Muslim consumers are ready to spend on services that cater to their beliefs — with the community's spending power estimated to be in the trillions.
Here's what's behind the trend.
businessinsider.com
Here's what's behind the trend.
businessinsider.com
In 2019, Muslim consumers spent more than $2 trillion globally, in what is referred to as the "halal economy," according to a recent report from @GIESummit.
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.@Muzmatch was the first Muslim-centric app to be backed by Silicon Valley's @ycombinator program.
The app — launched in 2015 by @ShahzadYounas_ — has 4.6 million members to date.
businessinsider.com
The app — launched in 2015 by @ShahzadYounas_ — has 4.6 million members to date.
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One reason Muslim consumers are seeking tailored services is the changing priorities between generations, says professor Mehmet Asutay, an expert on Islamic finance at @DUBusSchool.
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For Asutay, the younger generation, moving up a Maslow-style hierarchy of needs "are more Islamic-finance-oriented."
Startups like @WahedInvest or @AffinisLabs aim to fill this gap.
businessinsider.com
Startups like @WahedInvest or @AffinisLabs aim to fill this gap.
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Big brands had a sense of missing out, says @loveinheadscarf.
@JohnLewisRetail began stocking modest-fashion retailer Aab in 2021 and @Nike started selling modest swimwear in 2020.
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@JohnLewisRetail began stocking modest-fashion retailer Aab in 2021 and @Nike started selling modest swimwear in 2020.
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Muslim spend on apparel is expected to reach $311 billion by 2024, and Muslim women, in particular, seek modest clothing.
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businessinsider.com
Read more about the Muslim entrepreneurs in the "halal economy" by subscribing to Insider.
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