Equi Think Tank researchers report looking at the economic contribution made by British Muslims to the UK economy, & possible risk of exodus
Date and time
Fri, 1 Nov 2024 18:00 – 20:00 GMT
Location
Al Manaar | The Muslim Cultural Heritage Centre
244 Acklam Road
London
W10 5YG
United Kingdom
About this event
- Event lasts 2 hours
REPORT LAUNCH DISCUSSION: THE ECONOMIC CONTRIBUTION OF BRITISH MUSLIMS TO THE UK’S GROWTH AND PROSPERITY, AND THE RISK OF EXODUS
with co-authors *Equi Think Tank Researchers: Mohammed Sinan Siyech and Sofiah Laila Shah
Date and time: Friday 1st November 2024, 6pm – 8pm [Prompt start]
Venue: Al Manaar | The Muslim Cultural Heritage Centre, 244 Acklam Rd, London W10 5YG
This recent study published in September claimed to quantify the significant impact of the Muslim community on the UK economy but also the potential risks if failing to address the concerns driving many talented British Muslims to consider emigration. The research reveals that British Muslims generate £70 billion a year for the UK economy. This figure encompasses contributions from various sectors, including £42 billion from the Muslim workforce, around £25 billion from Muslim-owned businesses, and £2.4 billion in charitable donations and volunteer time. These numbers tell a story of a community that is not just integrated but is actively shaping and strengthening the fabric of our society. This impact extends far beyond these monetary values. British Muslims fill critical roles in crucial public sectors such as the NHS, where they provide essential care in over 46,000 roles. They are vital contributors to the transport systems, education sector, and civil service. Muslim-owned businesses are creating employment opportunities for hundreds of thousands of Britons, often in cities that are in dire need of economic rejuvenation. Moreover, the globally connected nature of the British Muslim population has positioned the UK as a hotspot for Islamic financial investments, Muslim tourism, and halal industries. London has become the West’s Islamic finance capital, with UK based Islamic banks controlling assets worth £5.73 billion- 85% of the total assets in Europe’s Islamic banking sector. Lastly, with a projected global market worth £230 billion by 2030, the UK has emerged as the most popular Western destination for Muslim tourists globally.
However, the research has also uncovered a concerning trend. British Muslims are 50% more likely to want to leave the UK than the average British citizen. Even more alarmingly, affluent British Muslims with an annual income over £62,000 are 65% more likely to consider emigration. This potential ‘brain and wealth drain’ poses a significant risk to the UK economy and society. The public polling results reveal that religious discrimination is a key factor driving this desire to leave, with British Muslims three times more likely to cite this as a reason compared to the average Briton. This discrimination often manifests in systemic ways, making it challenging for Muslims to practice their faith and feel comfortable in their day-to-day lives, particularly in the workplace. These findings are supported by the literature review and interviews conducted as part of this study. Previous reports have highlighted the underrepresentation of Muslims in various sectors, the challenges faced by Muslim-owned businesses, and the impact of Islamophobia on social and economic integration. The research builds on these studies, providing up-to-date quantitative data and qualitative insights that present a comprehensive picture of the current situation. The potential economic impact of such an exodus is estimated to be around a loss of between £234 million and £1.1 billion in annual tax contributions.
About the speakers
*Mohammed Sinan Siyech is Senior Researcher at Equi and is a doctoral scholar at the University of Edinburgh. He also teaches politics at King’s College London and the School of Oriental and African Studies, London. He has published and spoken about politics, religion and security issues in Europe, South Asia and the Middle East in various platforms across the world.
*Sofiah Laila Shah is a Researcher at Equi. She read History and Politics at the University of Cambridge.
Equi is a pioneering think tank. An independent, nonpartisan organisation whose mission is to develop and promote new public policy ideas for a just and prosperous society for all. Borne from a recognition that British Muslims are not included in the crucial arena of public policy formation, it has been driven by a desire to contribute more fully to the health and wellbeing of our nation bringing into play our dearly held values and ethics of public service. Outcomes will be driven by British Muslims, but not simply for British Muslims. Equi is committed to an evidence-based approach to policy development and retains copyright and full editorial control over all its written research. We work in partnership with academics and other experts and commission studies involving empirical research.
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