<![CDATA[The global halal industry has evolved into a competitive economic ecosystem, with Malaysia and Indonesia emerging as key players. This study aims to analyze the competitive advantages of the halal industry ecosystems in both countries through a comparative approach involving governance, financial infrastructure, and sector performance. Using a qualitative method with secondary data analysis from 2023-2025 strategic reports, this study finds significant divergence in ecosystem maturity. Malaysia, ranked 1st in the IFDI 2024, demonstrates superiority in a centralized governance model through HDC and JAKIM, as well as a dominant Islamic capital market with corporate sukuk outstanding reaching 84.6% of total bonds. In contrast, Indonesia, ranked 4th, adopts a collaborative governance model (KNEKS-BPJPH) focusing on domestic market strengthening and MSME certification. The study concludes that Malaysia’s competitive advantage lies in its mature export-oriented ecosystem and financial integration, while Indonesia’s strength lies in its massive market scale and digitalization potential.]]>
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