Growth of Halal industry and its impacts on global development of Islamic banking

Islamic banking has shown as one of the fastest growing among economic industries. Assets or monetization by Islamic banking has exceeded 2 trillion dollars and it is expected to reach 3.8 million dollars by 2023.

Calls for Islamic banking in the Middle East and across the globe are increasing and it is expected to rise to 3.8 trillion dollars by 2023.

Growth of Halal industry has also increased development of Islamic banking.

Although Islamic banking makes a small part of the world assets it has proved to be one of the fastest growing industries with over 2 trillion dollars.

Milijan Stamenkovic, general manager of the Middle East and Northern Africa in Mambu which is a leading platform in the field of banking and financing said the amount is expected to reach 3.8 trillion dollars by 2023 showing a specific pathway for the economic market.

Stamenkovic noted that he expected sections like Islamic healthcare and sanitary will see an unexpected growth and support Islamic banking for their part.

General Manager of Mambu warned the banking institutes and Islamic financing sections in the Middle East of possible lagging behind the huge economic growth in the region and global market if they do not make speedy growth in technology and digitalization.

Having identified the potentialities, Islamic banks have discovered that technological developments will not only decrease the operational costs but also provide access to the deprived markets and to economic digital financial services across the globe.

According to the latest surveys, Muslims comprise 1.9 billion of world population and that provides the grounds for Islamic banking services to expand its domain around the world.

While the global market based on the lifestyle of Muslim consumers and Halal industry is expected to grow to 3.8 billion dollars, various potential capabilities have been created for Islamic market.

This will provide opportunities for merchandise and work for entrepreneurs to invest on Islamic markets without any provocations and the grounds for opening businesses in different fields from Halal foods to fashion.