The overall value contributed by Muslim consumers worldwide to the global digital economy in 2014 stood at $107bn, representing 5.8% of the total global digital economy, shows ‘Digital Islamic Economy Report’ for 2015.
Moreover, the growth in total value of Muslim consumers’ contribution to the global digital economy (at a Compound Annual Growth Rate (CAGR) of 17% by 2020) is expected to outweigh the growth of the total global digital economy (at a CAGR of 15% by 2020), the report said.
The report was released by Dubai Silicon Oasis Authority (DSOA) and Thomson Reuters, with support from the Dubai Islamic Economy Development Centre (DIEDC), in collaboration with DinarStandard.
The report focuses on a new and a more specialised area of Digital Islamic Consumer Services.
Currently, more than 2,000 Islamic lifestyle services are being provided across websites and mobile platforms worldwide. The most popular categories include 'News and insights' (used by 21% of users), followed by 'retail sales' and 'media and entertainment'.
Five segments within Digital Islamic consumer services have emerged as the most promising Islamic segments, namely sharing economy; social commerce; retail e-commerce; food transportation and logistics, and Islamic finance investment products.
Commenting on the significance of the report, Dr Mohamed al-Zarooni, vice-chairman and CEO, Dubai Silicon Oasis Authority, said: “As a leading government entity and key player in the technology industry, the contribution of Dubai Silicon Oasis Authority to this emerging Islamic economy sector will further position Dubai as a hub for the development of electronic information, programs, applications, projects, as well as a platform for e-commerce and Islamic media. Our mandate to support ‘Islamic digital’ and ‘Arabic content’ initiatives is already making considerable headway, given DSOA’s commitment to supporting start-ups engaged in these domains through DTEC. We are confident this report will benefit individuals and businesses targeting the Islamic economy industry by providing data and insights that can serve as a guideline for them to make more informed decisions.”
Nadim Najjar, managing director, Thomson Reuters, Middle East and North Africa, said: “The report further reaffirms that Islamic digital economy has indeed become an integral part of everyday life, and indicates significant opportunity for growth in terms of business and innovation. We are confident the insights presented by the report will help entrepreneurs and established businesses better navigate this space.”
Abdulla Mohammed al-Awar, CEO of Dubai Islamic Economy Development Centre, said: “The promise and potential of the Islamic digital economy at the global level is well captured in the report, which offers viable solutions well beyond the typical sectors of banking and finance. We look forward to building our initiatives from this solid research for an enriched business environment to strengthen Dubai’s positioning as the capital of the global Islamic economy.”
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