communications infrastructure develops in tandem with the rising demand for wholesome and family-friendly content.

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Mi’raj Islamic News Agency (MINA)