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Global Muslim fashion consumption to reach 311 billion USD in 2024: Indonesian central bank

The Bank Indonesia (BI) has predicted that the consumption of global Muslim fashion will rise to 311 billion USD in 2024 from 277 billion USD in 2019.
Jakarta (VNA) – The Bank Indonesia (BI) haspredicted that the consumption of global Muslim fashion will rise to 311billion USD in 2024 from 277 billion USD in 2019.

Director of BI's Department of Sharia Economics and Finance BambangHimawan was quoted by Antara news agencyas saying that as for Indonesia, the spending on the Muslim fashion sector in2019 had reached 16 billion USD and is among the top five countries with thehighest spending, after Iran, Turkey, Saudi Arabia, and Pakistan.

He said that the bank is collaborating with variousstrategic partners to encourage the development of Indonesian halal products,such as Muslim fashion, through various e-commerce platforms to holdexhibitions, which are also part of the 2021 Indonesia Sharia Economic Festival(ISEF) event.

Himawan noted that the Muslim fashion sector, which is the flagship inIndonesia's halal industry, managed to rank third in the world during thesecond quarter of 2021.

He believes that Indonesia should be able to develop a halal industry that canboth serve the needs of the domestic market as well as capitalize on the globalmarket.

He highlighted that halal food and Muslim fashion could be the leading sectorsto drive national economic recovery.

Thus, the central bank also hosted the Indonesian Sharia Creative IndustryProgram, wherein during the second quarter of 2021, the organization had 505business members across Indonesia, with membership comprising MSMEs in thehalal food and Muslim fashion sectors./.

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