The UAE figures among one of the healthiest Islamic economy environments worldwide second only to Malaysia on scores spanning seven key economic sectors according to the second edition of the Global Islamic Economy Indicator (GIEI) which measures the development health of Islamic economy sectors across 73 countries.

The updated indicator is featured in the third 'State of the Global Islamic Economy Report'. The report's launch comes ahead of the Global Islamic Economy Summit (GIES 2015) which is taking place in Dubai next week.

Mohammed Abdullah Al Gergawi chairman of the board of Dubai Islamic Economy Development Centre (DIEDC) said: "The UAE today is taking on greater global importance in the Islamic economy as one of the fastest growing sectors in the world with the Islamic economy growing at nearly twice the rate of the global economy and Muslim consumer spending exceeding $1.8 trillion. Islamic banking assets hover at some $1.3 trillion and are expected to double in just five years from today."

Al Gergawi added: "Our strategy for developing the Islamic economy is not limited to Islamic banking and finance but spans seven key sectors forming the pillars of an economy that is expanding while the world's Muslim population continues to outgrow others.

"For example total spending by Muslims on halal food and beverage annually exceeds $1.1 trillion which is equivalent to the combined spending of India and China. The UAE ranks third worldwide in terms of the halal food industry thanks to its strong expertise in accrediting halal foods combined with an advanced logistics infrastructure and flexible legislative framework that facilitates import and re-export to global markets in close proximity to the UAE."

Al Gergawi added: "Studies are showing solid growth in sukuk with the UAE leading the way globally in this field thanks to its regulatory expertise in sukuk issuance. The UAE is also better positioned to leverage the Islamic finance sector which is estimated at $1.8 trillion globally and expected to grow by 75 per cent in the coming five years."

"The latest SGIE report indicates that Muslims spend $142 billion on tourism with the GIEI ranking the UAE as having the second best positioned Islamic economy [following Malaysia] for serving the family-friendly tourism sector among the 73 countries covered by the indicator" Al Gergawi said.

Commissioned by DIEDC and published in partnership with Thomson Reuters in collaboration with DinarStandard the 2015 edition of the report highlights Islamic economy as one of the fastest growing sectors in the world. The Muslim population is growing at twice the rate of the global population and Muslim consumer spending across different sectors of the Islamic economy is expected to reach Dh9.55 trillion ($2.6 trillion) by 2020 compared to Dh6.6 trillion ($1.8 trillion) in 2014.

The report was released on Monday at the Dubai International Financial Centre by Abdulla Mohammed Al Awar CEO of DIEDC; Hassan Al Hashemi vice-president of international relations Dubai Chamber of Commerce and Industry; and Nadim Najjar managing director Middle East and North Africa Thomson Reuters.

The GIES 2015 will run from October 5 to 6 in Dubai under the patronage of His Highness Shaikh Mohammed bin Rashid Al Maktoum Vice-President and Prime Minister of the UAE and Ruler of Dubai.

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