The global Muslim population is projected to reach 2.2 billion by 2030. Here’s how some tech companies are trying to woo this growing market.
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There’s a new target market for tech companies: Muslim consumers.
As the Ramadan holy month begins, big tech firms are beefing up their efforts to court what is estimated to be a $2.6 trillion Halal economy.
Ramadan is a time when Muslims around the world focus on prayer, fasting and giving to charity. It’s also a time when they are more likely to spend money on electronics, travel and food.
That has caught the attention of businesses ranging from Dell and Samsung to Google and Uber. They’re all trying to get a piece of the Halal economy, which is expected to grow to $3.7 trillion by 2023.
“It’s a huge opportunity that’s often overlooked,” said Idriss Al Rifai, CEO of Muslim consumer insights firm CrescentRating. “This is an untapped market.”
Muslim consumers are largely underserved by mainstream brands, Al Rifai said. That’s because many products and services – from food to financial services – are not designed with Muslim needs in mind.
For example, most restaurants do not offer halal options – food that is permissible under Islamic law. And many banks offer credit cards that charge interest, which is not allowed under Islam.
That leaves a big opening for businesses that are willing to adjust their offerings to appeal to Muslim consumers.
What is Halal?
In Islam, Halal is an Arabic word that means “permissible.” It is often used in reference to food and drink, but can also refer to other things like cosmetics, pharmaceuticals, financial instruments, and more.
For Muslims, Halal is a religious requirement. The opposite of Halal is Haram, which means “forbidden.”
There are a few different things that make something Halal or Haram. In the case of food and drink, it has to do with how the animal was raised and slaughtered, as well as what ingredients were used in the processing of the food. For example, alcohol is considered Haram because it is injurious to health.
Many tech companies are trying to woo Halal customers by making sure their products are certified as Halal. For example, Samsung has a Halal phone app that helps Muslim users find restaurants and prayer times. Google has a similar app called Muslim Pro. And there are many more examples.
This is a smart move on the part of these companies because the Muslim market is estimated to be worth $3 trillion and is growing rapidly. By catering to this market, they are sure to increase their profits.
The Global Halal Market
The global halal market is expected to be worth $3.7 trillion by 2027, and many tech companies are trying to get a slice of the pie. Halal products and services are those that are permissible under Islamic law, and this includes everything from food and cosmetics to travel and finance. The halal market is growing at a rapid pace, and there is a big opportunity for tech companies to cater to this growing market.
The Muslim Population
There are an estimated 1.8 billion Muslims in the world, making up about 24% of the global population. Of that, an estimated 60% are under the age of 30. Muslims are projected to make up 26.4% of the world’s population by 2030.
In 2015, the global Islamic economy was estimated to be worth $2.6 trillion and is expected to grow to $3.7 trillion by 2030, according to a report from Thomson Reuters and DinarStandard.
There are a number of reasons for this growth, including population growth and increases in per capita spending power among Muslims. The rise of the middle class in Muslim-majority countries is also Driving growth in the Islamic economy, as is growing interest from non-Muslim countries in catering to Muslim tourists and citizens
The Halal Economy
The Haram Economy vs. The Halal Economy
There are two types of economies in the world: the haram economy and the halal economy. The haram economy is based on exploitation, deceit, usury, and other unethical practices. The halal economy is based on mutual trust, cooperation, and transparency.
The global halal market is estimated to be worth $2.3 trillion, making it one of the fastest-growing markets in the world. And yet, it is still largely untapped by tech companies.
There are a number of reasons for this: first, the halal market is spread out across a number of different countries; second, there is no clear definition of what counts as halal; and third, many tech companies are focused on short-term profit rather than long-term relationships.
However, there are a few companies that are making an effort to woo halal customers. Here are three of them:
1. Muslim Pro is a prayer app that has been downloaded more than 50 million times. It offers a wide range of features including prayer times, Quranic verses, an Islamic calendar, and a mosque locator. In 2017, the company launched an Islamic banking service called CIMB Niaga Syariah in Indonesia.
2. EITC Holdings is a holding company for a number of Islamic businesses including a bank, an insurance company, and a mobile phone operator. EITC Holdings has a presence in numerous countries including Saudi Arabia, Pakistan, Bangladesh, and Indonesia.
3. Oasis500 is a venture capital firm that invests in startups across the MENA region. Oasis500 has helped to fund more than 200 startups since its inception in 2010
The Halal Tech Market
It is estimated that the global Muslim population will reach 2.2 billion by 2030. This presents a major opportunity for tech companies to tap into the halal market. Halal is an Arabic word that means “permissible.” In the context of food, it refers to items that are permissible for Muslims to eat according to Islamic law.
The Muslim Consumer
The Muslim consumer is a very attractive target market for tech companies. There are an estimated 1.8 billion Muslims in the world, and this population is expected to grow to 2.2 billion by 2030. Muslims are also young – the median age of Muslims is just 24 years old, compared to 32 for the global population.
This combination of large size and youth means that the Muslim consumer market is growing and highly coveted by tech companies. But it’s not an easy market to tap into. Muslims have specific religious requirements when it comes to food and other products, which can make it difficult for companies to meet their needs.
This is where halal tech comes in. Halal tech is a growing industry that provides technology solutions that are compliant with Islamic law. This includes things like halal e-commerce platforms, halal search engines, and halal social media networks.
The global halal tech market is expected to be worth $58 billion by 2023, up from $18 billion in 2018. This growth is being driven by the Rising Muslim population, increasing religious awareness, and growing disposable incomes.
There are a number of startups that are trying to tap into this market, and they’re facing stiff competition from established tech giants like Google and Amazon. Whoever wins the battle for the Muslim consumer will have a chance to dominate a burgeoning market.
The Halal Tech Industry
Halal is an Islamic term that refers to anything that is permissible under Islamic law. The term is often used in the context of food and drink, but it can also apply to other areas of life such as cosmetics, financial services, and tourism.
In recent years, there has been a growing demand for halal products and services around the world. This has been driven by the increasing number of Muslims who are adopting a more religiously observant lifestyle. As a result, there is now a large and growing market for halal-certified products and services.
The halal tech industry is a relatively new phenomenon. It refers to the growing number of technology companies that are catering to the needs of Muslim consumers. This includes businesses that develop halal-friendly apps, websites, and software; as well as companies that offer halal-certified products and services.
There are a number of reasons why tech companies are targeting the Muslim market. Firstly, there is a large and growing demand for halal products and services globally. Secondly, many Muslims are increasingly digitally-savvy and have high levels of disposable income. Finally, many young Muslims are looking for brands that reflect their values and lifestyles.
The halal tech industry is still in its early stages of development. However, it has great potential to grow in the coming years due to the increasing global demand for halal products and services.
The Future of Halal Tech
A burgeoning Muslim middle class and a young, digitally-native population are spurring a new wave of Halal-friendly tech startups. These startups are rethinking everything from food delivery to online banking with the Muslim consumer in mind. Here’s a look at how these companies are trying to woo Halal customers.
The Muslim Population
There are 1.8 billion Muslims in the world, making up about 24% of the global population, according to Pew Research Center. And that number is expected to grow: Muslims are projected to increase by about 35% in the next 20 years, while the number of people who identify with other religions is expected to remain largely static.
This growth is largely driven by demographics: Muslims have a younger median age (24) than both the global population (30) and people who identify with other religions (32). And Muslim women have more children than women of other religious groups – an average of 3.1, compared with 2.3 for all other groups combined.
This growth has potential implications for the global economy and for businesses catering to Muslim consumers. The halal food industry, for example, was worth an estimated $1.1 trillion in 2015 and is projected to grow to $1.6 trillion by 2030, according to a report from Thomson Reuters and DinarStandard.
The Halal Economy
The halal economy is a rapidly growing market with a global value of $3.7 trillion, according to research from DinarStandard. And it’s not just Muslims who are driving this growth. An increasing number of non-Muslim consumers are also seeking out halal products and services, drawn by the promise of higher quality and ethical standards.
This growing demand has not gone unnoticed by the tech industry. In recent years, a number of startups have emerged to tap into the halal economy, with a range of innovative products and services.
From apps that help you find halal restaurants to online grocers that deliver halal-certified food, there’s no doubt that the halal market is ripe for disruption. And with Islam set to become the world’s largest religion by 2070, according to Pew Research Center, it’s only going to get bigger.
So what does the future hold for halal tech? Here are four key trends to watch out for:
1. Increasing demand for digital solutions
2. A focus on quality and safety
3. The rise of Muslim women entrepreneurs
4. Greater globalization of the halal economy
The Halal Tech Industry
The halal tech industry is a growing market that is attracting the attention of many big tech companies The global Muslim population is projected to reach 2.76 billion by 2050, and the halal economy is expected to be worth $3.7 trillion by 2023. With such a large and rapidly growing market, it’s no wonder that companies are trying to tap into this potential customer base.
There are a few different ways that tech companies are trying to woo halal customers. One way is by creating apps and other products that cater to the needs of Muslims. For example, there are prayer apps that help Muslims find mosques and remember to pray, as well as apps that offer Halal-friendly restaurant recommendations. Some companies are also developing Muslim-friendly travel itineraries and other services.
Another way that tech companies are trying to reach Muslims is through Islamic finance. This type of financing adheres to Shariah law, which prohibits Riba (the charging or paying of interest). Many big banks and other financial institutions have started offering Islamic finance products in order to attract Muslim customers.
It will be interesting to see how the halal tech industry develops in the coming years. With the Muslim population projected to continue growing at a rapid pace, there is significant potential for this market to become even more valuable.