In August 2017, Moby Dick went out to sea to get an exclusive story on the financing of a Muslim App. Muslimpro's parent company BitsMedia was acquired by CMIACapitalPartners and Affin Hwang Asset Management (AHAM), The transaction amount is in the tens of millions of dollars. At the time, MuslimPro had been downloaded 45 million times, had over 10 million monthly active users, and had 2 million daily active users.

These users are not concentrated in one market, and the commercial realization is not mature enough. Why can the transaction amount reach tens of millions of dollars? A recent report offers an answer. In 2016, Muslims spent an estimated $2 trillion on food, beverage and lifestyle, accounting for 11.9 percent of total global consumer spending, according to the report.

When broken down by category, Muslims led the way in food and beverage spending at $1.24 trillion. This was followed by $254 billion for fashion and apparel, $198 billion for media and entertainment, $169 billion for travel, and $83 billion for medicine and $57.4 billion for cosmetics.

The figures were revealed by the Dubai Islamic Economy Development Centre (DIEDC) in its Global Islamic Economy Report 2017-2018, published in collaboration with Thomson Reuters.

According to the report, halal food is the largest and most diversified sector of the Islamic economy. At the same time, a number of new products have begun to arrive in the Islamic market, offering products that go well beyond the limited range of meat, including sweets, ready-to-eat meals, snacks and children's food.

The report also said that through franchising, established companies are accelerating their expansion at home and abroad. Multinational companies have also made significant investments in Muslim-majority markets in anticipation of growing demand for the Islamic economy. Meanwhile, private equity investment and sovereign wealth funds are particularly active, and a number of Islamic investment funds are also in the pipeline.

The International Halal Certification Forum, which was established in the United Arab Emirates in 2017, will oversee 19 certification bodies worldwide, according to the report. This is a further development for the industry, to take it to the next level.

Muslim consumption of food and beverage is growing nearly twice as fast as global growth, with Muslim spending in this category expected to reach $1.93 trillion by the end of 2022.

According to the report, the Islamic finance sector continues to grow and the sukuk industry is gradually maturing. It issued a large number of Sukuk bonds for the first time in the past year, and plans to issue more in the future. Muslim debt assets were valued at more than $2 trillion in 2016 and are expected to soar to $3.8 trillion by 2022.

Family travel is also gaining popularity among Muslims in Muslim areas. Muslim tourism is at an all-time high this year, halal hotel chains are thriving and the Gulf Cooperation Council is actively developing family-friendly scenic spots, the report said.

Tourism spending by Muslims was $169 billion in 2016 and is expected to reach $283 billion by 2022.

As for modest fashion, designer brands and boutiques are developing new collections and Ramadan collections. Humble sportswear is a very hip area, with Nike and Danish brand Hummel also getting in on the act. Muslims spent $254 billion on clothing in 2016 and are expected to spend $373 billion by 2022.

Halal media and entertainment are challenging traditional perceptions in an effort to adapt to the needs of Muslim millennials, the report said. In the Islamic world, new films are being released, more television channels are airing, and mainstream media are increasingly embracing Islamic content.

Muslim spending on media and entertainment was $198 billion in 2016 and is projected to reach $281 billion by 2022.

The halal medicine and cosmetics industry is also rapidly shedding its niche market position, particularly halal cosmetics, in this regard.

Multinational companies are recognizing the potential of this market segment. Notably, US-based Orly Nail Brand has teamed up with MuslimGirl.com to create and design six halal nail polish options for Ramadan, which are widely popular with Muslims.

Muslim spending on medicines was $83 billion in 2016 and is expected to reach $132 billion by 2022; Muslims spent an estimated $57.4 billion on cosmetics in 2016 and will spend $82 billion by 2022.

Sultan Mansouri added: "The fall in oil prices has led to a fundamental change in the nature of the GCC economy and a focus on developing the non-oil producing sector. This trend makes the halal industry and trade a major driver of economic growth in the coming years."

As for prayer APPs, e-commerce is an important direction of future commercialization because of the high opening frequency.