Islamic

UK Islamic Economy Report 2018

Thomson Reuters has released its 2018 UK Islamic Economy Report, which predicts growth from $1.24 trillion in 2016 to $1.93 trillion by 2022.

The international Muslim population is exploding; Muslims are, in fact, the world’s fastest growing religious group. In the UK alone, the Muslim population should reach 70 million by 2026, an increase of 10.65%.

Similarly, the UK’s Islamic economy is on a rapid-growth trajectory, creating opportunities for brands and businesses throughout the country.

Highlights from the 2018 UK Islamic Economy Report include:

  • British Muslims are embracing their traditional values and religiosity, and the UK’s ability to cater to diverse ethnic groups has made it one of the most visited destinations by Muslims.
  • Businesses are accommodating consumers’ demand for Halal products and services.
  • 65% of UK’s spending represents an opportunity for the Halal economy to provide alternative products and services to the young Muslim and non-Muslim population in UK.
  • More Muslims opting for higher education gives rise to more Sharia-compliant students loans.
  • There are eight major Halal certifiers actively operating within UK and some Halal-certified companies include industry giants like Kellogg’s, KFC, Mars, Unilever, Shloer Drinks and Allied Bakeries, as well as Halal travel companies.

The report also details the UK’s accomplishments in Islamic Finance, its investments and imports, the impact of Brexit, the economic ecosystem, and more. 

Click here for more information or to access the full report.

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