Islamic Economies are set to Spiral Over the Next Decade

Islamic economies are set to become more important over the next decade with assets estimated to grow at 15 to 20 per cent a year. There are three powerful forces driving the growth: demographics, devotion and disposable income. Firstly, the Muslim population globally is 1.6 billion, or about 23 per cent of the global population. Secondly, this diverse and dispersed group of people, who span several continents, are drawn together by the devotion to their religion. Thirdly, with the inexorable shift in growth and wealth creation from the West to the East, and the rise in oil prices, the disposable income of this group is increasing. The Islamic economy, on the back of its value system, has the potential to cross religious boundaries and to attract participants with diverse backgrounds who are seeking ethical practices and values in all aspects of commerce-related activities.