The halal travel industry is growing thanks to solvent Muslims, who want to travel and explore the world without violating Islamic principles. Given the wealth of the Arabic world, this demand could prove to be a profitable market if they are actually compliant with Sharia principles. On the other hand, as also Islamic finance continues to grow and new players enter the market, the opportunities for innovation and collaboration in the Muslim-friendly travel space are limitless. With a shared commitment to inclusivity and ethical practices, these industries are well-positioned to drive growth and create lasting economic impact in the years to come. Businesses in the tourism sector have to explore the synergies between these industries and consider how Islamic finance can help them grow and innovate. The intersection of Islamic finance and Muslim-friendly travel presents a unique opportunity for growth, innovation, and inclusivity and can create an ecosystem that benefits travelers, businesses, and communities alike.
Sevgi Osman (2024) studied this question.