Tashkent, Uzbekistan (UzDaily.com) -- According to DinarStandard research, the turnover of the Islamic economy, excluding the financial sector, is about 2.5 trillion euros. The UAE ranks third in terms of economic development in the Islamic world - after Malaysia and the KSA.

According to expert estimates, Dubai is striving to become a regional economic hub. For this purpose, in 2013, a specialized institute was created - the Dubai Center for the Development of Islamic Economy.

According to the director of the Dubai Center for the Development of the Islamic Economy, A.M. Al Avar, the center analyzes the main investments in various sectors of the Islamic economy, assesses consumer spending on products and services included in the Islamic economy.

According to The State of the Global Islamic Economy, Dubai is the world leader in bond prices. According to A.M. Al Avar, Islamic bonds can become an important source of funding for many initiatives that will help recovery after the pandemic.

At the same time, according to forecasts of the Dubai Center, in 2021 GDP and employment in the region will recover and reach the level preceding the pandemic crisis. Moreover, the advanced economies, which suffered more than others during the crisis, will recover first and outstrip the third world states.

At the same time, according to forecasts, the turnover of the halal product market in the country is expected to exceed the 4.6 billion euro mark by 2022. The increase in the Muslim population, income growth, and the activation of e-commerce are among the factors stimulating demand. With this in mind, the Dubai authorities are planning to develop a strategy to attract investment in these areas.

Experts note that the global growth of the Islamic economy as a whole is supported by such key factors as: 1) high growth and prosperity of the Muslim population; 2) the constant involvement of global transnational corporations and investors; 3) a growing number of national strategies for halal products and related opportunities.