Halal Industry Products influence on Current Account in OIC Economics in Asia on 2015-2019
DOI:
https://doi.org/10.21111/jiep.v1i4.2856Kata Kunci:
Halal industry, current account balance, Organisation of Islamic Cooperation (OIC) Asia, Muslim-friendly tourism;Abstrak
This study examines the influence of halal industry developments on the currentaccount balance on the economy of Organisation of Islamic Cooperation members inAsia during 2015–2019. Using panel data and estimates of fixed effects of countriesand years, this study correlates current account balances to GDP with halal sectorproxies, namely Muslim-friendly tourism scores and intra-OIC trade indicators,accompanied by standard macro covariates. The results show a positive associationbetween the development of halal services and current accounts, especially throughthe improvement of the service balance in countries with a relatively maturedestination, logistics, and certification ecosystem. In contrast, the impact on thebalance of goods is more heterogeneous and weak in commodity-oriented economies.Resilience tests with a variety of indicators and macro specifications maintain the direction of the main findings. A key limitation is the lack of standardized cross-border indicators of halal certification and export, so that results are read as conditional associations, not causal. Policy implications emphasize strengtheningservice channels, cross-border standardization, and diversification of value-addedmanufacturing in research areasReferensi
Ab Talib, Mohamed Syazwan, Abu Bakar Abdul Hamid, dan Mohd Hafiz Zulfakar. 2015.
“Halal Supply Chain Critical Success Factors: A Literature Review.” Journal of
Islamic Marketing 6 (1): 44–71. https://doi.org/10.1108/JIMA-07-2013-00492.
Ab Talib, Mohamed Syazwan, Thoo Ai Chin, dan Johan Fischer. 2017. “Linking Halal Food
Certification and Business Performance.” British Food Journal 119 (7): 1606–1618.
https://doi.org/10.1108/BFJ-01-2017-0019.
Abdul Aziz, Azreen, dkk. 2018. “Muslim Friendly Tourism: Concept, Practices and
Challenges in Malaysia.” Proceedings. Diakses melalui ResearchGate.
https://www.researchgate.net/publication/334500558.
Baltagi, Badi H. 2013. Econometric Analysis of Panel Data. Edisi ke-5. Chichester: Wiley.
https://onlinelibrary.wiley.com/doi/book/10.1002/9781119401217.
Battour, Mohamed, dan Mohd Nazari Ismail. 2016. “Halal Tourism: Concepts, Practises,
Challenges and Future.” Tourism Management Perspectives 19: 150–154.
https://doi.org/10.1016/j.tmp.2015.12.008.Vol 2, No 4 (2020)
DOI: http://dx.doi.org/10.21111/jiep.v1i3.2556
| J o u r n a l o f I s l a m i c E c o n o m i c s a n d P h i l a n t h r o p
y
Bitar, Mohamed, dkk. 2017/2018. “Intra-OIC Trade: The Impact of IDB Trade Financing.”
Journal of Economic Cooperation and Development 38 (4).
https://jecd.sesric.org/pdf.php?file=ART17011301-2.pdf.
Cameron, A. Colin, dan Douglas L. Miller. 2015. “A Practitioner’s Guide to Cluster-Robust
Inference.” Journal of Human Resources 50 (2): 317–372.
https://doi.org/10.3368/jhr.50.2.317.
Das, Debasish Kumar. 2016. “Determinants of Current Account Imbalance in the Global
Economy: A Dynamic Panel Analysis.” Journal of Economic Structures 5 (8).
https://doi.org/10.1186/s40008-016-0039-6.
DinarStandard, dan Thomson Reuters. 2018. State of the Global Islamic Economy Report
/19: An Inclusive Ethical Economy. Diakses melalui Zawya.
https://static.zawya.com/pdf/Others/2018%20Global%20Islamic%20Economy%20R
eport%20.pdf.
Hsiao, Cheng. 2014. Analysis of Panel Data. Edisi ke-3. Cambridge: Cambridge University
Press. https://doi.org/10.1017/CBO9781139839327.
International Monetary Fund. 2018. World Economic Outlook: Challenges to Steady Growth.
Oktober. https://www.imf.org/en/Publications/WEO/Issues/2018/09/24/world-
economic-outlook-october-2018.
Mastercard, dan CrescentRating. 2018. Global Muslim Travel Index 2018.
https://www.crescentrating.com/reports/global-muslim-travel-index-2018.html.
Phillips, Steven, dkk. 2013. “The External Balance Assessment (EBA) Methodology.” IMF
Working Paper 13/272. https://doi.org/10.5089/9781484346686.001.
SESRIC. 2018. OIC Economic Outlook 2018. https://www.sesric.org/publications-
detail.php?id=457.
SESRIC. 2018. “Recent Economic Developments in the OIC Countries.” Bahan presentasi.
https://www.tcmb.gov.tr/wps/wcm/connect/3a11b3ea-560e-4284-bb73-
cbffbf099/Session%201.2%20-%20Economic%20Outlook%20-
%20SESRIC.PDF?MOD=AJPERES.Vol 2, No 4 (2020)
DOI: http://dx.doi.org/10.21111/jiep.v1i3.2556
| J o u r n a l o f I s l a m i c E c o n o m i c s a n d P h i l a n t h r o p
y
SESRIC. 2018. “Trade and Intra-OIC Trade: Selected Indicators.”
https://jecd.sesric.org/assets/upload/article/626.pdf.
Tieman, Marco. 2015. “Halal Clusters.” Journal of Islamic Marketing 6 (1): 2–21.
https://doi.org/10.1108/JIMA-05-2014-0034.
Tieman, Marco, M. Che Ghazali, dan Jacques van der Vorst. 2013. “Consumer Perception on
Halal Meat Logistics.” British Food Journal 115 (8): 1112–1129.
https://doi.org/10.1108/bfj-10-2011-0265.
Wooldridge, Jeffrey M. 2010. Econometric Analysis of Cross Section and Panel Data. Edisi
ke-2. Cambridge, MA: MIT Press.
https://mitpress.mit.edu/9780262232586/econometric-analysis-of-cross-section-and-
panel-data/.
World Bank. 2025. “Current Account Balance (% of GDP).” World Development Indicators.
Diakses 16 Oktober 2025.
https://data.worldbank.org/indicator/BN.CAB.XOKA.GD.ZS.
