by Prof. Dr. Euis Amalia
The global halal economy is projected to reach USD 2.8 trillion by 2025, positioning Indonesia, Malaysia, and Thailand as key players in Southeast Asia. Despite this significant potential, the integration between Islamic finance and the halal industry remains fragmented.
This study highlights notable regulatory differences: Indonesia enforces mandatory halal certification, while Malaysia and Thailand adopt voluntary frameworks. Beyond regulation, the most critical barrier lies in financial constraints, which account for 41.8% of the challenges in linking Islamic finance with halal industry actors.
At the regional level, Malaysia demonstrates strong leadership through the integration of Islamic banking products via specialized halal financing schemes. Thailand, although a non-Muslim majority country, has successfully developed robust halal export capabilities, underscoring halal as a universal quality standard. Meanwhile, the adoption of advanced technologies—such as blockchain—has become increasingly urgent to enhance supply chain transparency and certification efficiency.
Overall, the findings suggest that effective inter-institutional coordination plays a more decisive role in building a sustainable halal ecosystem than regulatory stringency alone.
