The Friday Round Up: racy soap operas, halal cosmetics regulation, India Islamic finance enthusiasm, and self-expression for Arab women
Did you know that in Islamic tradition, Friday is considered a day of Eid? That means that it is a day of celebration for Muslims. So, in the festive spirit, here are plenty of exciting insights and trends in the Muslim consumer segment.
Earlier this week, we spoke at the 3rd Annual Asia Islamic Banking conference. The industry is estimated at $1 trillion, and set to grow to $5 trillion by 2016. But Muslim consumers still ask some crucial questions which the industry is grappling to answer: what is ‘Islamic’ about their products? And do they really offer value and customer care? In two presentations across the two-day summit, we set about addressing how to take the Muslim consumer on a journey “From Doubt to Devotion”, and how brands needed to not just “Talk Islamic, but Walk Islamic”. You can see John Goodman in action here, and read our thoughts on the conference, and an industry that has been described as the “new Silk Road” bringing together East and West.
In the news
With Ramadan about to start at the end of next week, and a growing number of retailers reaching out to Muslim consumers for the month, Monocle 24 interviewed Ogilvy Noor about Islamic branding and the best way for brands to engage with this audience during the Islamic month of fasting. (The interview starts at 32:20.)
Cheat sheet: sharp insights into Muslim consumer markets this week
India keen on Islamic finance system
Standard Chartered launches Islamic wealth management products for high net worth clients in Dubai, Geneva, London and Jersey
Arab tourism is washing over Istanbul – and it’s all because of racy Turkish soap operas
Rapid social change for Arab women “includes aspirations to freedom, fun and self-expression, and understanding”
Islamic finance set to reach $5 trillion by 2016
New regulatory body set up for halal cosmetics and perfume industries
Muslim consumers are rigorous in verifying halal status: in the UK an halal food manufacturer fined for mis-labelling ingredients
Moroccan consumer market ready for Islamic finance: more than 80% of consumers say they would be likely to take up Shariah-compliant finance when it is launched