It is estimated that Muslims worldwide spent USD2.02 trillion in 2019 across the Halal food, pharmaceutical, cosmetics, fashion, travel and media/recreation sectors. Halal spend is forecasted to reach USD2.4 trillion by 2024 at a 5-year compound annual growth rate (CAGR) of 3.1%. In addition, Islamic finance assets were estimated to have reached USD2.88 trillion globally in 2019. The growth of the global Islamic economy presents businesses with tremendous opportunities for growth.
The Malaysian Government has set global standards for creating a successful Halal economy, from nurturing a robust Islamic banking and finance industry to providing holistic Halal certification standards and policies.