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Islamic fashion sector to hit $327bn

DUBAI, September 2, 2015

Islamic art and fashion are quickly becoming burgeoning industries within the diverse landscape of the Islamic economy, and are dominating a key market share in the global lifestyle sector. 
 
Last year the Islamic fashion sector expenditure reached $230 billion, constituting 11 per cent of the global fashion market, according to a report.
 
The upcoming State of the Global Islamic Economy (SGIE) report, to be published in conjunction with the Global Islamic Economy Summit (GIES) to take place in Dubai this October, has projected that it will further grow six per cent to reach $327 billion by 2020.
 
The 2015 summit, organized by Dubai Chamber, the Dubai Islamic Economy Development Centre (DIEDC) and Thomson Reuters, is set to gather over 2,000 policymakers, thinkers and business leaders on October 5 and 6 at Madinat Jumeirah.
 
Art and culture are important components of the Islamic economy, and while Islamic art has always been a mainstay of museums around the world, it has increasingly gained importance as a collectable investment, said a statement.
 
Initiatives across the GCC region, and especially in Qatar and the UAE, have turned a spotlight onto Islamic art that retain a focus on traditional religious works, while also introducing audiences to more contemporary offerings. 
 
As part of the drive within the GCC to create a more vibrant cultural profile, innovative spaces such the Mathaf in Qatar and the Guggenheim and Louvre in Abu Dhabi, as well as contemporary galleries in Dubai, are all encouraging investment in Islamic art and helping it go mainstream.
 
Contrary to the rest of the fashion industry, which is facing financial pressures as a result of global recession, the Islamic fashion industry continues to expand. 
 
Initially catering to the inherent modesty of the Muslim world, Islamic fashion is generating demand from other regions and cultures where modesty is a priority, as well as attracting attention from major mainstream fashion players. 
 
Islamic fashion was also at the centre of the Turin Modest Fashion Round table, organised this past July by the Turin municipality, Thomson Reuters and the Dubai Chamber, said the statement.
 
Both entrepreneurs and more established fashion houses are servicing this niche market, which draws on influences from Asian, Arab and African cultures, it said.
 
Alia Khan, chairwoman of the Islamic Fashion and Design Council, said: "People are intrigued by the Islamic fashion industry, and rightly so; there is much more to it than meets the eye. It has tremendous potential to lead and can set a wonderful example for the mainstream fashion industry, offering powerful solutions that will revolutionize fashion - while maintaining its dignity, elegance, and class." 
 
Islamic art and fashion will both feature in GIES with dedicated sessions on the second day to foster discussion around these pillars of the Islamic economy. 
 
Khan will chair a moderated panel on modest fashion, with panellists including prominent players in the fashion industry from Turkey, Indonesia Kuwait and the UK. 
 
The session on Islamic art will be chaired by Sultan Sooud Al Qassemi, founder of Barjeel Art and will include panellists from Christies, the Jameel Foundation, Qatar Museums and Dubai Culture and Arts Authority. - TradeArabia News Service



Tags: Art | industry | Islamic | Fashion |

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