Deloitte and Dubai Islamic Economy Development Center: Significant Untapped Growth Potential of Digital Islamic Services
Jun 26, 2015, 05:40 ET
LONDON, June 26, 2015 /PRNewswire/ --
- Report commissioned by Sharia-compliant shareholding company Noor Telecom
- Dubai Islamic Economy Development Centre supports a study on Digital Islamic Services landscape
- Deloitte-led study defines online Islamic services under nine industry verticals and areas
Deloitte and Noor Telecom, a Kuwait-based, Sharia-compliant closed-shareholding company, have collaborated with Dubai Islamic Economy Development Center (DIEDC) for the compilation of a report that highlights the untapped potential of the Digital Islamic Services market and offers key recommendations for realizing Dubai's vision of emerging as the capital of Islamic economy.
The report whose title is 'The Digital Islamic Services Landscape: Uncovering the Digital Islamic Services opportunity for the Middle East and the World' conducted for the offline and online markets around the world. The report points out that a growing global Muslim population with a dominant youth demographic, high consumption and expenditure patterns coupled with a rising level of technology readiness are creating a clear and largely untapped need for Digital Islamic Services.
Abdulla Al Awar, CEO, DIEDC said: "The Digital Islamic Economy is a key pillar and area of focus for DIEDC and the Islamic world. We are pleased to extend out patronage to the study as part of our ongoing commitment to augmenting Dubai's leadership in this area. The report underscores the criticality of building a sound digital infrastructure and ecosystem to foster the development of online services for the Islamic economy."
The report indicates a wealth of opportunities that could be tapped into by investors, as well as governments and non-profit organizations.
Ayman Al Bannaw, Chairman and CEO, Noor Telecom said: "Technology is arming us with tools that are far more powerful and effective than anything in the past - the impact of which is fully evidentin the Muslim community. By observing and following this trend, we have identified a strong need for Digital Islamic Services."
The study builds and expands on Deloitte's previous report 'Defining the Digital Services landscape for the Middle East', which identified digital services under social needs, specifically hobbies, education, health and religion as emerging categories with unique niches for the Arab world. Of these, religion was identified as the category with the greatest prospects that could surge with continued activity and development.
Santino Saguto, Partner and Technology, Media and Telecommunications Leader, Deloitte Middle East, said: "Although the prospects are noteworthy, our findings reveal that very few Islamicinternet platforms have achieved a significant scale. Some verticals are being catered to, but monetization remains a challenge. Currently there are no venture capital funds in the Middle East that specifically target Islamic needs, signifying a huge gap that could and should be filled."
Dr Hatim El Tahir, Director, Deloitte Islamic Finance Knowledge Center in the Middle East, said: "The report findings indicate that the Islamic online services will continue to proliferate across the Middle East and the world at large over the next few years. In some areas we can expect to see the region following global trends whereas in others we will see a unique, homegrown approach. We expect these developments to create interest for global, regional and local players and stakeholders alike."
The report defines the Digital Islamic Services landscape under nine key industry verticals and areas, which constitute the pillars of the global Islamic economy online.
- Halal Food
- Halal Travel
- Islamic Finance
- Modest Fashion
- Islamic Art and Design (A&D)
- Islamic Economy Education
- Smart Mosques
- Islamic Media
- Islamic Standards and Certifications
The complete report is available at NewsSocial
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