Launch of 'state of the global islamic economy' report at the IBA Karachi.

* Pakistan ranks 8th in the Global Islamic Economy Indicator list

* Advisor to the PM on Institutional Reforms & Austerity, Dr Ishrat Husain, expresses concern about the low share of OIC countries in the Halal market

* Executive Director, IBA Karachi, Dr. S Akbar Zaidi highlighted the role of IBA Centre for Excellence in Islamic Finance in promoting the Halal economy

The Institute of Business Administration (IBA) Karachi Center for Excellence in Islamic Finance (CEIF) hosted the launch of State of the Global Islamic Economy Report (SGIE) 2020/21 with the theme 'thriving in uncertainty' at the City Campus. The launch event was held in collaboration with the Halal Development Council (HDC) Pakistan and in partnership with Dinar Standard, a US-based research and advisory firm.

The guests and speakers at the event included Advisor to the Prime Minister on Institutional Reforms & Austerity, Dr Ishrat Husain, the Executive Director (ED) of IBA, Dr. S Akbar Zaidi, CEO, Halal Development Council (HDC) Pakistan, Mr. Asad Sajjad, CEO, Dubai Islamic Economy Development Centre (DIEDC), Mr. Abdulla Mohammed Al Awar and the CEO and Managing Director of Dinar Standard, Rafi-uddin Shikoh.

This year's report estimates that Muslims world-wide spent US $2.02 trillion in 2019 on Halal lifestyle-related food, pharmaceuticals, cosmetics, modest fashion, travel, and media sectors. The report reveals that while this spending reflects 3.2 percent year-on-year growth, Muslim spending in 2020 is forecast to contract by 8% due to the impact of the pandemic. However, spending, excluding travel, is forecast to rebound by the end of 2021 and is slated to reach US$2.3 trillion by 2024, at a cumulative annual growth rate (CAGR) of 3.1 percent. Islamic finance assets are estimated to have reached US$2.88 trillion in 2019 and are estimated to remain at the same level in 2020. Pakistan's domestics Muslim consumer spend on Halal relevant sectors was estimated at $120 billion in 2019 which is the 6th highest globally.

The SGIE report also highlights the social impact developments of Islamic economies in...