For the world’s 1.4 billion Muslims, Islam is a ‘way of life’ that, grounded in aspects of modesty, justice, and religious practices, creates a unique set of product and services needs. Examples of such offerings include ‘Halal’ food, restaurants, Islamic Finance, modest clothing, Islamic media, travel services, entertainment and recreation, etc. However, the true demand of such needs has always been a function of the level of actual practice and religious adherence.
Recent indicators point to an increase in Muslims’ affinity with their faith and the resulting demand in associated products and services. The recent boom in Islamic Finance and ‘Halal’ food industry growth points to this trend. Within the last few years Islamic Finance has grown to become 15% of the total banking system in the GCC countries (Saudi Arabia, UAE, Qatar, Kuwait, Bahrain, Oman) with estimates suggesting it to reach 50% in the next few years*. Malaysia, the other leading IF center boasts 11.3% of its total banking system to be adhering to Islamic finance principles. (Data Source: GCC Islamic Financial Institution Report, ATKearny IF Report, Bank Negara Malaysia Annual report).
Also, a recent Pew Global Attitudes Project, which conducts worldwide public opinion surveys, released findings of a study on Muslims’ attitudes towards their Islamic and national identities. The poll, which was conducted in 13 countries, showed that among the Muslim population in these countries (which included Pakistan, Jordan, Egypt, Turkey, UK, and Germany amongst others) the majority believed that Islamic identity among Muslims is getting stronger.
This trend not only bodes well for the infant Islamic finance industry, but opens the door to regional and global brands serving a variety of Muslim consumer needs (food, modest clothing, media, entertainment, education, social networking, matrimonial services, etc.)
|
