: Muslims Find New Strength in Consumerism

For years, Muslim countries have watched as the better quality and savvy marketing of American goods have taken chunks out of their consumer markets. Now, with a better understanding of playing the globalization game and a new awareness of their own purchasing power, they are fighting back with substitute goods and services. The spectrum ranges from “Abu Ammar” potato chips to local substitutes for DisneyWorld. And the purchasing power of Muslims has not gone unnoticed, even in the US and and Britain. And in another sign of creative flexibility, longtime economic pariah Iran is succeeding in its efforts to market bonds in international markets. Western financial markets have responded with Islamic indices and investment funds, such as those by Dow Jones and HSBC Investment Bank. “We definitely see an interest,” says Youshaa Patel, a Dow Jones Islamic Index representative. “Generally speaking, we see a growing market overall.”

Zahed Amanullah is associate editor of altmuslim.com.  He is based in London, England.