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.

The objective of this paper is to analyse the Halal standards among OIC Country specifically on preparation of food standard. One of the reasons why the Halal industry cannot grow faster, despite rising demands for Halal products worldwide, is because there is no consensus on a Halal standard. Each country has its own certification body, which leads to disagreements over animal feed, slaughtering methods, packaging, logistics and other issues. Indeed, all sectors of the market from inter-government agencies to the smallest trader have recognized the need for one global Halal standard that is recognised by all importing countries. Amidst the growing number of agencies issuing Halal certificates, there is also an increasing trend for local government departments to take charge of Halal certification as a result of the increasing demand for the export of Halal goods. It would be very difficult for countries to collectively agree on one global Halal standard as this would mean surrendering their sovereign rights. As a conclusion, uniformity and consensus especially among OIC Countries is very much important in order to ensure Halal standard for OIC Countries can be develop or otherwise it will be a dream forever. Implication of this paper is to educate people and industry on the importance of having uniformity for Halal standard. Hence, in the future research, it is suggested to study on the establishment of International Accreditation for Halal. � IDOSI Publications, 2012.