Published On:29 July 2010
Posted by Indian Muslim Observer

Forum discusses Muslim marketing

A Forum at Oxford University brings together many business leaders, ‎branding and marketing experts to discuss the key issues that face the ‎Islamic growing market.‎

Ministers and academics from Muslim countries have attended a two-day gathering at Oxford University to discuss how to market Islamic products to the rest of the world.

The Oxford Islamic Forum opened Monday to discuss the rise in Muslim consumerism and the power of Islamic finance, Press TV's correspondent in London, Hassan Ghani, reported.

The Forum is the first to bring Muslim and non-Muslim leaders and companies from a variety of business sectors together to discuss ways of developing better trade and business relations as well as exchanging information about the markets involved and the techniques required.

According to a Muslim British business leader attending the gathering, Muslim spending power has increased within the current generation.

"Muslims in the UK now buy more by faith…You see the market reacts so that it is forced to change its approach toward the consumer," Khalid Sharif, an official at Ummah Foods said.

Malaysia's Minister of Economic Planning said on the sidelines of the conference that Muslims around the world are now able to create products to enable them to sell to non-Muslims.

"By selling to non-Muslims we can create economies of scale," Nor Mohamed Yakcop said.

According to the Pew Research Center, a comprehensive demographic study of more than 200 countries finds that there are 1.57 billion Muslims of all ages living in the world today, representing 23 percent of an estimated 2009 world population of 6.8 billion.

Not only is the Muslim population a significant percentage of the global population but also the market for sharia compliant products or services -- products and services that conform to Islamic Law -- totals $2 trillion annually and is growing rapidly.

As Muslim countries develop, there is an expressed need to develop and market their own brands to the rest of the world.

Meanwhile, there is massive interest amongst non-Muslim companies about ways of entering the global market, which covers many industries including finance, food and beverages, cosmetics, healthcare, pharmaceuticals, logistics, tourism, fashion, and others.

(Courtesy: PressTV.ir)

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Posted by Indian Muslim Observer on July 29, 2010. Filed under , . You can follow any responses to this entry through the RSS 2.0. Feel free to leave a response

By Indian Muslim Observer on July 29, 2010. Filed under , . Follow any responses to the RSS 2.0. Leave a response

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