Journal Article

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.

This paper addresses structural deficiencies in housing justice and institutional financing within urban village renewal, especially in China case. It aims to develop a viable alternative to conventional debtheavy models by proposing a multi-dimensional financing model (MDFM) that integrates risk-sharing-based (sukuk-compatible) capital, cooperative ownership, government support, and public asset monetization. The study reconstructs an SPV-based cash-flow model and calibrates it using empirical data from Hangzhou�s self-financed renewal case. A 10,000-iteration Monte Carlo simulation is executed to test financial feasibility under realistic uncertainties, focusing on internal rate of return (IRR), net present value, and affordability for low-income households. Affordability metrics are benchmarked against market rent and mortgage comparators. A sensitivity analysis identifies the dominant value drivers (operational vs. financing variables). The MDFM delivers a median project IRR of 7.10% and lowers median monthly resident outflow by 31% relative to market rent and by over 50% relative to a conventional mortgage, without direct facing a RMB 1.04 million down-payment. However, P10 affordability exceeds the 30% burden threshold, revealing a vulnerability cliff for low-income households. Sensitivity analysis shows that outcome variance is driven primarily by operational fundamentals (rental growth and vacancy), whereas the sukuk redemption profile exerts minimal marginal influence. This study is validated through simulation rather than through empirical issuance or market adoption. The market appetite for sustainability-linked or Shari'ah-aligned equity instruments in China has not yet been empirically verified. The regulatory acceptability of the model also requires qualitative validation through stakeholder interviews and expert consultations to identify concrete policy adjustments. Although calibrated to the Hangzhou case, the model�s broader applicability must be tested through further sensitivity analyses and pilot studies in cities with distinct institutional and market conditions such as Shenzhen and Guangzhou. MDFM offers a scalable, fiscally sustainable solution for policymakers and developers, especially in contexts where informal settlements dominate. Its use of sukuk financing and assetbacked revenues provides a flexible alternative to conventional debt models in large-scale redevelopment. The model can pre-empt re-informalization and displacement by eliminating upfront capital barriers and embedding affordability through cooperative equity acquisition. It aligns investor profit with community stability, returns arise from sustained occupancy rather than speculative extraction. The P10 affordability cliff identifies where targeted support is required to protect vulnerable households. The design keeps residents in central labor markets, supporting job-housing balance and social mobility, and links renewal finance with low-carbon construction, enabling equity and environmental co-benefits simultaneously.

This paper introduces the Spiritual and Material Index for Sustainable Development (SAMI-SD Model), a comprehensive framework designed to assess well-being through an integrated lens of maqasid al-Shariah and sustainable development. While building upon earlier models such as CIBEST and the Multidimensional Shariah-based Material and Poverty Index (MSMPI), the SAMI-SD Model advances the field by embedding a new set of empowerment and sustainability indicators that capture dynamic capabilities, long-term resilience, and ethical stewardship dimensions not explicitly measured in previous frameworks. These additions enable the model to move beyond static poverty assessment by evaluating individuals� capacity to improve their socio-economic conditions, participate productively in society, and maintain intergenerational well-being. Grounded in classical Islamic thought and the institutional roles of zakat, waqf, and sadaqah, the SAMI-SD Model aligns with the maqasid hierarchy (daruriyyat, hajiyyat, tahsiniyyat) and supports the transition from basic survival toward holistic flourishing (falah). Methodologically, the model integrates both tangible and intangible indicators including spiritual health, financial empowerment, environmental responsibility, and social cohesion to present a fuller, ethically anchored picture of human welfare. By operationalizing these expanded dimensions, the SAMI-SD Model offers policymakers, Islamic financial institutions, and researchers a more actionable tool for designing interventions that are spiritually grounded, socially empowering, and environmentally sustainable. This enhanced measurement approach positions the SAMI-SD Model as a significant conceptual and practical contribution to the advancement of Islamic economics and its alignment with the Sustainable Development Goals (SDGs).

This study explores the growing integration between sustainability principles and Islamic investment funds, which are among the key Shariah-compliant financial instruments. Using an inductive approach to review concepts and global practices, and an analytical method to assess performance, the paper addresses four main themes: the concept of investment funds, conventional and Islamic investment funds, the current state of sustainable integration in Islamic funds, and the key development requirements. The findings indicate a strong alignment between Islamic ethical values and global sustainability standards, particularly in terms of justice, transparency, and environmental responsibility. Saudi Arabia and Malaysia were highlighted as leading models in promoting sustainable Islamic investment. The study recommends the development of Shariah-based sustainability indices, increasing green sukuk issuance, and enhancing regulatory frameworks to support sustainable investment ecosystems.