KARACHI: Pakistan has ranked 8th in the Global Islamic Economic Indicator list for sustainable growth of Islamic financial institutions and the economy of the country.
A report on the State of Global Islamic Economy, launched in Karachi Center for Excellence in Islamic Finance (CEIF) with the theme ‘thriving in uncertainty,’ revealed in the news. This is the first time that this global report has been launched in Pakistan.
The report covers Islamic finance, halal food and beverages, cosmetics, pharmaceuticals, Muslim-friendly travel, modest fashion, and the Islamic-themed media and recreation sector. This year’s report estimates that Muslims spent $2.02 trillion in 2019.
The report revealed that while this spending reflects 3.2 percent year-on-year growth, Muslim spending in 2020 is forecast to contract by 8 percent due to the pandemic. However, spending, excluding travel, is forecast to rebound by the end of 2021 and is slated to reach the US $2.3 trillion by 2024, at a cumulative annual growth rate (CAGR) of 3.1 percent.
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Islamic finance assets are estimated to have reached the US $2.88 trillion in 2019 and are estimated to remain at the same level in 2020. Pakistan’s domestics Muslim consumer expenditure on halal relevant sectors was estimated at $120 billion in 2019, which is the 6th highest globally.
