In 2020, Indonesia recorded the largest population of Muslims worldwide, with around 239 million. This was followed with around 226.88 million Muslims in Pakistan and 213 million Muslims in India.

Associated with manuscript titled: Fifty Muslim-majority countries have fewer COVID-19 cases and deaths than the 50 richest non-Muslim countriesThe objective of this research was to determine the difference in the total number of COVID-19 cases and deaths between Muslim-majority and non-Muslim countries, and investigate reasons for the disparities. Methods: The 50 Muslim-majority countries had more than 50.0% Muslims with an average of 87.5%. The non-Muslim country sample consisted of 50 countries with the highest GDP while omitting any Muslim-majority countries listed. The non-Muslim countries’ average percentage of Muslims was 4.7%. Data pulled on September 18, 2020 included the percentage of Muslim population per country by World Population Review15 and GDP per country, population count, and total number of COVID-19 cases and deaths by Worldometers.16 The data set was transferred via an Excel spreadsheet on September 23, 2020 and analyzed. To measure COVID-19’s incidence in the countries, three different Average Treatment Methods (ATE) were used to validate the results. Results published as a preprint at https://doi.org/10.31235/osf.io/84zq5(15) Muslim Majority Countries 2020 [Internet]. Walnut (CA): World Population Review. 2020- [Cited 2020 Sept 28]. Available from: http://worldpopulationreview.com/country-rankings/muslim-majority-countries (16) Worldometers.info. Worldometer. Dover (DE): Worldometer; 2020 [cited 2020 Sept 28]. Available from: http://worldometers.info

Islam is the major religion in many African countries, especially in the north of the continent. In Comoros, Libya, Western Sahara, at least 99 percent of the population was Muslim as of 202. These were the highest percentages on the continent. However, also in many other African nations, the majority of the population was Muslim. In Egypt, for instance, Islam was the religion of 79 percent of the people. Islam and other religions in Africa Africa accounts for an important share of the world’s Muslim population. As of 2019, 16 percent of the Muslims worldwide lived in Sub-Saharan Africa, while 20 percent of them lived in the Middle East and North Africa (MENA) region. Together with Christianity, Islam is the most common religious affiliation in Africa, followed by several traditional African religions. Although to a smaller extent, numerous other religions are practiced on the continent: these include Judaism, the Baha’i Faith, Hinduism, and Buddhism. Number of Muslims worldwide Islam is one of the most widespread religions in the world. There are approximately 1.9 billion Muslims globally, with the largest Muslim communities living in the Asia-Pacific region. Specifically, Indonesia hosts the highest number of Muslims worldwide, amounting to over 200 million, followed by India, Pakistan, and Bangladesh. Islam is also present in Europe and America. The largest Islamic communities in Europe are in France (5.72 million), Germany (4.95 million), and the United Kingdom (4.13 million). In the United States, there is an estimated number of around 3.45 million Muslims.

In 2024, Nigeria had the largest Muslim population in Africa, with around 105 million people who belonged to an Islamic denomination. Egypt and Algeria followed with 90.4 million and 39.4 million Muslims, respectively. Muslims have a significant presence in Africa, with an estimated 50 percent of the continent's population identifying as Muslim. The spread of Islam in Africa began in the 7th century with the arrival of Arab traders, and it continued through Islamic scholars and missionaries.

This statistic shows the estimated number of Muslims living in different European countries as of 2016. Approximately **** million Muslims were estimated to live in France, the most of any country listed. Germany and the United Kingdom also have large muslim populations with **** million and **** million respectively.

In 2023, it was estimated that approximately ** percent of the Indonesian population were Muslim, accounting for the highest share of Muslims in any Southeast Asian country. Indonesia also has the world's largest Muslim population, with an estimated *** million Muslims. Demographics of Indonesia The total population of Indonesia was estimated to reach around *** million in 2028. The median age of the population in the country was at an all-time high in 2020 and was projected to increase continuously until the end of the century. In 2020, the population density in Indonesia reached its highest value recorded at about ***** people per square kilometer. Shopping behavior during Ramadan in Indonesia Nearly all Muslims in Indonesia celebrated Ramadan in 2022. During the month of Ramadan, ** percent of Indonesian users utilized online applications to order food. Many Indonesians planned to shop online or offline during Ramadan, with around ** percent of online users planning to purchase fashion wear and accessories. Shopee was the most used app for shopping purposes during that period.

Muslim Ingredients Market Outlook

The global Muslim ingredients market size is projected to grow from USD 1.9 billion in 2023 to USD 3.5 billion by 2032, at a compound annual growth rate (CAGR) of 7.2%. The burgeoning Muslim population, coupled with increasing awareness and demand for halal-certified products, is a key growth factor driving this market.

The rising Muslim population globally is one of the primary drivers of the Muslim ingredients market. As of 2023, Muslims constitute about 24% of the worldÂ’s population, and this demographic is expected to grow significantly over the next decade. This growth is predominantly seen in regions such as the Asia-Pacific, Middle East, and Africa. The increasing Muslim population naturally leads to a higher demand for halal products, including food, beverages, pharmaceuticals, and cosmetics. A deeper understanding and adherence to religious dietary laws have further solidified the importance of incorporating halal ingredients in daily consumption.

The surge in disposable income among Muslim consumers has also played a pivotal role in the market's expansion. Improved economic conditions in countries with significant Muslim populations, such as Indonesia, Malaysia, Saudi Arabia, and UAE, have led to increased spending on premium halal-certified products. This trend is particularly evident in the food and beverage sector, where consumers are willing to pay a premium for assurance of quality and compliance with Islamic dietary laws. Consequently, manufacturers are increasingly investing in halal certification and aligning their products with Islamic principles to tap into this lucrative market.

Technological advancements and innovation in the processing and certification of halal products have further bolstered market growth. The introduction of blockchain technology for halal certification ensures transparency, traceability, and authenticity, thus gaining consumer trust. Additionally, advancements in food science have enabled the development of new halal-friendly ingredients, expanding the range of available products. Companies investing in research and development are better positioned to cater to the evolving preferences of Muslim consumers and gain a competitive edge in the market.

Halal Food plays a pivotal role in the Muslim ingredients market, as it aligns with the religious and cultural practices of Muslim consumers. The demand for halal food is not only limited to Muslim-majority countries but is also gaining traction in regions with growing Muslim populations, such as Europe and North America. This trend is driven by the increasing awareness of halal food as a symbol of quality and ethical production, appealing to both Muslim and non-Muslim consumers. The assurance of halal certification provides consumers with confidence that the food products adhere to strict Islamic dietary laws, which is crucial for maintaining religious observance. As a result, food manufacturers are increasingly investing in halal certification to cater to this expanding market segment and capitalize on the growing demand for halal food products globally.

Regionally, the Asia-Pacific holds the largest market share, driven by countries like Indonesia and Malaysia, where the majority of the population adheres to Islamic dietary laws. North America and Europe are also witnessing increased demand for halal products, fueled by the growing Muslim immigrant population and rising awareness among non-Muslim consumers about the benefits of halal-certified products. The Middle East and Africa region, with its predominantly Muslim population, remains a critical market, contributing significantly to the global revenue.

Product Type Analysis

The product type segment of the Muslim ingredients market comprises halal meat, halal dairy products, halal beverages, halal confectionery, halal nutraceuticals, and others. Halal meat holds a significant share in this segment due to the stringent religious guidelines governing meat consumption in Islam. The demand for halal meat is particularly high in regions with large Muslim populations, such as the Middle East, North Africa, and Southeast Asia. Companies are increasingly focusing on ensuring that their meat products are certified halal to cater to this growing demand. The advent of online meat delivery services has further propelled the growth of this segment.

Halal dairy products, including milk, cheese, and yogurt, are another crucial segment that has see

Spain has a long history of Islamic tradition under its belt. From cuisine to architecture, the southern European country has been linked to the North of Africa through many common elements. At the end of 2023, there were approximately 2.41 million Muslims in Spain, most of them of Spanish and Moroccan nationality, with upwards of eight hundred thousand believers in both cases. With a Muslim population of more than 660,000 people, Catalonia was home to the largest Muslim community in Spain as of the same date.

The not so Catholic Spain

Believers of a religion other than Catholicism accounted for approximately 3 percent of the Spanish population, according to the most recent data. Although traditionally a Catholic country, Spain saw a decline in the number of believers over the past years. Compared to previous years, when the share of believers accounted for slightly over 70 percent of the Spanish population, the Catholic community lost ground, while still being the major religion for the foreseable future.

A Catholic majority, a practicing minority

Going to mass is no longer a thing in Spain, or so it would seem when looking at the latest statistics about the matter: 50 percent of those who consider themselves Catholics almost never attend any religious service in 2024. The numbers increased until 2019, from 55.5 percent of the population never attending religious services in 2011 to 63.1 percent in 2019. The share of population that stated to be practicing believers and go to mass every Sunday and on the most important holidays accounted for only 15.5 percent.

Islamic Clothing Market Outlook

The global Islamic clothing market size is projected to witness substantial growth from 2023 to 2032, with market figures standing at approximately USD 100 billion in 2023 and expected to reach USD 170 billion by 2032, reflecting a robust compound annual growth rate (CAGR) of around 6%. The increasing demand for modest fashion across the globe acts as a significant growth driver for the Islamic clothing market. This segment of the fashion industry has seen a surge in popularity, not only among Muslim populations but also among non-Muslims who appreciate the aesthetic and ethical aspects of modest fashion.

One of the primary growth factors for the Islamic clothing market is the rising preference for modest attire influenced by cultural and religious sentiments. This is particularly prevalent among Muslim-majority countries but is also gaining traction in Western countries where multiculturalism and diversity are celebrated. There is an increasing tendency among Muslim women to balance their religious traditions with modern fashion trends, leading to a higher demand for contemporary designs in Islamic clothing. The fashion industry has also seen a shift towards inclusivity and diversity, with many mainstream brands launching modest fashion lines, thereby reaching a broader audience.

The internet and social media platforms have played a crucial role in influencing the growth of the Islamic clothing market. With the increasing penetration of smartphones and the internet, consumers now have easier access to a variety of styles and trends from around the world. Influencers and fashion bloggers focusing on modest fashion have amplified the reach of Islamic clothing, encouraging a more expansive audience to explore this segment. This digital exposure helps bridge the gap between traditional and modern fashion, making Islamic clothing more mainstream and accessible.

Economic growth in key markets with significant Muslim populations is also contributing to the market's expansion. Countries in the Middle East, Southeast Asia, and parts of Africa are experiencing higher disposable incomes, leading to increased spending on fashion and lifestyle products, including Islamic clothing. Additionally, tourism has also played a role, where travelers visiting Muslim-majority regions tend to purchase local attire as part of their cultural experience, further boosting the market.

From a regional perspective, the Middle East and Africa hold a prominent share of the Islamic clothing market, driven by a large Muslim population and strong cultural ties to traditional attire. However, North America and Europe are projected to witness significant growth due to the increasing acceptance and popularity of modest fashion among diverse populations. Asia Pacific, with its large Muslim demographic in countries like Indonesia and Malaysia, continues to offer lucrative opportunities for market players. These regions are expected to exhibit varying growth rates, with regions such as Asia Pacific showcasing higher CAGR owing to its growing population and increasing urbanization.

Product Type Analysis

The Islamic clothing market encompasses a diverse range of product types, including abayas, hijabs, thobes, kaftans, and others. Abayas, primarily worn in the Middle East, have evolved from traditional wear to fashion statements, incorporating modern designs and fabrics. Fashion designers are innovating with abayas, integrating contemporary styles while maintaining their modest appeal. This ongoing evolution is making abayas popular not only in the Middle Eastern countries but also among Muslim women worldwide who seek modest yet stylish attire.

Hijabs, another significant segment, have seen a surge in demand due to the increasing number of women embracing this form of headscarf as a part of their daily attire. The hijab market has expanded with an array of styles, colors, and fabrics, catering to the diverse preferences of Muslim women. The growing awareness and acceptance of hijabs in non-Muslim countries have further propelled their demand. Brands are increasingly launching hijab lines, recognizing the economic potential and cultural significance of this product type.

Thobes, traditionally worn by men in Arab countries, are now gaining attention as lifestyle fashion. They are known for their comfort and simplicity, and recent trends have seen thobes being adapted for casual and formal occasions alike. The design innovations in thobes are making them appealing to younger generations who are keen on preserving cultural attire w

Islamic Financing Market Outlook

In 2023, the global Islamic financing market size was estimated to be approximately USD 2 trillion, with a projected compound annual growth rate (CAGR) of 10% between 2024 and 2032. The market is expected to reach around USD 4.7 trillion by 2032, driven by robust growth factors including rising interest in ethical financing, increasing Muslim population, and supportive government regulations.

The growth of the Islamic financing market can largely be attributed to the increasing demand for Sharia-compliant financial instruments. As awareness about the principles and benefits of Islamic finance grows, both among Muslims and non-Muslims, the demand for ethical and interest-free financial products continues to rise. Additionally, governments in Muslim-majority countries are implementing supportive regulations and policies to promote Islamic finance, further fueling its growth. This regulatory support creates a conducive environment for the development and expansion of Islamic financial institutions and products, attracting more investors and customers.

Another significant growth factor is the increasing Muslim population worldwide. As the number of Muslims continues to rise, so does the demand for financial services that comply with Islamic law. This demographic trend is particularly noticeable in regions such as Asia Pacific and the Middle East, where a significant portion of the population adheres to Islamic principles. Financial institutions in these regions are increasingly tailoring their products and services to meet the specific needs and preferences of Muslim consumers, thereby driving market growth.

Technological advancements are also playing a crucial role in the growth of the Islamic financing market. The integration of technology in financial services, known as fintech, is transforming the way Islamic financial products are delivered and consumed. Fintech solutions are making it easier for consumers to access Islamic financial services, reducing the cost of transactions, and increasing efficiency. This technological revolution is enabling Islamic financial institutions to reach a broader audience and provide more innovative and competitive products.

As the Islamic financing market continues to grow, there is an increasing focus on the use of Muslim Ingredients in various financial products and services. These ingredients, which adhere to Islamic principles, ensure that all financial transactions are conducted in a manner that is compliant with Sharia law. This includes the prohibition of interest (riba) and the requirement for risk-sharing and ethical investment practices. By incorporating Muslim Ingredients into their offerings, financial institutions can appeal to a broader audience seeking ethical and Sharia-compliant solutions. This approach not only aligns with the values of Muslim consumers but also attracts non-Muslims interested in ethical finance, thereby expanding the market reach and potential for growth.

Regionally, the Middle East & Africa is the largest market for Islamic financing, accounting for a significant share of the global market. The region is home to several Muslim-majority countries where Islamic finance is deeply rooted in the culture and financial system. Asia Pacific is another major market, driven by large Muslim populations in countries such as Indonesia and Malaysia. North America and Europe are also witnessing growth in Islamic financing, albeit at a slower pace, as financial institutions in these regions recognize the potential of this market and begin to offer Sharia-compliant products.

Financial Instrument Analysis

The Islamic financing market is segmented by financial instruments, including Murabaha, Ijara, Mudarabah, Musharakah, Sukuk, and others. Murabaha is a cost-plus-profit financing structure where the seller discloses the cost and profit margin to the buyer. It is widely used due to its simplicity and compliance with Sharia law. In Murabaha transactions, the bank purchases an asset on behalf of the customer and then sells it to the customer at a predetermined profit margin. This structure is commonly used for trade financing, real estate, and personal financing.

Ijara is another popular Islamic financial instrument, akin to a lease agreement. In an Ijara transaction, the bank buys and leases out an asset to the customer for a fixed rental payment. The ownership of the asset remains with the bank, but the customer has the

Religion and Bangladesh

Religion in Bangladesh is a sensitive issue, mostly because Bangladesh is officially a secular state but recognizes Islam as an official, state religion. Historically and doctrinally, Islamic scholars don’t accept nations that are secular because they think that religion, society and private life are all part of the great community they like to call ‘umma’.

The main religion in Bangladesh is Islam because it is practiced by almost 90 percent of the country’s population. The rest of 10 percent adhere to Hinduism. The type of Islam that is practiced in Bangladesh is Sunni Islam with a lot of Sufi influences. Sunni is the most numerous branch of Islam in the world. Countries like Egypt and Saudi Arabia have Sunni majority populations. The Sufi practices that influence the Islamic religion in Bangladesh are commonly known as mysticism. Sufi followers are poor men that don’t eat, don’t drink and spend their days in deep prayer in order to achieve spiritual connection with God.

Bangladesh has the fourth largest Muslim population in the world, with over 130 million followers, right after Indonesia, Pakistan and India. In its constitution, Bangladesh is recognized as a secular state. For a short period of time, when Bangladesh was under Pakistani rule, Islam was made the state’s official religion. But the Supreme Court or High Court of Bangladesh ruled that Bangladesh must return to the principles of the 1972 constitution, meaning that it mustn’t have an official religion.

The problem with Islam gaining too much power in Bangladesh is that it unbalances the genders issues. Islamic edicts or fatwas have been issued mostly against women by religious courts as punishments for their nonreligious behavior. Global NGO’s are fighting such edicts in order to maintain a fair judgment when it comes to men and women. Bangladesh is a country where gender issues, as well as religious issues are very sensitive subjects.

In 2024, around *** million Muslims lived in Italy. More than a quarter were ******** citizens, at ******* people, ahead of ******* Albanians and ******* Bangladeshis. ***** is the first most common religion of foreigners nationwide. The second-largest religion among immigrants living in Italy is the Christian Orthodox one, considering the large Romanian community residing in the country.

Halal Food and Beverage Market Outlook

The global halal food and beverage market size was valued at approximately USD 1.9 trillion in 2023 and is projected to reach around USD 3.5 trillion by 2032, growing at a compound annual growth rate (CAGR) of 6.8%. The market's growth is driven by increasing Muslim populations, rising awareness about halal certification, and expanding market opportunities in non-Muslim-majority countries. This substantial growth is attributed to several factors including rising disposable incomes in emerging markets, increasing consumer demand for high-quality and safe food products, and greater awareness regarding the health benefits of halal-certified foods.

One of the primary growth factors for the halal food and beverage market is the expanding Muslim population worldwide, which is anticipated to reach 2.2 billion by 2030. This demographic shift has created a substantial and continually growing demand for halal products. Additionally, increased awareness about halal certification among non-Muslim consumers, who perceive halal food as a guarantee of safety and hygiene, has bolstered market growth. Furthermore, marketing campaigns and educational efforts have played a significant role in spreading knowledge about halal standards and their benefits, thereby driving consumer preference towards halal-certified products.

Another critical growth driver is the rise in disposable incomes in several major emerging markets, particularly in countries with significant Muslim populations such as Indonesia, Malaysia, India, and Pakistan. As incomes rise, consumers have more financial means to spend on premium and specialty food products, including halal-certified items. This shift in consumer spending behavior is further supported by urbanization and changing lifestyles, which lead to increased demand for convenient and packaged halal food items. The growing influence of social media and e-commerce platforms has also facilitated easier access to a variety of halal food products, further accelerating market expansion.

The increasing inclination of the global food and beverage industry towards ethical and sustainable practices has also contributed to the growth of the halal food and beverage market. Halal certification often encompasses stringent guidelines for livestock handling, slaughtering processes, and overall food safety, which align with the broader consumer trend towards more ethical and transparent food sourcing. As consumers become more health-conscious and environmentally aware, the demand for food products that adhere to high ethical standards continues to rise, benefiting the halal food and beverage sector.

In parallel to the halal food market, the Kosher Food Sales sector is experiencing notable growth, driven by increasing consumer demand for products that meet specific dietary laws and ethical standards. Kosher certification, much like halal, assures consumers of the quality and safety of food products, appealing to both Jewish and non-Jewish consumers who value these standards. The rise in health-conscious eating and the demand for transparency in food sourcing have further propelled the popularity of kosher foods. Additionally, the global expansion of kosher-certified products has been supported by the growing interest in ethnic and specialty foods, which cater to a diverse consumer base seeking unique and culturally significant culinary experiences.

Regionally, the Asia Pacific region dominates the halal food and beverage market due to its large Muslim population and rapidly growing economies. Countries like Indonesia, Malaysia, and Singapore are key markets within this region. The Middle East and Africa also hold significant market shares, driven by religious adherence and growing food service industries. North America and Europe, although hosting smaller Muslim populations, are seeing increasing market penetration due to rising awareness and demand for halal-certified products among both Muslims and health-conscious non-Muslim consumers.

Product Type Analysis

The halal food and beverage market is segmented by product type into meat and alternatives, dairy products, beverages, confectionery, and others. The meat and alternatives segment, which includes halal-certified poultry, beef, lamb, and plant-based meat alternatives, holds the largest market share. This dominance is primarily due to the central role that meat plays in Muslim diets and the stringent religious requirements for meat processing and certif

PurposeRanking of nations by medal tally is a popular feature of the Olympics, but such ranking is a poor measure of sporting prowess or engagement until the tallies are adjusted for major factors beyond the control of individual nations. Here we estimate and adjust for effects of total population, economy expressed as gross domestic product per capita, absolute latitude and Muslim population proportion on total medal counts in female, male, mixed and all events at the Pyeongchang winter and Tokyo summer Olympics and Paralympics.MethodsThe statistical model was multiple linear over-dispersed Poisson regression. Population and economy were log-transformed; their linear effects were expressed in percent per percent units and evaluated in magnitude as the factor effects of two between-nation standard deviations (SD). The linear effect of absolute latitude was expressed and evaluated as the factor effect of 30° (approximately 2 SD). The linear effect of Muslim proportion was expressed as the factor effect of 100% vs. 0% Muslim. Nations were ranked on the basis of actual vs. predicted all-events medal counts.ResultsAt the Pyeongchang Olympics, effects of population and economy were 0.7–0.8 %/% and 1.1–1.7 %/% (welldefined extremely large increases for 2 SD), factor effects of 30° of latitude were 11–17 (welldefined extremely large increases), and factor effects of 100% Muslim population were 0.08–0.69 (extremely large to moderate reductions, albeit indecisive). Effects at the Tokyo Olympics were similar in magnitude, including those of latitude, which were surprisingly still positive although diminished (large to very large increases). Effects at the Pyeongchang and Tokyo Paralympics were generally similar to those at the Olympics, but the effects of economy were diminished (large to very large increases). After adjustment of medal tallies for these effects, nations that reached the top-10 medalists in both winter games were Austria, Belarus, Kazakhstan, Slovakia and Ukraine, but only Azerbaijan reached the top-10 in both summer games.ConclusionAdjusting medal counts for demographic and geographic factors provides a comparison of nations' sporting prowess or engagement that is more in keeping with the Olympic ideal of fair play and more useful for nations' Olympic-funding decisions.

Halal Food Market Outlook

According to our latest research, the global Halal Food market size reached USD 2.35 trillion in 2024, demonstrating robust growth driven by increasing demand among Muslim and non-Muslim populations worldwide. The market is projected to expand at a CAGR of 7.3% from 2025 to 2033, reaching a forecasted value of USD 4.44 trillion by 2033. This remarkable growth is primarily fueled by rising consumer awareness regarding food safety and hygiene, the expanding Muslim population, and the increasing acceptance of halal-certified products across diverse regions and demographics.

The growth of the Halal Food market is underpinned by several pivotal factors, with the foremost being the expanding global Muslim population, which is expected to surpass 2.2 billion by 2030. This demographic shift is exerting a profound influence on food consumption patterns, as halal food is a religious and cultural necessity for Muslims. Furthermore, the increasing urbanization and rising disposable incomes in key markets such as Southeast Asia, the Middle East, and parts of Africa are leading to a surge in demand for premium and processed halal food products. Simultaneously, the penetration of halal food into non-Muslim markets, driven by perceptions of superior quality, ethical sourcing, and stringent hygiene standards, is broadening the consumer base and propelling market growth.

Another significant growth driver is the rapid globalization of the food industry, which has facilitated the cross-border movement of halal products. Multinational food manufacturers and retailers are actively seeking halal certification to tap into lucrative markets, particularly in countries with large Muslim populations. Technological advancements in food processing and supply chain management have also enabled producers to maintain halal integrity throughout the production and distribution processes. Additionally, government initiatives and supportive regulatory frameworks in countries such as Malaysia, Indonesia, and the United Arab Emirates are fostering a conducive environment for halal food industry growth, enhancing consumer trust and encouraging new market entrants.

The proliferation of e-commerce and digital platforms has further accelerated the expansion of the Halal Food market. Consumers now have greater access to a wide array of halal products, with online retail channels offering convenience, variety, and competitive pricing. This digital transformation is particularly evident among younger consumers who value transparency, product authenticity, and ease of purchase. Moreover, the COVID-19 pandemic has heightened consumer awareness regarding food safety and traceability, prompting both manufacturers and retailers to adopt advanced technologies such as blockchain for halal certification verification. These trends are expected to continue shaping the market landscape over the forecast period, driving sustained growth and innovation.

From a regional perspective, Asia Pacific remains the dominant market for halal food, accounting for the largest share in 2024, followed closely by the Middle East & Africa. The region's dominance is attributed to its substantial Muslim population, strong government support, and the presence of established halal food supply chains. North America and Europe are also witnessing significant growth, owing to rising multiculturalism, increasing Muslim migration, and the growing popularity of halal-certified products among health-conscious consumers. Latin America, while representing a smaller share, is emerging as a promising market due to rising awareness and the gradual expansion of halal certification infrastructure.

Product Type Analysis

The Product Type segment in the Halal Food market encompasses a diverse range of offerings, including Meat & Poultry, Dairy Products, Grain Products, Fruits & Vegetables, Beverages, and Others. Among these, Meat & Poultry holds the largest market share,

As of 2021, approximately **** percent of the population in Aceh, Indonesia were Muslims. Despite being the largest Muslim-majority country, Indonesia is a multi-faith country by the constitution and officially recognizes *** religions – Islam, Protestantism, Catholicism, Buddhism, Hinduism, and Confucianism.

Mali is a predominantly Muslim country with 94.84 percent of the population belonging to Islam. Of that 94.84 percent, only 0.8 percent is Shi’a versus the greater majority of Sunni Muslims in the country. While most of the population is Muslim, a small minority practice other religions as well; 2.37 percent Christianity, 2.02 percent Animist, 0.04 percent Other, 0.45 percent Atheist/Agnostic, and 0.28 percent Undeclared. Of the 2.37 percent of Christians in Mali, the majority of those are Roman Catholic.

Historically in Mali there has been a large diversity of religious beliefs and practices that not only coexisted but often intermingled. Malians have shown a great tolerance for other beliefs and typically do not let disagreements over religion escalate into violent actions. Many in Mali, especially in more rural areas, will mix Islam with traditional African practices from the region. While Muslim scholars see this as not only non-Islamic but also unlawful in nature, those that practice this mixture of religious beliefs do not view it as wrong. Because of the geography of Mali, there is a large mixture of ethnic groups and tribes in the south. As a consequence, it is in this region where most of these alternative belief systems can be found.

While religious pluralism and tolerance has been a common theme in Mali, the introduction of terrorist and extremist groups in the north has created a push by those groups for fundamental Islam and Sharia Law. This has disrupted the normal religious harmony in Mali. The presence of groups such as al-Qaeda in the Islamic Maghreb (AQIM), Ansar Dine, and the Movement for Unity and Jihad in West Africa (MUJAO) are causing issues for many in the northern areas because of the prevalence of hybrid forms Islam mixed with traditional African beliefs. The violence and enforcement of Sharia Law by such groups is causing significant numbers of people to flee to the southern regions of Mali.

According to Cognitive Market Research, the global Islamic Financing market size will be USD 2514.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 10.50% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 1005.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 754.26 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 578.27 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.5% from 2024 to 2031.
The Latin American market will account for more than 5% of global revenue and have a market size of USD 125.71 million in 2024. It will grow at a compound annual growth rate (CAGR) of 9.9% from 2024 to 2031.
The Middle East and Africa held the major markets, accounting for around 2% of the global revenue. The market was USD 50.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.2% from 2024 to 2031.
The Individual held the highest Islamic Financing market revenue share in 2024.

Market Dynamics of Islamic Financing Market

Key Drivers of Islamic Financing Market

Growing Muslim Population to Increase the Demand Globally

The growing Muslim population globally is expected to significantly increase the demand for Islamic financial products and services in the coming years. With Muslims comprising a substantial portion of the world's population, estimated to reach nearly 30% by 2050 according to demographic projections, there is a natural market for Sharia-compliant banking and investment solutions. As incomes rise and financial literacy improves in Muslim-majority countries and beyond, more individuals and businesses are seeking financial services that align with their religious beliefs and ethical values. Moreover, the increasing affluence and urbanization among Muslim populations contribute to a greater demand for sophisticated financial products, including Islamic mortgages, savings accounts, and investment funds. This growing demand is wider than in Muslim-majority countries. Still, it extends to Muslim communities and individuals residing in non-Muslim-majority countries, as well as non-Muslims who are attracted to the ethical principles and risk-sharing mechanisms inherent in Islamic finance.

Economic Development in Muslim-majority Countries to Propel Market Growth

Economic development in Muslim-majority countries is poised to propel significant growth within the Islamic finance market. As these countries experience robust economic growth, driven by factors such as population growth, urbanization, and natural resource wealth, a corresponding demand for sophisticated financial services that comply with Islamic principles emerges. This demand stems from both individuals and businesses seeking ethical and Sharia-compliant financial solutions to meet their diverse needs. Moreover, the expanding middle class within these countries signifies an increasing appetite for diverse banking and investment products, including Islamic mortgages, savings accounts, and investment funds. As disposable incomes rise and financial literacy improves, more people are turning towards Islamic finance as a viable alternative to conventional banking, recognizing its alignment with their religious beliefs and ethical values.

Restraint Factors Of Islamic Financing Market

Limited Product Offering to Limit the Sales

The limited product offering within the Islamic finance market poses a significant challenge, potentially constraining sales and market growth. Compared to conventional banking, Islamic finance products and services are often more specialized and may only cover part of the spectrum of financial needs for individuals and businesses. This limited range of options can deter potential customers who require a broader array of financial solutions. One of the primary reasons for the limited product offering is the adherence to Sharia principles, which prohibit certain financial activities such as interest (riba) and speculative transactions (gharar). While Islamic finance emphasizes ethical and socially responsible investing, it also imposes constraints on product innovation and development, particularly in areas where conventional finance has mo...

Takaful Market Outlook

The global Takaful market size was valued at approximately USD 25 billion in 2023 and is anticipated to reach around USD 45 billion by 2032, achieving a compound annual growth rate (CAGR) of approximately 7%. This growth is driven by the increasing demand for Sharia-compliant insurance products, which are gaining traction among both Muslim and non-Muslim populations interested in ethical financial products. The rising awareness and acceptance of Takaful as a viable alternative to conventional insurance is further propelling market expansion. A growing middle-class population and economic development in key regions are also major contributors to the burgeoning Takaful market.

One of the primary growth drivers in the Takaful market is the increasing demand for Islamic financial products that adhere to Sharia law, which prohibits interest (riba) and excessive uncertainty (gharar). Takaful, a cooperative model of insurance, aligns perfectly with these principles, offering a risk-sharing approach that is in harmony with Islamic teachings. As awareness of Islamic finance grows, particularly in regions with significant Muslim populations, the market for Takaful is expanding. Moreover, the alignment of Takaful products with ethical and socially responsible investing is attracting a broader customer base, including non-Muslims who value ethical and transparent financial dealings.

The expansion of Takaful is also facilitated by supportive regulatory frameworks in various countries, which are establishing clear guidelines to promote the growth of Islamic finance. Several governments in predominantly Muslim countries, as well as in regions with substantial Muslim communities, are encouraging the adoption of Takaful by offering tax incentives and easing regulatory procedures. This is coupled with the increasing professionalization of the Takaful sector, as more trained professionals and institutions begin to enter the market, thus improving service delivery and product offerings. These factors, combined with a growing digital infrastructure that allows for more efficient service delivery and customer engagement, are significantly boosting the Takaful market's growth prospects.

A crucial factor in the growth of the Takaful market is the increasing penetration of Islamic banking and finance sectors across the globe. Islamic banking, which is growing at a fast pace, provides a solid foundation for the Takaful market by offering complementary financial services. The integration of Takaful products within the Islamic banking system is enhancing the distribution channels and accessibility of these products. Furthermore, the cross-selling of Takaful products through Islamic banking networks has been an effective strategy in driving customer acquisition and retention, thus bolstering the market's growth trajectory.

Regionally, the Takaful market is experiencing varied growth patterns, with the Middle East and Asia Pacific regions being the primary growth engines due to their large Muslim populations and supportive regulatory environments. The Middle East holds a significant share of the market, primarily due to the presence of countries like Saudi Arabia and the UAE, which have well-established Takaful industries. In contrast, regions like North America and Europe, though still nascent in Takaful adoption, are witnessing steady growth driven by increasing awareness and the presence of expatriate communities. These regions are gradually developing their regulatory frameworks to accommodate Islamic finance, opening up new avenues for market expansion.

Product Type Analysis

The Takaful market is segmented into Family Takaful and General Takaful, each serving distinct customer needs and playing a critical role in the overall growth of the market. Family Takaful, akin to life insurance in conventional finance, provides financial security to an individual's family in the event of the policyholder's death or disability. This segment is witnessing considerable growth due to increasing consumer awareness about financial planning and security. As individuals become more proactive in securing their financial futures, especially in regions with a high density of Muslim populations, the demand for Family Takaful products is surging. The introduction of innovative products tailored to meet diverse customer needs is further fueling this segment's expansion.

General Takaful, which offers coverage for various risks such as health, property, and motor insurance, is also experiencing robust growth. The increasing urbanization and rising disposable incomes

IntroductionAlthough the number of people receiving antiretroviral therapy (ART) in Indonesia has increased in recent years, little is known about the specific characteristics affecting adherence in this population. Indonesia is different from most of its neighbors given that it is a geographically and culturally diverse country, with a large Muslim population. We aimed to identify the current rate of adherence and explore factors that influence ART adherence.MethodsData were collected from ART-prescribed outpatients on an HIV registry at a North Jakarta hospital in 2012. Socio-demographic and behavioral characteristics were explored as factors associated with adherence using logistics regression analyses. Chi squared test was used to compare the difference between proportions. Reasons for missing medication were analyzed descriptively.ResultsTwo hundred and sixty-one patients participated, of whom 77% reported ART adherence in the last 3 months. The level of social support experienced was independently associated with adherence where some social support (p = 0.018) and good social support (p = 0.039) improved adherence compared to poor social support. Frequently cited reasons for not taking ART medication included forgetting to take medication (67%), busy with something else (63%) and asleep at medication time (60%).DiscussionThis study identified that an increase in the level of social support experienced by ART-prescribed patients was positively associated with adherence. Social support may minimize the impact of stigma among ART prescribed patients. Based on these findings, if social support is not available, alternative support through community-based organizations is recommended to maximize treatment success.