The SGIE Report focuses on core sectors of the global Islamic economy and their ecosystem that have structurally impacted consumer lifestyles and business practices through Islamic values. These sectors are: Islamic finance, halal food and lifestyle, covering fashion, travel, pharmaceuticals & cosmetics, and media & recreation.
The 2014-15 SGIE Report indicates that Islamic economy momentum continues to grow, and also introduces the Global Islamic Economy Indicator (GIEI), a numeric measure representing the overall health and growth of the Islamic economy across 70 countries.
Dr Sayd Farook, Global Head of Islamic Markets, Thomson Reuters, said: "An independent multi-dimensional barometer, the GIEI defines the development of the global Islamic economy beyond quantitative consumption measures, to assess the entire eco-system supporting the Islamic economy in any one country. The UAE, Malaysia and Bahrain lead this inaugural composite Index for 2014."
Dr Sayd Farook, Global Head of Islamic Markets, Thomson Reuters, said: "An independent multi-dimensional barometer, the GIEI defines the development of the global Islamic economy beyond quantitative consumption measures, to assess the entire eco-system supporting the Islamic economy in any one country. The UAE, Malaysia and Bahrain lead this inaugural composite Index for 2014."
Malaysia scored 111.5, UAE 71.6 and Bahrain 64.8 overall, while in the category of Islamic finance, Malaysia was rated at 162.2 against no. 2 UAE at 80.9, disclosed Daud Vicary Abdullah, the President and CEO of INCEIF.
HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai said, "Dubai has achieved great milestones in key sectors of the Islamic economy with the support of DIEDC and other major players in the field. The growth is testimony to the wisdom and vision of Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, who has provided Dubai’s economy with a roadmap for a sustainable development, in line with the UAE Government’s strategy to become one of the leading countries in the world by 2021.
"The launch of the State of the Global Islamic Economy Report reiterates Dubai’s leading role as an incubator of knowledge for the Islamic economy industry. The report leverages the emirate’s ongoing endeavours to become the capital of Islamic economy. We are delighted to learn from the key findings of the report that the pace for a full-fledged Islamic economy launched in 2013 is on the right track to achieve its objectives."
Mohammed Abdullah Al Gergawi, Chairman of the DIEDC Board, said, "The launch of the State of the Global Islamic Economy Report reiterates our commitment to nurture a knowledge-based Islamic economy in line with the vision of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister and Ruler of Dubai, and the guidance of the Crown Prince of Dubai to position Dubai as the Capital of Islamic Economy."
Essa Kazim, Secretary General of DIEDC, added, "The purpose of the State of the Global Islamic Economy Report 2014 is to inspire and empower entrepreneurs, industry leaders, and investors to evaluate and develop an actionable, practical, and high impact market strategy focused on growing the opportunities for Islamic economy in their markets."
Essa Kazim, Secretary General of DIEDC, added, "The purpose of the State of the Global Islamic Economy Report 2014 is to inspire and empower entrepreneurs, industry leaders, and investors to evaluate and develop an actionable, practical, and high impact market strategy focused on growing the opportunities for Islamic economy in their markets."
Daud Vicary Abdullah noted that the Islamic economy is growing from a small base. "However, growth rates are impressive and the value proposition, overall, is beginning to gain traction in non-Muslim markets as well. The fact that the size of the pie is increasing bodes well for the Islamic economy," he said in a blog post on the INCEIF website.
The 2013 report can be downloaded here.