The global Islamic economy is expected to exceed $10 trillion by 2030, Issa Faye, Director General for Global Practices and Partnerships at the Islamic Development Bank (IsDB), stated s at the Halal Economy for Sustainable Regional Integration event in Baku during the IsDB Group's 51st Annual Meeting, Report informs.
Faye explained that this growth is driven by the expanding needs of Muslim populations, as well as demand in tourism, food and beverage, entertainment, and family leisure sectors: "Our goal is to ensure that the global Islamic economy contributes more significantly to the development of member states through an integrated Islamic finance and halal sector strategy."
The director emphasized that bridging the gap between ambitions and the skills required to achieve them is one of the main reasons for convening: "The Islamic economy has faced two fundamental problems for years. First, despite high demand in member countries, there is a shortage of professionals in Islamic finance and economics capable of developing Sharia-compliant innovative solutions. Second, there are difficulties in transforming theoretical knowledge into practical steps and reform measures that support government policies."
"These problems slow decision-making, reduce policy effectiveness, and most importantly, weaken the ability of Islamic finance and economics to provide real, results-oriented solutions for member states," he concluded.