Türkiye, along with Saudi Arabia and Indonesia, is among the top three markets in Islamic higher education, which the report said “is essential to educate industry and halal supply chain players.” “Muslim consumers from the OIC countries spent $15 billion on tertiary education last year,” the report said. “Driving OIC member countries’ opportunity in halal trade and investments is its halal lifestyle consumer demand ($1.7 trillion in 2021) representing 79% of the global spending ($2.1 trillion).” It added that the Muslim bloc is expected to spend $1.5 trillion on food consumption by 2026. “This presents a strong window of opportunity for (the) OIC countries to ramp up production, leverage growing consumer demand for healthy and organic food products and adopt digitalization across the industry,” the report suggested. Muslim bloc spent $141 billion on media and recreation. While the Islamic finance assets amounted to $3.32 trillion in 2020, the report said the OIC members made up six of the top 10 global markets for Muslim consumers spending on media and recreation last year. Muslim consumers from the OIC countries spent an estimated $141 billion on media and recreation, which is expected to reach $211 billion by 2026, it said. Despite the COVID-19 pandemic having a big impact on travel, the report said Muslim travelers from the OIC nations spent a total of $86 billion last year. However, males outnumber women best significantly—presently, the gender ratio is 70% to 30.
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The report was launched in Istanbul on the sidelines of the four-day 38th meeting of the Standing Committee for Economic and Commercial Cooperation (COMCEC). However, the report, commissioned by the Islamic Center for Development of Trade (ICDT), said the OIC members recorded a trade deficit of $63 billion for halal products last year. It said the exports covered food, fashion, pharmaceuticals and cosmetics, with exports equaling $275 billion and imports totaling $338 billion. “Only 18% of these imports were sourced intra-OIC, while only three OIC countries (Türkiye, Indonesia and Malaysia) made it to the top 20 exporters of halal economy products,” said the report, prepared by US-based market research and advisory firm DinarStandard. Türkiye among top 3 markets in Islamic higher education. ICDT Director General Latifa el Bouabdellaoui said the report aims to “inspire and empower OIC countries to act cohesively, promote inclusive growth and increase the OIC’s share in the halal trade and investments ecosystem with integrity and purpose.” The report showed that OIC members exported apparel and footwear products amounting to $101.94 billion last year, while the Muslim bloc imported the bulk of food, pharmaceuticals and cosmetics. Türkiye, along with Saudi Arabia and Indonesia, is among the top three markets in Islamic higher education, which the report said “is essential to educate industry and halal supply chain players.” “Muslim consumers from the OIC countries spent $15 billion on tertiary education last year,” the report said. “Driving OIC member countries’ opportunity in halal trade and investments is its halal lifestyle consumer demand ($1.7 trillion in 2021) representing 79% of the global spending ($2.1 trillion).” It added that the Muslim bloc is expected to spend $1.5 trillion on food consumption by 2026. 2023e.
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