This year’s Report estimates that Muslims spent US$2.2 trillion in 2018 across the food, pharmaceutical and lifestyle sectors that are impacted by Islamic faith-inspired ethical consumption needs. This spending reflects a healthy 5.2% year-on-year growth and is forecasted to reach US$3.2 trillion by 2024 at a Cumulative Annual Growth Rate (“CAGR”) of 6.2%. In addition, Islamic finance assets were reported to have reached $2.5 trillion in 2018.
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