Turkey has become one of the top 5 countries in the overall ranking of the Global Islamic Economy Index, ?.

Turkey is one of the 5 ...

Date:Wednesday, April 13, 2022

Turkey has become one of the top 5 countries in the overall ranking of the Global Islamic Economy Index, ?.

Turkey is one of the 5 largest economies
 

Turkey has become one of the top 5 countries in the overall ranking of the Global Islamic Economy Index, rising 7 places in 2021.

In this context, the State of the Global Islamic Economy Report 2022-SGIE was announced, prepared by the DinarStandard Foundation, which conducts research in the sectors of the economies of the Islamic world.

According to the statement by DinarStandard, the new version of the report, announced by the Dubai Department of Economy and Tourism (DET) under the slogan "Opening Opportunities", was announced at the opening bell at Nasdaq Dubai.
 
According to the report, Muslims spent a total of $2 trillion in 2021 on food, clothing, tourism, medicine and other lifestyle sectors based on ethical consumption needs inspired by Islamic faith.

Spending is expected to reach $2.8 trillion by 2025, with an average annual growth rate of 8.9 percent.

The methodology of the Global Islamic Economy Index, which compares 57 member states of the Organization of Islamic Cooperation (OIC) on a national basis, was updated for the first time in 8 years.

 Turkey has become one of the top 5 countries in the overall ranking of the Global Islamic Economy Index, rising 7 places in 2021.
 
While Malaysia, Saudi Arabia, the United Arab Emirates and Indonesia maintained their leadership in the index, Turkey became the country with the largest jump from twelfth to fifth place.

The largest share of Turkey's entry into the first five countries; The hijab industry has emerged from its leading position in the halal food and Muslim-friendly tourism sectors, as well as being one of the highest in innovation in the Organization of Islamic Cooperation. In the sector index, Turkey ranked third in the halal food and Muslim-friendly travel sector, and second in the hijab clothing sector.

 Turkey has become one of the top 5 clothing suppliers in the Organization of Islamic Cooperation and the only country in the Organization of Islamic Cooperation among the top 5 global suppliers.

In addition to the 57 member countries of the Organization of Islamic Cooperation, the ranking of the Global Islamic Economy Index, which includes countries with a large Muslim population, includes 81 countries.

It is estimated that Islamic finance assets worldwide will reach $3.6 trillion in 2022.

Investments in companies related to the Islamic economy increased from $11.8 billion in 2019-2020 to $25.7 billion in 2020-2021.

About 66.4% of the total investments in companies related to the Islamic economy are covered by Islamic finance transactions, while 23.6% are in halal products (food, pharmaceuticals, cosmetics, fashion) and 10% in Islamic lifestyle (travel and media).
 
The numbers include company-led mergers and acquisitions, venture capital investments in tech startups, and private equity investments.

Turkey's exports to the member states of the Organization of Islamic Cooperation exceeded $10.5 billion last year.

It is estimated that the import of products related to the halal sectors in the OIC member countries will reach $336 billion by 2025. Islamic finance assets are expected to reach $4.9 trillion by 2025.

According to the report, there are major economic opportunities in 35 different regions in the economies of the Islamic world. Notable areas of opportunity; In areas close to the border of the neighboring country, investments in manufacturing, travel technology, and halal and highly nutritious foods have been identified.

Sectors looking to a brighter future

For his part, Ali Ibrahim, Deputy Director General of the Department of Economy and Tourism in Dubai, whose views were included in the statement, said that the past two years have been difficult for everyone, and said: “Now, the sectors are looking forward to a brighter future.

 He emphasized that the SGEI report highlights the opportunities that investors, governments and companies in every sector can take advantage of. "

In the same context, Ravi El-Din Shikoh, Standard Managing Partner at Dinar, said: “Turkey’s impressive rise in the global Islamic index ranking is largely due to its leadership in innovation, a metric added to the report for the first time this year.

 It is worth noting that Turkey's exports to the Organization of Islamic Cooperation amounted to $10.5 billion, and Turkey is the largest exporter to the Organization of Islamic Cooperation. , along with Indonesia. “Only two OIC countries are among the top ten countries that have succeeded in achieving this. In terms of investment, Turkey was among the top six countries in terms of the number of investment agreements related to the Islamic economy in 2020. -2021.”

 

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