August 17, 2017
Sillwood, who set up Shukr LLC in 2000, states that he discovered a demand in the market for elegant and small garments that can appeal to Muslims in the west. Fifteen decades afterwards, his company designs, manufactures and sells clothing through the web and three stores.
“Initially, I didn’t know that my company would grow into a fulltime business. Later on, our earnings started to grow very dramatically and it was apparent that there was quite significant potential for the company.”
The business is presently attracting attention from Islamic finance centers. Dubai has set up a tax-free design hub for Islamic fashion.
The Muslim fashion and lifestyle company is nevertheless considered a retail department that isn’t completely exploited. We have yet to see many notable or well-known global Muslim fashion brands that can be found in various Muslim nations.
Spending on Islamic clothing and abayas is expected to raise 82 percent to around $500 billion by 2019 from 2013. The Dubai Design District is a part of a plan by the Emirate to finally turn into the worldwide capital of the foreign exchange sector. Firms based in the center will be granted tax breaks, according to the district site.
Sharia-compliant trend websites have dipped in recent years, and Dinar Standard estimates that Muslims bought $4.8 billion of clothing and accessories online in 2013.
London-based online Muslim fashion retailer Aab began a boutique in the city last month and plans to expand in the UAE over the next years to come. It also has a website where Muslim women can buy abayas online and get them delivered to all corners of the globe.
Issues in procuring Funds
Securing funding may be a problem for smaller Islamic fashion companies. Small and midsized companies are all on the upswing and eager to catch up a bit and tap into the present marketplace. The challenge for all those entrepreneurs would be to discover the funding opportunities which are compliant with their particular faith, business ethos and requirements.
But there are promising success stories in this respect. A Turkish startup called Modanisa was able to secure $8.5 million in 3 different rounds of investment which helped it expand its operations globally and become a market leader in the hijab fashion industry.
The aim of such Islamic fashion companies is to dispel the understanding that Sharia-compliant clothing is dull and largely black. The only way is to make it look more stylish rather than spiritual.