A $9 trillion economy, mapped sector by sector and country by country.
Muslim consumers spent $2.6 trillion in 2024 on halal food, fashion, travel, media, medicines and cosmetics. Islamic finance holds another $6 trillion in assets. This dashboard shows where that money sits, how fast each part is growing, and what it means depending on who you are.
Data as of the SGIE 2025/26 edition (published June 2026). Dashboard compiled 2 September 2026. ·
Where the halal economy lives
Population tells you where demand is. Ecosystem scores tell you where the infrastructure, regulation and finance to serve it are strongest. The two rarely line up, and that gap is the story.
Six sectors, very different speeds
Food is the anchor at nearly 60% of consumer spend. But the growth is elsewhere: travel is compounding at over 11% a year, almost double the pace of food.
Consumer spend by sector
US$ billions
Growth rate vs. absolute gain
Where is the fastest growth, and where is the most new money? Bubble size = 2024 spend. The upper-right is the attractive quadrant.
Sector × country: who leads where
Country rank within each sector's GIEI sub-indicator, from the latest edition where a rank has been published. Darker = higher rank. Blank cells are not yet published, not zero.
The trajectory
Consumer spending has grown through a pandemic and an inflation cycle. Islamic finance has grown faster still, adding a trillion dollars in a single year between 2023 and 2024.
Market size over time
US$ trillions. Dashed segments are industry forecasts.
Inside Islamic finance
Three-quarters of the industry is still banking, but the fastest-moving parts are capital markets and insurance. Ten countries hold roughly 95% of all assets.
What the $6T is made of
Share of global assets, 2024
How fast each part grew in 2024
Year-on-year change
Who holds the assets
Approximate share of global Sharia-compliant assets
Two sukuk markets, moving apart
Issuance in 2023 and 2024, from the IIFM's own report rather than the SGIE editions
Why a second publisher
Most of this page reads one annual report. This series does not.
International sukuk issuance reached $65.6B in 2024, its highest level since the market began, up 24.5% on 2023. Short-term issuance moved the other way, falling to $59.1B as issuers shifted out of short-dated paper. Both come from the IIFM, the industry body that sets sukuk documentation standards, and neither figure passes through DinarStandard.
Where the money is, and where the people are
Every other figure on this page is one a publisher printed. This one is not. For each country it sets its share of the world's Muslims against its share of global Islamic finance assets — two shares of the same world total, so the distance between them can be read directly.
Share of the world's Muslims against share of its Islamic finance assets
Right-hand figure is Islamic finance assets per Muslim. Derived from published shares and a rounded population, so treat it as an order of magnitude, not a measurement.
Who's leading, and who's moving
The Global Islamic Economy Indicator scores 81 countries on 52 metrics across finance, governance, awareness, social impact and innovation. It measures ecosystem quality, not market size — which is why Malaysia, with 21 million Muslims, sits far above Indonesia's 236 million.
Ecosystem ranking
GIEI score, 2024/25 edition, the latest with full scores published.
| Rank | Country | Score | Muslims |
|---|
In the 2025/26 edition Malaysia scored 186.1 and the UAE moved to second, ahead of Saudi Arabia, Indonesia and Bahrain. The UK ranks 14th and Singapore is in the top 15 — the only non-Muslim-majority countries to do so.
Top-five positions over time
Editions with a published top five. Malaysia has been first in every edition since 2013.
Compare countries
Pick two or three countries. Green marks the strongest value in each row. Blank means not published, not zero. Sources vary by row — see Sources.
Trade, imports and standards
Most halal food is produced outside the countries that eat it. Imports into OIC economies are growing faster than consumption, and certification is the gate everything passes through.
OIC halal-related imports
US$ billions. All halal-related goods; food is roughly 70% of the total.
Certification bodies and recognition
Principal certifiers and standards bodies by market. Recognition arrangements change; verify with the certifier before relying on this.
Cross-border frameworks: SMIIC (the OIC's standards body) publishes the OIC/SMIIC 1 halal standard; the GCC Accreditation Center (GAC) accredits certifiers for Gulf markets; Indonesia, the UAE, Türkiye and Malaysia signed a mutual-recognition arrangement in 2024/25.
Deal flow and listed exposure
DinarStandard tracks investment into Islamic-economy companies each edition. Deal-level data sits behind the full report; the aggregates below are what has been published.
Published deal aggregates
Filter by edition, country or sector. Values are disclosed deal value; many deals are undisclosed.
| Edition | Scope | Item | Deals | Value | Note |
|---|
Listed exposure, for reference
Public instruments with material halal-economy or Islamic-finance revenue. This is a reference list, not a recommendation, and is not investment advice; check current holdings and listings before acting.
| Name | Type | Exposure |
|---|
Market entry helper
Three questions, then a shortlist built from the data on this page. It's a starting point for research, not a substitute for it.
Scored on the country data below.
Answer the three questions to see a shortlist.
Values-driven buying is now structural
What DinarStandard's sentiment tracking found, Oct 2023 – Mar 2025
Named beneficiaries include Malaysia's ZUS Coffee, Indonesia's Wardah in cosmetics and regional cola brands; consumer apps such as Boycat and No Thanks have normalised values-based checking at the shelf. For a brand, halal certification increasingly signals ethics and quality to non-Muslim buyers as well.
Practical constraints
Lead times reported by certifiers and trade bodies; treat as ranges.
What this means for you
Sources, method and how to cite
How to cite this page
Figures are compiled from the publishers listed below. Cite them for the underlying numbers, and this page for the compilation.
jahit (2026). The Halal Economy. Compiled from DinarStandard SGIE 2025/26, IFSB 2025, Global Finance and GASTAT. CC BY 4.0. https://halal-economy.com/ (accessed ).
Licence
The compilation — the structuring of these figures, the derived values, the written analysis and the record of what has been checked — is CC BY 4.0. Reuse it, including commercially, with attribution.
The underlying figures are not ours to license. They belong to the publishers listed below and are reproduced here for reference. If you plan to redistribute them at scale, check their terms. Full detail in DATA-LICENSE.md; the source code is MIT.
Method, in short
- Nothing here is original research. Every figure is transcribed from published industry reporting, and every one is attributed.
- “Confirmed” means someone looked. It records that a figure was checked against a named source that was actually retrieved, on a recorded date — not that the figure is true. Unchecked is the default.
- Derived figures are marked as derived. Sector growth rates are computed from the 2024 and 2029 values; the story's ratios and sums are computed from the country table.
- Ranges are not point figures. Where a source gives a range, the page may show a midpoint, and that midpoint is not marked confirmed. Saudi Arabia and Iran at 27% of Islamic finance assets are the live example: the source says 25–30%.
- Editions differ. GIEI full scores are from SGIE 2024/25, the latest with scores published for all ten; the 2025/26 edition publishes only the top-five order and Malaysia's 186.1.
- Blank means unpublished, not zero. A country with no GIEI score has nothing to verify, so it is not counted against the verified total either.
Corrections are recorded in the . The full dataset, including a row per figure and its verification status, is available under Take the data.
References
Every figure on this page is attributed to one of these. Each marker in the page links here, and each entry links out to the publisher. Where a figure has been checked against its source, this says so.