Global Muslim Business Forum 2022

The global Pandemic has affected Muslim countries and Muslim businesses worldwide just as it has impacted all communities. To build back better requires stronger collaboration and partnership not only among Muslims but also between Muslims and the wider community to ensure sustained recovery. Recovering from the Pandemic provides a timely opportunity to also consider the role of sustainable development in pursuing a green reset.

The Global Muslim Business Forum is founded by the KSI Strategic Institute for Asia Pacific, a leading Asian Think Tank based in Kuala Lumpur and Global One, a UN accredited womens’ INGO headquartered in London. Both organizations are strongly committed to international partnerships, dialogues, inclusive and sustainable development. The Founder of both KSI Strategic Institute and Global One are also Founders of the World Muslim Leadership Forum which has been running successfully for the past 12 years.

This newly established Global Muslim Business Forum aims to build on the success of the World Muslim Leadership Forum. It will focus on promoting strategic partnerships, dialogues and business collaboration to build back better for shared prosperity and sustainable development.
In 2022, the Global Islamic Economy remains largely an untapped economic and business opportunity. According to the State of the Global Islamic Economy Report (2020), over 1.9 billion Muslims are spending over USD $2.02 trillion across six economic sectors, led by halal food, modest fashion, media and travel. Islamic finance assets alone were estimated to be about $2.88 trillion in 2019. These opportunities are only growing as Muslims are expected to spend $2.4 trillion by 2024.

The pandemic has brought many challenges to the Islamic economy such as disruption in the global supply chains, food security issues and closure of borders. Despite a slight decrease in Muslim economic activities, the Global Islamic Economy is underpinned by strong economic drivers. On the demand side, Muslim demographic is expected to reach 3 billion by 2060, representing one-third of the global population according to Pew Research Centre. It is interesting that an increasing emphasis on ethical and sustainable consumption, which is central to Islamic economy, is now being popularised by Millennials and Gen Z. On the supply-side, proactive Muslim governments such as Malaysia, Saudi Arabia and UAE are increasing regulation and certification of halal products. Trade between the Organisation of Islamic Cooperation (OIC) members continues to grow with 31 OIC members achieving the trade target of 25% as per OIC-2025. The GMBF recognises that the role of the Global Islamic Economy needs greater understanding and awareness in all regions of the globe.