This study maps halal development heterogeneity across seven Muslim-minority emerging regions and develops a strategy logic for cross-regional coordination based on institutional complementarities. The study adopts a mixed-method design. A bibliometric review of 60 Scopus-indexed studies (Jan 2019�Jan 2025) identifies 4 development paradigms via keyword co-occurrence and citation patterns (institution-driven, market-integrated, institution-exporting and peripheral-experimental). These paradigm signals are then integrated into an analytic network process (ANP) with a benefits, opportunities, costs and risks (BOCR) model to derive composite priorities, locate regions on a strategic quadrant map and sequence cooperation pathways. The findings reveal pronounced regional heterogeneity in halal economic development. The Association of Southeast Asian Nations (ASEAN) and South America occupy high B-O positions with relatively manageable C-R constraints, while East Asia and North America exhibit higher C-R frictions despite strong market capabilities. Oceania displays export-oriented potential but is hindered by certification fragmentation; Middle East and North Africa (MENA) and West Africa require institutional capacity building. The results further indicate role-based complementarities, e.g. South America�s agribusiness supply, ASEAN�s certification leadership, East Asia�s branding/technology capacity and Europe�s sustainability standards, supporting phased coordination from short-term trust and mutual recognition to longer-term institutional integration. This study faces limitations related to bibliometric data and ANP-BOCR modelling. Mapping keywordsto BOCR dimensions involvesinterpretive judgement despite expert validation, and the absence of formal inter-rater reliability statistics may constrain replicability. The analysis is limited to a defined time window (2019�2025) and a single database (Scopus), potentially restricting coverage. Transforming keyword structures into regional priorities may introduce classification bias. Findings should therefore be interpreted as indicative coordination patterns rather than deterministic rankings, with future research extending datasets and comparative validation. The study advances a structured hybrid approach that integrates bibliometric paradigms with ANP-BOCR modelling to generate strategic coordination logics. By shifting from regional ranking to roledifferentiated complementarity and sequencing, it extends new regionalism debates in Muslim-minority emerging markets and offers actionable guidance for multi-actor halal governance.

We examine the default risk spillover for two groups of global energy firms, including top energy firms from seven different sectors as well as energy firms scoring highest in terms of environment disclosure. We first perform a bibliometric review to uncover the trends in existing literature related to our research objectives. We then utilize novel, daily frequency data of 'distance to default' measure to perform two important co-movement techniques namely wavelet and TVP-VAR. The sample period is from 29 June 2009 to 30 June 2021. Our wavelet results reveal that both the groups exhibit spillover of default risk. However, there is higher interdependence of default risk in environment conscious energy firms during normal as well as crisis periods. The TVP-VAR results portray the interaction across both groups of firms and show heightened connectedness between the sampled firms for the sample period. We also identify net transmitters and receivers of shocks. The results carry important implications for investors and policymakers.

Motivated by society's misunderstanding of halal certification for food and beverage, along with the costly and inefficient process of halal cross-border trade, this research aims to analyze the different approaches to regulations and the Islamic jurisprudential method used by the certifying bodies represented by Ulema Council in two influential halal hub countries, Indonesia and Malaysia. A qualitative systematic literature review was used to identify the relevant sources taken from fatwa documents. There are five crucial areas with different verdicts and juristic methodology. Four resolutions: alcohol contamination, animal stunning, recycled water, and insects for coloring indicate the differences between allowed and permissible. Contrasting law exists in non-permissible ingredient contamination. This is due to the difference in the juristic approach implemented by Indonesia Ulema Council (MUI) who prohibited it, and Malaysia Ulema Council (JAKIM) who allowed it. Both countries could review their halal certification process by understanding the methodologies applied, harmonizing the framework, and gaining further support from the respective regulators. The findings assist policymakers to transform from cooperation act into harmonizing certifying standards, which will enable both countries to implement robust halal free trade agreements, increase the halal industries' competitiveness, and strengthen the position of both countries globally.

Viyana platform has announced the live offering of Reefside sukuk ijarah, a Shariah compliant debt instrument aimed at providing investors with a stable, long-term investment opportunity in the Maldivian market. The sukuk has an issue size of MVR28 million (US$1.81 million), comprising 28,000 securities priced at MVR1,000 (US$64.68) per Sukuk, with a minimum subscription of five sukuk. The proceeds will be utilized to raise working capital and settle outstanding financing facilities with Maldives Islamic Bank. Structured under the ijarah concept, the sukuk offers an indicative profit rate of 8.5% per annum, with semi-annual profit distributions derived from rental payments on identified underlying assets. The sukuk carries a tenure of nine years, with full redemption at nominal value upon maturity. The offering opened for subscription on the 14th December 2025 at 8am and will close on the 12th February 2026 at 4pm. Allotment is scheduled for the 19th February 2026, followed by deposit on the 22nd February 2026. In the event of oversubscription, allotment will be made on a pro-rata basis.

On January 14, a Bangladesh Bank (BB) letter announcing a 'haircut' on deposit profits (no profit on deposits) for the five merged Islamic banks for 2024 and 2025 took depositors by surprise. Following widespread reactions, the decision was revised. The profit rate for individual term and scheme deposits has now been set at four percent for those two years, with a provision to adjust any excess profit already distributed against future profit distributions. In support of the previous decision, on January 15, the governor of the central bank had cited the BB�s Shariah Advisory Board (SAB) opinion that no profit can be paid in the event of a loss. He further explained that, as the concerned banks incurred losses during these years, the cancellation of profit is in accordance with Shariah principles and based on the SAB�s recommendations. Later on January 29, he mentioned that, although depositors do not have any entitlement to the profit, it will be provided as ihsan (benevolence) by the government. In addition, he announced that, from January 2026, the profit rate will be fixed at 9.5 percent for deposits with a tenure of more than one year, while deposits with a tenure of less than one year will earn nine percent. Since Shariah compliance is the foundation of Islamic banking, an unclear articulation of this claim and a lack of disclosure regarding Shariah decisions may raise concerns. For instance, the cancellation of already distributed profits and the fixing of profits in mudarabah contracts are contentious issues. Without clearly outlining the narrative and parameters of these measures, such decisions may lead to unintended consequences, including setting a precedent for Islamic banks to retrospectively revise their profits based on claims of Shariah compliance, thereby increasing depositors� risks. At the outset, it is worth noting that the Islamic banking system in Bangladesh has accumulated various weaknesses over time. Alongside forced takeovers and large-scale irregularities across several banks, persistent deficiencies in product structuring, governance, Shariah compliance mechanisms, and disclosure practices have been evident in many instances. Significant gaps are also apparent in the regulatory and supervisory framework, and laws and regulations generally do not distinguish between interest-based and Islamic banking. The cumulative effect of these shortcomings has created deep structural vulnerabilities in the sector.