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Business
December 31, 2020
KARACHI: Muslim spending for the six real-economy sectors would likely fall by eight percent during the outgoing year due to economic fallout from the coronavirus pandemic, the State of the Global Islamic Economy Report 2020/21 said on Wednesday.
The online launching ceremony of the report was held at the Centre of Excellence in Islamic Finance Institute of Business Administration.
This year’s report estimates that Muslims spent $2.02 trillion in 2019 across the food, pharmaceutical, cosmetics, fashion, travel and media/recreation sectors, all of which were impacted by Islamic faith-inspired ethical consumption needs.
This spending reflects a 3.2 percent year-on-year growth from 2018. In addition, Islamic finance assets were estimated to have reached $2.88 trillion in 2019.