Muslim consumers spent US$2.60 trillion across six Islamic economy sectors in 2024, and that figure is forecast to reach US$3.56 trillion by 2029, according to the State of the Global Islamic Economy (SGIE) Report 2025/26. The report puts Islamic finance assets at US$5.99 trillion in 2024 and ranks Malaysia first on its Global Islamic Economy Indicator.
About the report
The SGIE Report is produced by DinarStandard with Salaam Gateway, the Islamic Development Bank Institute and IFANCA as partners. The 2025/26 edition, the 12th, was released in June 2026 and uses 2024 data with projections to 2029. Its theme is “halal economy sovereignty”: countries competing to turn Muslim consumer demand into domestic production, standards and exports. It covers halal food, pharmaceuticals, cosmetics, modest fashion, Muslim-friendly travel, media and recreation, and Islamic finance.
Key findings
- Consumer spending: Muslim consumers spent US$2.60 trillion across six real-economy sectors in 2024, projected to reach US$3.56 trillion by 2029, a 6.5% compound annual growth rate.
- Halal food: Food and beverage was the largest sector at US$1.53 trillion in 2024, up 6.3%, projected to reach about US$2.06 trillion by 2029. Muslims account for 17.4% of global food spending.
- Islamic finance: Islamic finance assets reached US$5.99 trillion in 2024, up from about US$4.9 trillion, and are forecast to reach US$9.72 trillion by 2029.
- Investment: The report tracked US$13.1 billion of Islamic economy-related investment across 346 deals in 2024/25, with Islamic finance attracting the largest share.
- Rankings: Malaysia ranks first on the Global Islamic Economy Indicator, followed by the UAE, Saudi Arabia, Indonesia and Bahrain.
Why did Indonesia rank fourth?
Indonesia has the world’s largest Muslim population and is the biggest Muslim food market, yet it placed fourth. Indonesian think tank INDEF noted that Indonesia leads in modest fashion and ranks fourth in Muslim-friendly travel, halal pharmaceuticals and cosmetics, but only sixth in Islamic finance. The gap shows that market size alone does not win the ranking: the indicator also rewards finance, regulation and export capacity, where Malaysia and the UAE score higher.
How do the SGIE figures compare with other reports?
SGIE’s Islamic finance figure of US$5.99 trillion for 2024 is close to the US$5.98 trillion that ICD and LSEG reported for the same year. The newer ICD-LSEG Islamic Finance Development Report 2026 puts assets at US$6.5 trillion for 2025. Each publisher uses its own method, so the projections (US$9.72 trillion by 2029 in SGIE, more than US$10.5 trillion by 2030 in ICD-LSEG) should not be combined.
What this means for Islamic economy entrepreneurs
- Food is still the biggest market, but the growth story is in the infrastructure around it: certification, traceability and logistics.
- Finance is where investors are putting money. Islamic finance attracted the largest share of the 346 deals tracked, so Islamic fintech and finance-enabling businesses remain the easiest to fund. See our summary of the Global Islamic Fintech Report 2025/26.
- Policy matters. The top-ranked countries have national halal and Islamic finance strategies. Founders in countries without one, including many in Africa, face a harder path but also less competition.
Read the full report: the SGIE Report 2025/26 is published by DinarStandard and available from Salaam Gateway.
Related reading: Sri Lanka’s Islamic finance sector crossing one billion dollars in assets and the Islamic Finance Insight Report 2026 on Nigeria.
FAQ
Muslim consumer spending across six sectors was USD 2.60 trillion in 2024, plus USD 5.99 trillion in Islamic finance assets, according to SGIE 2025/26.
Malaysia ranks first on the Global Islamic Economy Indicator, followed by the UAE and Saudi Arabia.
DinarStandard, with Salaam Gateway, the IsDB Institute and IFANCA as partners.
Yes. The 2025/26 edition, released in June 2026, is the latest.
