5 Islamic companies that could hit the big time
Halal food, modest clothing and in-flight prayer calculators are just a few of the ways these businesses are tapping into the massive Muslim market.Peter Iantorno April 7, 2015
Today, there are around 1.6 billion people - approximately 23 per cent of the world's entire population - who practice Islam. And according to a new report by the Pew Research Centre in the US, that figure is increasing rapidly.
The report says that by 2050, the world will have roughly the same percentage of Muslims as Christians, making Islam by far the fastest-growing religion. The Islamic travel sector alone is estimated to be worth $200 billion by 2020, and according to a report by Thomson Reuters and Dinar Standard, the global halal food and beverage market is expected to reach an eye-watering $1.6 trillion by 2018.
With figures like that, it's pretty clear that there is big money to be had for companies that place particular importance on following Islamic practices and catering to Muslims. And sure enough, just as the sector itself is growing rapidly, so are some of the businesses.Here are five innovative Islam-centric businesses set to tap into that massive earning potential.
We've all heard of KickStarter and seen some of the amazing projects they have funded over the years, but now there's a new kid on the block: Launch Good. Aimed specifically at the Muslim community (although the site is keen to point out that it is very much open to everyone regardless of religion), the crowdfunding platform aims to support Muslims doing great things around the world. So far it's helped raise almost $2.4 million from 11,000 users in 17 countries. Details: launchgood.com
With the astronomical tourism figures quoted earlier in this article, it's not surprising that more companies have started to offer tailor-made trips and advice especially for Muslims. One such company is Halal Trip, which provides in-depth advice and guides on the best Halal restaurants, city guides, mosque tours and even an in-flight prayer calculator so people can work out exactly when they should be praying while travelling. Details: halaltrip.com
Malaysian music star Yuna Zarai (below) is the brains behind this start-up, which offers a range of modest clothing such as hijabs, shawls and scarves. The flagship store opened recently in Kuala Lumpur, but the good news for UAE men looking for a gift for their other half is they ship worldwide! Details: novemberculture.com
With such strong business potential in Islamic markets, it makes sense for there to be a place for the community to come together, share ideas and network - and in Executive Muslim, it has just that. Aiming to "facilitate economic and social collaboration in the Muslim world by connecting the best talent on one unique platform, bringing together commerce, philanthropy and Islam", the site could be the Islamic LinkedIn of the future. Details: executivemuslim.com
On-demand film and television has never been bigger than right now, with everyone from businessmen to families turning to it to get their fix of entertainment. And new platform Alchemiya is hoping to cash in on this trend, offering films, documentaries and lifestyle programmes showing the best in Islamic education, arts, culture, food, fashion and design, on demand. With only 30 titles in its library at the moment, this isn't quite a Netflix alternative yet, but with a massive demand and more programmes being added every week, the platform has clearly got huge potential.Details: alchemiya.com
Source: Ummah Wide on Medium.com