Demography, demand and devotion: driving the Islamic economy
ISSN: 1759-0833
Article publication date: 17 May 2019
Issue publication date: 4 March 2020
Abstract
Purpose
The purpose of this paper is to analyse three drivers of the Islamic economy: global Muslim demography; operational sectors and demand; and faith-based consumerism.
Design/methodology/approach
This paper follows a constructivist approach to the Islamic economy, undertaken through an exploratory study of global Muslim population, the growth in opportunities in the Islamic economy and plurality of religious thought across the diaspora.
Findings
The research finds four trends (t) positively impacting the growth of the Islamic economy: (t1) above-nominal increase in global Muslim population, with greater intra-religious interactions of varying Muslim cultures; (t2) an increasing demand for a diversity of Shari’ah-compliant and halal products and services; (t3) improving socio-economic status of Muslims in developed and emerging countries; and (t4) a widening perspective of faith understanding and rising interest in religious literacy.
Research limitations/implications
This research serves to inform global businesses of opportunities in Islamic economy sectors, highlighting global demographic change and informing how business is impacted through the plurality of Muslim faith interpretation.
Practical implications
Based on this research, businesses can better align their services with the socio-economic environment and faith sensibilities of Muslim consumers.
Originality/value
The paper provides a first look at the activity across Islamic economic sectors and disaggregates their activity and potential for growth across Muslim-majority and Muslim-minority markets. In particular, three areas were examined – demography, emergent Muslim lifestyles and religiosity.
Keywords
Citation
Randeree, K. (2020), "Demography, demand and devotion: driving the Islamic economy", Journal of Islamic Marketing, Vol. 11 No. 2, pp. 301-319. https://doi.org/10.1108/JIMA-06-2018-0102
Publisher
:Emerald Publishing Limited
Copyright © 2019, Emerald Publishing Limited