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Ogilvy Noor brings you this week’s Friday round up, with insights about Muslim consumers around the world, and details of the latest report from The Economist Intelligence Unit on demand growing among ‘Sharia-conscious’ consumers.

In depth

The Economist Intelligence Unit published its report “The Sharia-conscious consumer” earlier this month. “Ignore the Sharia-conscious consumer at your peril. With the world’s Muslim population now at around1.8 billion and rising, few in business can turn their back on such a demographic. Since more than 50% of Muslims worldwide are under the age of 25 and, together, account for more than 10% of the world’s population, the prospects for the future look remarkably bright. From food and Islamic finance, the industry is spreading its wings into pharmaceuticals, fashion and tourism, among many other areas. But given the global nature of the business, the industry will grow at varying speeds in different regions, while certain segments will garner more attention than others.”

 

Cheat sheet: sharp insights into Muslim consumer markets this week

South Korea incentivises SMEs to enter the halal market. Many businesses are moving to Malaysia to gain better access Muslim countries

Turkish brand Farmasi launches in Sri Lanka: their Halal certification for cosmetics creates an attractive proposition

French asset management company La Française launches Sharia-compliant real estate fund

Muslim shops in USA add cafes with halal ready food, and prayer rooms for customers considering it to be a ‘community service‘

Islamic nations must write halal medicine books to define pharma processes suitable for Muslim consumption says expert

In Afghanistan (halal) energy drinks grow in popularity, especially among younger demographics. (And the Taliban too)

A Thai hotel chain offers Muslim-friendly services for Ramadan: including a fully halal menu, free food and water after dusk until dawn, and late night spas

The parallel world of new products otherwise forbidden to Muslims: “Halal wine and other spiritual dilemmas”

“At the heart of Islamic finance is the genuine philanthropic spirit” says Malaysian PM at Muslim philanthropists event

Oman calls on Malaysian investors to get involved in its developing halal industry

Have you wondered exactly what is Islamic finance and how it differs from conventional finance? Here’s a great quick intro

“More graduates needed in local Islamic finance sector” says Malaysia expert. The sector is estimated to grow to $2 trillion by 2017