STATE OF THE GLOBAL ISLAMIC ECONOMY 2013
The Islamic economy in its totality currently represents all of these sectors and
more. As the concept of the Islamic Economy gains greater traction, these
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sectors will continue to diversify and mature. In the same
way that the parameters of the halal food sector have
expanded over the past decade to include sub-sectors like
logistics or marketing, the Islamic finance sector is likely to
expand to include microfinance, crowdfunding and venture
capital as identifiable subsectors.
Yet, defining the sectors of the Islamic economy in specific
terms is also a challenge of sorts, for it is more than just the
sum of its parts; it has its own intrinsic reality. The diverse
elements of the Islamic economy have an inherent relationship with each other in that they are all parts of a greater
whole; this is why the dissolution of the silo walls between the
sectors, such as between food and finance, is an important
element of the maturation of the Islamic economy.
Indeed, it is important to see the Islamic economy within the
full context of the broader message of Islam as something
that is of relevance to everyone, not just to a specific group
or sector. This is why His Highness’ announcement is groundbreaking and this study as a sequel to that announcement
is critical. For years, sectors serving Muslim consumers have
been viewed, and indeed have existed, in silos, covering
separate aspects of the broader Islamic economy such as
Halal food or Islamic finance, but it has never really been
seen as a composite whole.