Deloitte and Dubai Islamic Economy Development Center: Significant Untapped Growth Potential of Digital Islamic Services
LONDON, June 26, 2015 /PRNewswire/ --
- Report commissioned by Sharia-compliant shareholding company Noor Telecom
- Dubai Islamic Economy Development Centre supports a study on Digital Islamic Services landscape
- Deloitte-led study defines online Islamic services under nine industry verticals and areas
Deloitte and Noor Telecom, a Kuwait-based, Sharia-compliant closed-shareholding company, have collaborated with Dubai Islamic Economy Development Center (DIEDC) for the compilation of a report that highlights the untapped potential of the Digital Islamic Services market and offers key recommendations for realizing Dubai's vision of emerging as the capital of Islamic economy.
The report whose title is 'The Digital Islamic Services Landscape: Uncovering the Digital Islamic Services opportunity for the Middle East and the World' conducted for the offline and online markets around the world. The report points out that a growing global Muslim population with a dominant youth demographic, high consumption and expenditure patterns coupled with a rising level of technology readiness are creating a clear and largely untapped need for Digital Islamic Services.
Abdulla Al Awar, CEO, DIEDC said: "The Digital Islamic Economy is a key pillar and area of focus for DIEDC and the Islamic world. We are pleased to extend out patronage to the study as part of our ongoing commitment to augmenting Dubai's leadership in this area. The report underscores the criticality of building a sound digital infrastructure and ecosystem to foster the development of online services for the Islamic economy."
The report indicates a wealth of opportunities that could be tapped into by investors, as well as governments and non-profit organizations.
Ayman Al Bannaw, Chairman and CEO, Noor Telecom said: "Technology is arming us with tools that are far more powerful and effective than anything in the past - the impact of which is fully evidentin the Muslim community. By observing and following this trend, we have identified a strong need for Digital Islamic Services."
The study builds and expands on Deloitte's previous report 'Defining the Digital Services landscape for the Middle East', which identified digital services under social needs, specifically hobbies, education, health and religion as emerging categories with unique niches for the Arab world. Of these, religion was identified as the category with the greatest prospects that could surge with continued activity and development.
Santino Saguto, Partner and Technology, Media and Telecommunications Leader, Deloitte Middle East, said: "Although the prospects are noteworthy, our findings reveal that very few Islamicinternet platforms have achieved a significant scale. Some verticals are being catered to, but monetization remains a challenge. Currently there are no venture capital funds in the Middle East that specifically target Islamic needs, signifying a huge gap that could and should be filled."
Dr Hatim El Tahir, Director, Deloitte Islamic Finance Knowledge Center in the Middle East, said: "The report findings indicate that the Islamic online services will continue to proliferate across the Middle East and the world at large over the next few years. In some areas we can expect to see the region following global trends whereas in others we will see a unique, homegrown approach. We expect these developments to create interest for global, regional and local players and stakeholders alike."
The report defines the Digital Islamic Services landscape under nine key industry verticals and areas, which constitute the pillars of the global Islamic economy online.
- Halal Food
- Halal Travel
- Islamic Finance
- Modest Fashion
- Islamic Art and Design (A&D)
- Islamic Economy Education
- Smart Mosques
- Islamic Media
- Islamic Standards and Certifications
The complete report is available at NewsSocial
http://www.newssocial.co.uk/#!/articles/1434698119862249200/
For more information please contact KnowledgeView Marketing: T: +961-1345178, E: [email protected]
Website: knowledgeview.co.uk/
To find the latest mobile technology and digital publishing news:
Download our iPad App "DigitalPublishingNews"
Download our iPhone App "Digital Publishing News"
Like our Facebook page "KnowledgeViewLtd."
Follow us on Twitter "KnowledgeViewLtd."
About KnowledgeView
KnowledgeView Ltd is a UK-based company with headquarters in London and MENA regional office in Beirut.KnowledgeView has a unique combination of industry leaders on its Board and powerful publishing technology used by leading media players globally.
The company was founded in 1995 to develop cross-media publishing, news management and editorial sharing systems, with over forty media companies and 5000 journalists using its Publish live systems. KnowledgeView has also established a leading position in mobile apps development on the iPad, iPhone, Android tablet and Web-mobile platforms.
KnowledgeView's client base extends over four continents with such names as Dow Jones Newswire, CNN, Geopolitical Information Service, Australian Associated Press, Qatar News Agency, Saudi Research and Marketing Group, Abu Dhabi Media, MarocSoir Group and Deloitte &Touche, to name a few.
Publish live suite of products and services enables publishers and news groups to create regional or thematic communities around news, deriving maximum revenues from subscriptions and advertising and extend their reach through easy multi-publishing to paper, Web, mobile iPhone and iPad as well as the Android platform and social networks.
KnowledgeView's RAPID Browser, the heart of 'Publish live Newsroom', is a powerful news management and editorial sharing system for automating acquisition and classification, setting the standard for the next generation of news management systems. RAPID Browser allows media groups to setup their own cloud-based Content Hubs for extending their reach into their communities and generating revenues from advertising and subscriptions.
SOURCE KnowledgeView ltd.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article