Hedging is a method to safeguard or minimize loss from risk that constantly exists in the financial market. Nevertheless, hedging in conventional perspectives involves the usage of derivative instruments which are controversy in Islamic view. Thus, the noble purpose of hedging that is to manage risk has been misunderstood as only to gain profit. The concept of hedging needs a further discussion because of its various interpretations on the meaning of hedging. Hence, the aim of this study is to discuss the general concept of hedging and subsequently the concept of hedging according to Islam. The approach used in this study of content analysis is the qualitative research method of document analysis. The researcher highlights the literature materials such as academic books relating to hedging including contemporary and classic fiqh scriptures. The study finds that the concept of hedging according to Islam is different from the conventional concept of hedging. This means, the study has developed a new theory of Islamic hedging. The theory of Islamic hedging must be based on the hadith of al-kharaj bi al-daman and fiqh maxim of al-ghunm bi al-ghurm approaches. In addition, the objective of Islamic hedging to reduce risk must only be related to real economic activities.

Halal industry is a market that has not been fully explored and they have a very good potential in the future. This is supported by the larger number of world's Muslim community, estimated at a total of 1.8 billion in 2011, with the current value of the Halal market is estimated to reach USD2.3 trillion. However, there are some issues regarding the Halal industry both domestic and international, particularly in relation to the abuse of the Halal logo and other offenses relating to Halal logo. Apart from that, there are also other challenges, particularly in the enforcement of the relevant laws of Halal certification. The objective of this article is to look into the consumer protection and enforcement of Halal related laws that have been implemented by State Religious Department which are Religious Department of Selangor (JAIS) and Religious Department of Kelantan (JAHEIK). Other objectives of this paper is to improve and enhance the enforcement and monitoring of Halal certification for the benefit of consumers and producers and educate them to have a responsibility in producing a Halal product.

Hedging method is often associated with derivatives contract. However, the application of derivatives in hedging is facing some arguments and disputes among the jumhur fuqaha (majority Islamic jurists). Therefore, various alternative methods of hedging recommendations have been given by the islamic scholars. Despite these recommendations not all of them can be applied in the current financial industry. Therefore under this study, these recommendations will be divided into 2 categories, the proposed hedging method that is difficult to be applied and the proposed hedging method that can be applied. The study found that among various tools of hedging proposed, the principle of wacd is one of the most relevant and suitable method to be adopted due to its flexiblility and easy application in hedging products. � Medwell Journals, 2014.