These 5 startups are making it big by serving Muslims

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According to FoodNavigator, the global halal market is currently worth US$1.1 trillion and is forecasted to grow to over US$1.6 trillion by 2018. Moreover, according to Halal Research Council, halal food and other Muslim-focused markets are growing at double-digit rates in almost all Muslim-majority countries and even in Muslim-minority ones. According to World Finance, the global Muslim market is also growing outside of halal food at a combined total of over US$3 trillion in gross income.

However, Muslim countries are not at the forefront of this Halalified revolution. To share just one example, Brazil’s halal exports in 2015 earned them about US$5.9 billion. It’s clearer than ever that focusing on this specific niche — serving Muslims with products and services that meet their needs and do not conflict with their faith — has a potential for incredible growth. Entrepreneurs have taken note of this.

In this article, we’re going to take a look at five of the most innovative startups and entrepreneurs who are making it big by serving Muslims.

Salaam Bank

Founded by Ummah Wide creator Dustin Craun, Salaam Bank bills itself as a “Global Bank for a Global Generation.” Inspired by western banks, it has positioned itself as the world’s first Islamic banking and finance platform, which can connect customers to Islamic financial solutions worldwide depending on their locations.

Its aim is to make banking ethical for devout Muslims by connecting them to financial institutions that share their values (such as interest-free banking which is at the core of Islamic finance). The bank uses an online-only model that has already been popularized in the western world.

It is also designed to be global. From Dubai, Jakarta, London, to the US, it allows freedom and control of a customer’s banking experience.

Salaam Bank hasn’t launched yet, but they are expected to begin trials soon.

Halal.ad

Founded by Danish Muslim entrepreneur Maruf Yusupov, Halal.ad is designed to be a halal-friendly alternative to other leading online ad platforms such as Google AdSense. It ensures that if your website — about the study of the Quran for example — begins running ads, your visitors won’t see advertisements for things that will offend their faith (alcohol or other items that Muslims are not allowed to consume).

The platform checks every single ad served to make sure they’re compliant with the faith’s ideals, saving Muslim companies a lot of time and money. It also has features such as date and location-specific targeting. In addition, the platform gives Muslim entrepreneurs and businesses a great way to target Muslims specifically, helping grow the halal and Muslim market niches.

HalalTrip

The Islamic travel and tourism industry will be worth US$200 billion by 2020 according to a report by MasterCard, and HalalTrip is looking to serve Muslim consumers of this growing industry.

This is one of the oldest startups on this list — it was founded by CrescentRating CEO Fazal Bahardeen in 2013 — and it has quickly found success, becoming the go-to website and app to help Muslims find halal destinations.

This startup also helps Muslims find relevant experiences globally. It features restaurant reviews, tours, hotels, and offers coupons, special travel packages, and other such promotions. It also has a convenient “spotting” feature which allows users to upload photos of halal restaurants and destinations they visit to share with other users.

Their app also has an in-flight prayer time calculator which helps Muslims calculate when their prayer times should be while crossing different time zones.

Quran Academy

Bayyinah Institute

Bundle News (special mention)

Conclusion