Demography, Demand and Devotion: Driving the Islamic Economy

Research output: Contribution to journalArticle

Abstract

Purpose
The purpose of the paper is to analyse three drivers of the Islamic economy: global Muslim demography; operational sectors and demand; and faith-based consumerism.
Design/methodology/approach
The paper follows a constructivist approach on the Islamic economy undertaken through an exploratory study of global Muslim populations, 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 global Muslim population increase with greater cultural and intra-religious amalgamation of Muslim populations; (t2) 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 implications
The research serves to inform global businesses of opportunities in Islamic economy sectors, edifying with respect to 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 activity across Islamic economy 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.
LanguageEnglish
Pages(In-press)
JournalJournal of Islamic Marketing
Volume(In-press)
DOIs
StateAccepted/In press - 28 Jan 2019

Fingerprint

Demography
Muslims
Faith
Plurality
Socio-economics
Literacy
Global economy
Consumerism
Design methodology
Socioeconomic status
Exploratory study
Economic environment
Diaspora
Global business
Developed countries
Minorities
Demographic change
Religiosity
Business research
Lifestyle

Keywords

  • Islamic Economy
  • Islam
  • Muslim
  • Halal
  • Shari’ah
  • Demography

Cite this

Demography, Demand and Devotion: Driving the Islamic Economy. / Randeree, Kasim.

In: Journal of Islamic Marketing, Vol. (In-press), 28.01.2019, p. (In-press).

Research output: Contribution to journalArticle

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