Halal Trade Finance and Global Well-Being: Here Come the Millennials

Abstract

The growth of the young Muslim population is escalating. According to the State of Global Islamic Economy Report (2016/17), by 2030, 29% of the global young population is projected to be Muslims. This young population is, also referred to as Millennials (born between 1984 and 2000) are expected to play a vital role in the global economy. Characterised as a unique and affluent segment of the population and at the same time having attributes such as brand loyal, affluent, brand loyal, tech-savvy and demands instant access to information, the millennials are expected to form a new demographic customer base. This study seeks to examine the issue of well-being and how the landscape of global well-being via Halal trade finance is expected to change with the emergence of the Millennials as a new market segment. In addition, through library research and reviewing existing literature on Millennials, the study seeks to shed some light on whether Halal trade finance is ready to offer services that meet the needs and demands of this technology-driven generation.