MANAMA: More than 1.9 billion Muslims around the world spent a combined $2 trillion on food, medicines and lifestyle needs last year based on Sharia-based ethical consumption.

This is an 8.9 per cent gain year-on-year, with spending set to reach $2.8trn by 2025.

Malaysia hold the top spot in such spending for the ninth consecutive year followed by Saudi Arabia (2nd), the UAE (3rd) and Indonesia (4th), while Turkey had the most significant gain, landing in fifth from 12th a year ago.

These are based on the ninth edition of the ‘State of the Global Islamic Economy Report 2022’ launched by Dubai’s Department of Economy and Tourism.

Islamic-linked finance assets will reach a combined $3.6trn this year. Investments in Islamic economy-relevant companies increased 118pc in 2020-21 to $25.7 billion from $11.8bn in 2019-20.

About 66.4pc of these investments were covered by Islamic finance transactions, followed by 23.6pc in halal products (food, pharmaceuticals, cosmetics, fashion) and 10pc in Islamic lifestyle (travel and media).

The figures include corporate-led mergers and acquisitions, venture capital investments in tech start-ups, and private equity investments.

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