The 11th edition of the State of the Global Islamic Economy Report (SGIE) 2024/25—produced by DinarStandard, a US-based research and advisory firm, presents an in-depth analysis of the multi-trillion-dollar global Islamic economy across seven key sectors: halal food, pharmaceuticals, cosmetics, modest fashion, travel, media & recreation, and Islamic finance.

Download the full SGIE Report 2024/25

In 2023, Muslim consumer spending across key halal economy sectors—including food, pharmaceuticals, cosmetics, modest fashion, travel, and media & recreation—reached US$2.43 trillion, with projections to rise to US$3.36 trillion by 2028. Meanwhile, Islamic finance assets stood at US$4.93 trillion, expected to grow to US$7.53 trillion by 2028. The Global Islamic Economy Indicator (GIEI) ranked 81 countries by their enabling ecosystems. Malaysia retained the top spot for the 11th year, followed by Saudi Arabia, Indonesia, UAE, and Bahrain. Notably, Pakistan entered the top 10 for the first time, and Senegal rose 18 places to 25th. The UAE and Indonesia were the top destinations for Islamic economy-relevant investments, completing US$1.53 billion and US$1.60 billion in deals, respectively. Media & Recreation led by the number of transactions, while Islamic Finance attracted the highest capital.

Amid global economic shifts and rising consumer awareness, the report observes a marked move toward ethical, values-based consumption. Social media sentiment analysis from October 2023 to March 2025 revealed that 15.6% of global online conversations actively endorsed ethical, alternative brands, particularly in food, fashion, cosmetics, and technology, driven by faith-based values and global solidarity movements. 

The world’s Muslim population surpassed 2 billion in 2023, accounting for over 25% of the global population. With 540+ million Muslim youth projected by 2030, a powerful demographic shift is underway, fueling long-term demand for halal goods, digital services, and culturally aligned experiences.

A structural shift toward intra-OIC trade and investment is gaining momentum, as Muslim-majority nations prioritize economic self-reliance, regional supply chains, and halal industry development. Countries like Saudi Arabia, the UAE, Indonesia, and Türkiye are leading this transition through strategic policy alignment and targeted halal investments.

At the same time, a new wave of digital transformation and innovation is reshaping the Islamic economy, ranging from AI-powered personalization tools to blockchain-based halal assurance systems to DeFi platforms in Islamic finance. These advancements are accelerating transparency, compliance, and consumer trust across sectors.

Sector-specific data underscores this growth:

• Halal Food: US$1.43 trillion in 2023, projected to reach US$1.94 trillion by 2028

• Islamic Finance: US$4.93 trillion in assets in 2023, expected to grow to US$7.53 trillion

• Modest Fashion: US$327 billion in 2023, rising to US$433 billion by 2028

• Muslim-Friendly Travel: Fastest-growing sector, expected to grow at 12.1% CAGR, reaching US$384 billion by 2028.

• Halal Pharmaceuticals: US$107 billion in 2023, forecast to hit US$149 billion

• Halal Cosmetics: US$87 billion in 2023, projected to grow to US$118 billion

• Media & Recreation: US$ 260 billion in 2023, expected to grow to US$ 337 billion by 2028

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Rafi-uddin Shikoh, CEO and Managing Partner, DinarStandard, said:

“By the grace of God Almighty, the report’s 11th edition confirms the Islamic economy’s structural resilience. In the decade since SGIE’s first launch, Muslim consumer spend has expanded by more than US$800 billion, inflation notwithstanding, while the halal-economy investment ecosystem has deepened and diversified. This year’s social-media listening analysis shows consumer activism turbo-charging a shift towards ethical, halal-centred alternatives. Looking ahead, the next wave of Islamic economy will be powered by digital halal-assurance tools, values-driven consumer activism, and green, impact-linked Islamic finance.”

This year’s SGIE Report was produced by Dinar Standard in partnership with SalaamGateway.com, the largest Islamic economy news and media platform. The Islamic Development Bank Institute (IsDBI) served as the Thought Leadership Partner, the Islamic Food and Nutrition Council of America (IFANCA) as the Global Strategic Partner, LSEG Data & Analytics as the Islamic Finance Data Partner, and Duopharma as the Bronze Partner.