The Global Islamic Economy: An Overview

Brian Shegar

As of 2015, the size of the Islamic economy was estimated to be US$1.9 trillion and is expected to grow to US$3 trillion by 2030 representing a compounded annual growth rate of 8%. The Global Islamic Economic Indicator, a composite weighted index of 6 sector level indicators over 73 core countries shows that Malaysia leads the Islamic economy, while the UAE maintains second place. Key growth drivers are the large young and fast growing global Muslim population, expanding Islamic economies, and the growing emphasis on Islamic/Halal market development activities such as finance and food. In 2015, global Muslim market for Halal food of US$1.17 trillion represented 16.6% of global expenditure, while in 2015, Islamic financial assets were US$2 trillion and projections and are expected to grow to US$3.4 trillion in 2021.