TurkeyIn the overall ranking of the World Islamic Economy Indicator, it gained 7 places in 2021 and became one of the top 5 countries.
The State of the World Islamic Economy Report 2022-SGIE, prepared by DinarStandard, which conducts research in the sectors of the economies of the Islamic world, has been announced.
According to a statement from DinarStandard, Dubai Economy The new version of the report, announced by the Department of Tourism and Tourism (DET) under the theme “Unlocking the Opportunities”, was announced during the opening ceremony at Nasdaq Dubai.
According to the report, Muslims spent a total of $2 trillion in 2021 on food, clothing, tourism, pharmaceuticals and other lifestyle sectors based on ethical consumption needs inspired by the Islamic faith. Spending is expected to reach $2.8 trillion by 2025, with an average annual growth rate of 8.9%.
The methodology of the Global Islamic Economy Indicator, which compares 57 member countries of the Organization of Islamic Cooperation (OIC) on a national basis, has been updated for the first time in 8 years. TurkeyIn the overall ranking of the World Islamic Economy Indicator, it gained 7 places in 2021 and became one of the top 5 countries.
While Malaysia, Saudi Arabia, the United Arab Emirates and Indonesia maintained their leadership in the index, Turkey became the country that jumped the most from 12th to 5th place.
The largest share of Turkey’s entry into the top 5 countries; The hijab industry stems from its leading position in the halal food and Muslim-friendly tourism sectors, as well as one of the highest innovation scores in the OIC. In the sector index, Turkey ranked 3rd for halal food and Muslim-friendly travel, and 2nd for the hijab clothing sector. Turkey has become one of the top 5 garment suppliers in the OIC and the only OIC country among the top 5 global suppliers.
Islamic finance assets expected to reach $3.6 trillion in 2022
In addition to the 57 OIC member countries, the World Islamic Economy Indicator ranking, which includes countries with large Muslim populations, includes 81 countries.
It is estimated that Islamic finance assets worldwide will reach $3.6 trillion in 2022. Investments in businesses related to the Islamic economy have increased from $11.8 billion in 2019-2020 to $25.7 billion dollars in 2020-2021.
Islamic economy While around 66.4% of the total investment in related businesses was covered by Islamic financial transactions, 23.6% was for Halal products (food, medicine, cosmetics, fashion) and 10% was for Islamic lifestyle (travel and media). . The figures include company-led mergers and acquisitions, venture capital investments in tech start-ups and private equity investments.
Turkey’s exports to OIC member countries exceeded $10.5 billion last year.
It is estimated that the import of products related to halal sectors of OIC member countries will reach $336 billion by 2025. Islamic finance assets are expected to reach $4.9 trillion by 2025.
According to the report, there are key economic opportunities in 35 different areas of the economies of the Islamic world. Significant opportunity areas; In areas close to the neighboring country’s border, investments in manufacturing, travel technology, halal and high-nutrition foods have been determined.
“Industries look to a better future”
Ali İbrahim, Deputy Director General of Dubai’s Department of Economy and Tourism (DET), whose views are included in the statement, said the past 2 years have been difficult for everyone, and said: ” Now the sectors are looking to a brighter future. The SGEI report highlights the opportunities that investors, governments and businesses across all sectors can take advantage of. used the expression.
Rafi-uddin Shikoh, Managing Partner of DinarStandard, said:
“Turkey’s impressive rise in the Global Islamic Indicator rankings is largely due to its leadership in innovation, a metric added to the report for the first time this year. Turkey’s exports to OIC countries reached USD 10.5 billion, and Turkey is the top exporter to OIC, along with Indonesia.” There are only two OIC countries among the top 10 countries who did. In terms of investment, Turkey was among the top 6 countries in terms of number of investment deals related to Islamic economy in 2020-2021 period.”