The role of Islamic banks and stakeholders in financing and promoting halal tourism

Maizaitulaidawati Md Husin

Chapter 7 in A Research Agenda for Halal Tourism, 2026, pp 121-129 from Edward Elgar Publishing

Abstract: Global halal tourism is increasing over time. It was projected to be worth approximately USD 301.9 billion by the end of 2025 and is expected to continue expanding to USD 548.1 billion by 2035. Aspects of halal tourism include halal food, finance, Islamic attractions, and many other features. The rising Muslim population, faith-based travel preferences, and increased consumer expectations drive demand for global halal tourism. Numerous countries, both Muslim-dominated and non-Muslim-dominated, are actively promoting halal tourism, including Malaysia, Indonesia, Saudi Arabia, the United Arab Emirates, Turkey, Japan and the United Kingdom. Despite the promising future of global halal tourism, however, there is a lack of dedicated Islamic finance products that cater for halal tourism. This situation may hinder the development of this unique sector, limiting its true potential. Therefore, this chapter discusses how Islamic banks can take a proactive and strategic role in designing Islamic financial instruments suitable for halal tourism. The challenges and gaps in understanding will be discussed, and the chapter will conclude with recommendations and a future outlook.

Keywords: Islamic Banking; Shariah-compliant Services; Islamic Finance; Muslim Faith; Islamic Tourism; Non-muslim Destinations (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035349425
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