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Muslims are a significant consumer group in the UK, contributing to what is commonly referred to as the ‘Muslim Pound’. The Muslim population in the UK is estimated to be over 3 million, and this demographic has been identified as a key market by many businesses. In 2018, the Muslim consumer market in the UK was valued at £21 billion and is projected to grow to over £26 billion by 2023. One of the key factors driving this growth is the rise of Muslim entrepreneurship in the UK. In recent years, there has been a significant increase in the number of Muslim-owned businesses, which are estimated to contribute over £31 billion to the UK economy. These businesses are not only contributing to the wider economy but are also meeting the specific needs of Muslim consumers.
Muslims in the UK spend on a range of products and services, from Halal food and modest fashion to travel and finance. Halal food is a particularly important market, with Muslim consumers spending an estimated £1.3 billion on Halal food and drink each year. The Halal food market is not only catering to Muslim consumers but is also attracting non-Muslim consumers who are interested in the ethical and healthy aspects of Halal food. In Wales, the Muslim pound is also having an impact. Although the Muslim population in Wales is smaller than in other parts of the UK, it is still a significant demographic. The Welsh Government has recognised the potential of the Muslim market and has launched initiatives to support Muslim-owned businesses. For example, the Welsh Government's Business Wales service provides support for entrepreneurs and small businesses, including those owned by Muslims.
At the beginning of 2023, Now In A Minute Media; an independent media platform centring Welsh Muslim voices, brought together a panel of Welsh Muslim entrepreneurs in Cardiff to share their journeys on navigating the world of entrepreneurship. As a faith-conscious platform, the event titled ‘#IntentionOfHustle’ focused on the core value of niyyah (intention) in the Islamic faith.
The speakers related their experiences of the industry not having a significant support system and funding opportunities for their start-ups. One of the main challenges facing Muslim-owned businesses is access to finance. There is a perception that banks are not always willing to lend to Muslim-owned businesses, and this can be a barrier to growth. The concept of intention and the renewal of intention, in ensuring every practise of their business remains in line with their faith, was also related as a key factor in the life of a Muslim entrepreneur. The ultimate balance of the hustle for successful trade and the hustle for success in the eyes of God. To address this issue, there are now several Islamic finance institutions in the UK that are specifically designed to meet the needs of Muslim-owned businesses. These institutions offer Shariah-compliant finance, which means that the finance products are designed to be in line with Islamic principles, such as opportunities to take interest-free loans. This is an important development that is helping to bridge the gap between traditional finance and the needs of Muslim entrepreneurs.
Muslim consumers spending an estimated £1.3 billion on Halal food and drink each year.
The Muslim pound is an important and growing market in the UK, and Muslim entrepreneurship is playing an increasingly important role in the wider economy. While there are still challenges to be addressed, the potential of the Muslim market is significant, and it is important that businesses and policymakers work together to support this vital demographic. By doing so, we can ensure that the Muslim community is fully represented and supported in the UK economy, and that the benefits of the Muslim Pound are felt by everyone.
Now In A Minute Media will be touring their next #IntentionOfHustle event in Newport in May 2023. Visit www.nowinaminute.wales for more information.
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