Wednesday May 31 2023

Turkey ranks fifth among Islamic economies

14 April 2022 18:41 (UTC+04:00)
Turkey ranks fifth among Islamic economies

By News Center

Turkey ranked fifth among the Islamic economies by moving up seven places in the list in 2021, Yeni Shafak has reported.

According to the Global Islamic Economies Status Report prepared by DinarStandard, which conducts research on the economies of the Islamic world, Turkey became one of the top five countries in the overall Global Islamic Economy Indicator ranking, the report added.

While Malaysia, Saudi Arabia, UAE and Indonesia maintained their leadership in the index, Turkey became the country that made the biggest leap from 12th to 5th place.

Turkey's highest innovation ratings within the Organization of Islamic Cooperation (OIC), as well as its leading position in the hijab, halal food, and Muslim-friendly tourism sectors, significantly contributed to its admittance into the top five nations.

Turkey ranks second in the hijab clothing sector and third in the halal food and Muslim-friendly tourism sector among 57 OIC member countries. According to the report, Turkey's exports to OIC member countries exceeded $10.5 billion in 2021.

Moreover, Muslims spent $2 trillion in 2021 on food, clothing, tourism, pharmaceuticals and other lifestyle sectors based on ethical consumption needs inspired by the Islamic faith.

This spending is expected to reach $2.8 trillion by 2025. It is estimated that Islamic finance assets worldwide will reach $3.6 trillion by 2022 and this figure is expected to increase to $4.9 trillion in 2025.


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