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The Global Islamic Economy and Malaysia's current standings
The recently launched State of the Global Islamic Economy Report 2020/21 (the Report) estimated that Muslims spending on Islamic economy sectors reached USD2.02 trillion and Islamic finance assets recorded at USD2.88 trillion in 2019. The global Muslims spending is forecasted to decrease by 8% in 2020 due to the pandemic. The Report also highlighted that Malaysia leads the overall Global Islamic Economy Indicator (GIEI) rankings for eighth consecutive year. This includes retaining its top position for Islamic finance sector alongside three other sectors.
