Global Muslim Fashion Consumption Projected to Rise to USD 311 Billion in 2024: Bank Indonesia

Bank Indonesia (BI) has projected that global Muslim fashion consumption will increase to USD 311 billion in 2024, from USD 277 billion in 2019. According to Bambang Himawan, Director of BI’s Department of Shariah Economics and Finance, who was speaking at the 2021 Indonesia Sharia Economic Festival (ISEF) Kick Off Online Exhibition Press Conference on the 8th of October 2021, spending on the Muslim fashion sector in Indonesia reached USD 16 billion in 2019, making it one of the top five countries with the highest spending, following Iran, Turkey, Saudi Arabia and Pakistan.

Why it Matters?

According to Himawan, the Muslim fashion sector is the flagship of Indonesia’s Halal industry and ranked third globally during the second quarter of 20...