Muslims are by nature enterprising individuals, and the rate at which the burgeoning yet steady Muslim economy is growing is at most, double the global rate. According to a report by Dinar Standard, Muslim consumers spent approximately $1.8 trillion on food and lifestyle in 2014 alone and the numbers are expected to increase to approximately $2.6 trillion by the year 2020. The current global assets of Islamic banks exceed the $1.3 million mark and are expected to more than triple by the year 2020.
Muslims have been making landmark strides in all categories of business including Islamic finance, travel, fashion, online e- commerce etc. Both male and female Muslim entrepreneurs are breaking the usual stereotypes and are coming up with enterprising ventures. In fact, the past years have seen the rise of more women entrepreneurs dealing in Islamic businesses such as Islamic fashion, which is expected to be worth $327 billion by the year 2020.
We believe that while the Islamic economy has a huge potential for further growth and improvement, the synergistic opportunities for growth and investment show even more potential.
With the steady strides and leaps technology, wealth acquisition has become an even more automated process with the rise of internet millionaires. Several Muslim businesses are gaining momentum due to the internet and we are witnessing a surge of internet millionaires.
In addition to that, we cannot underestimate the worth of Muslim entrepreneurs in the rise of the global economy. A few top Muslim entrepreneurs and their business interests include:
Prince Al-Waleed Bin Talal Alsaud
With a net worth of over US $ 26.1 billion, Prince Waleed is one of the wealthiest men on earth. He is the CEO and founder of the famous investment firm, the Kingdom Holding Company, also a Forbes Global 2000 company. He has varied interests in different sectors including banking, technology, petroleum, hotels and so on.
Azim Premji
Azim has been listed more than once among "The 100 Most Influential Men" in Times magazine. With a net worth of approximately $ 17.5 billion, Premji is a force to reckon with. Azim is the chairman of Wipro Limited, which deals in hydrogenated cooking fat company. The company was valued at a mere US $ 2 million but turned into a goldmine under the skilled leadership of Premji whose influence led the company to achieve a US $ 7 billion turnover. He also has major stakes in IT companies.
Mohammed Al Amoudi
The African/Arab business mogul originally started off from real estate and construction, and from there, expanded his wealth to other sectors. He has major holdings in oil refineries in Sweden and Morocco. Additionally, he holds large stakes in two conglomerates Corral Petroleum holdings and MIDROC. Al Amoudi is worth US $ 11 billion.
Iskander Mukhmodov
Mukhmodov is well worth over US $ 3.3 billion. He initially began with a business position in Russia's largest metal manufacturer and later switched to an industrial finance company JSC Alice as the CEO. He currently owns UGMK Holdings which is a metallurgical company and major copper producer.
Suleiman Kerimov
Suleiman is features among the top 10 Muslim businessmen in the world. He is also a Russian politician. Suleiman began his career as a simple accountant at an electrical plant and was promoted to the position of Deputy Director General within a short span of time. His fortunes took a turn for the better when he was appointed to lead Soyuz-Finans, a banking and trading company from where he got more influence and power.
He also has business interests in the aviation industry, other than banks. Suleiman Kerimov's net worth is estimated to be at US $ 6.5 million.
Also among the notable Muslim entrepreneurs of today is Com Mirza who is dubbed "the $ 500 million man" because his net worth is well over half a billion. Com is an embodiment of hard work and perseverance. He started a lemonade business at the age of seven and has since then donned various hats including that of a serial entrepreneur, venture capitalist and investor. His business interests vary from real estate to hotel franchises, agriculture, tourism and several online businesses. With companies spanning over 27 countries, Mirza is a prime example of a successful Muslim entrepreneur.
Furthermore, more and more Muslims are finding success with online ventures including e-commerce stores and affiliate marketing. With several courses and materials like podcasts, learning the methods employed by the rich and successful entrepreneurs can be emulated by everyone.