UAE among top three Islamic economy countries

UAE among top three Islamic economy countries

The UAE has been placed among the top three countries in the global Islamic economy indicator, as shown by the 2020-2021 State of the Global Islamic Economy report.

The indicator covers 81 countries in the 2020-2021 report, produced by DinarStandard, a US-based research and advisory firm, in partnership with SalaamGateway, according to a press release on Monday.

In its eighth edition, the report referred that Muslims spent $2.02 trillion on halal food, modest fashion, family-friendly travel, halal pharmaceuticals, halal cosmetics, and halal media and recreation in 2019, showing a 3.2% year-on-year (YoY) growth.

However, expenditure in 2020 is forecast to retreat by around 8% due to the negative economic impact on the coronavirus (COVID-19) outbreak.

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