Bahrain was ranked the third best in the world when it comes to being an ‘Islamic economy’, according to findings of a study.
The Kingdom’s achievements as an Islamic economy was highlighted by the Global Islamic Economy Report 2018/19. The report provides a comprehensive view of Islamic economies around the world and how it caters to halal and Islamic market. It was developed by Thomson Reuters in collaboration with DinarStandard and supported by the Dubai Capital of Islamic Economy.
Bahrain ranked highly in the Islamic Finance sector as well as halal travel, halal media and recreation.
“This report estimates that the Islamic finance sector has US$2.4 trillion in total assets. Food and beverage lead Muslim spending by category at US$1.3 trillion, followed by clothing and apparel at US$270 billion, media and entertainment at US$209bn, travel at US$177bn, and spending on pharmaceuticals and cosmetics at US$87bn and US$61bn respectively,” the report stated.
In the list of top 15 Islamic economies, Malaysia was ranked first while the UAE was ranked second. Malaysia performed best in Islamic finance while the UAE performed well in areas such as halal food, halal travel, modest fashion, halal media, and recreation.
“With 1.8 billion Muslims spending nearly $2.1 trillion in 2017, Islamic economy continues its steady growth. But there is significant scope for growth and maturity in the Islamic Economy, with a mere $0.8 billion in disclosed private equity investments over three years, far less than the almost $600 billion in private equity and venture capital investments that occurred globally in 2017.
Source Credit: DT News