On day 3 of MIHAS 2026, Malaysia and Indonesia announced the establishment of a joint halal council on Friday, laying the groundwork for a broader ASEAN Halal Council due to launch by September 2027, as the event reported $1.2 billion in sales and potential deals after its first two days.

The Malaysia-Indonesia Halal Council was announced at the Global Halal Summit (GHaS) and the Malaysia International Halal Showcase (Mihas 2026) at the Malaysia International Trade and Exhibition Centre (MITEC) in Kuala Lumpur on September 25. The council will hold its inaugural meeting in October 2026, chaired by Indonesia's Badan Penyelenggara Jaminan Produk Halal (BPJPH), with Malaysia's Department of Islamic Development (JAKIM) serving as secretariat. Its focus will be mutual certification facilitation to reduce duplicate procedures and ease cross-border trade.

"Malaysia brings experience in standards, governance, Islamic finance, and trade facilitation. Indonesia brings extraordinary skills, production capacity, and entrepreneurship," said Deputy Prime Minister Datuk Seri Dr. Ahmad Zahid Hamidi, who officiated GHaS on behalf of the Prime Minister.

The bilateral council stems from negotiations advanced in mid-2026 under a 2023 Memorandum of Cooperation. Ahmad Zahid formally invited BPJPH chairman Haikal Hassan to collaborate on launching the wider ASEAN body in Malaysia in 2027, describing the bilateral framework as a foundation for regional harmonisation. Discussions are also under way on a proposed World Halal Development Council, with Malaysia expected to propose Saudi Arabia as chair and itself as secretary-general when the matter is taken forward.

Mihas 2026, organised by Matrade from September 23 to 26, recorded $1.2 billion in sales and potential deals through its first two days. Ahmad Zahid noted that unified certification frameworks were essential to expanding that commercial reach, pointing out that only 14.7% of Malaysia's halal-certified companies currently export their products. Malaysia recorded RM68.52 billion in halal exports last year and has set a target of RM80 billion by 2030.

"Simplification is only the beginning of that journey," Ahmad Zahid said, citing, according to government statements, RM2.2 billion in sales at Mihas Dubai in 2024 and RM3.2 billion at Mihas Shanghai in 2025, as evidence of what coordinated international outreach can deliver.

GHaS, hosted by JAKIM, serves as Malaysia's platform for halal diplomacy, governance and capacity-building, bringing together certification bodies, government agencies, Islamic scholars, policymakers and industry leaders. The summit drew senior representation from ministries and agencies across Malaysia's halal ecosystem, reflecting the government's commitment to aligning Shariah governance with international trade promotion.

Mihas 2026 also saw the signing of a Letter of Intent between Matrade and JAKIM establishing the Halal Development Officer programme under the Malaysia Halal Global Nexus initiative. The programme will empower Matrade officers stationed overseas to advise international businesses on Malaysia's halal ecosystem, strengthen recognition of Malaysian certification abroad, and support halal export growth.

Malaysia launched a dedicated Libya national pavilion at the 22nd Malaysia International Halal Showcase (Mihas 2026) on Thursday, formalising a trade corridor between ASEAN and North Africa as bilateral trade between the two countries reached RM1.03 billion in 2025, up 38.9% on the previous year.

The Libya Pavilion, unveiled at the Malaysia International Trade and Exhibition Centre (MITEC) in Kuala Lumpur on September 24, is jointly organised by the Tripoli Chamber of Commerce, Industry and Agriculture and the General Authority for Exhibitions and Conferences. It is designed to give ASEAN businesses a gateway into Mediterranean and North African markets, while offering Libyan enterprises direct access to Malaysia's halal certification, quality assurance and trade infrastructure.
"By bringing Libya's growing private sector into Malaysia's halal ecosystem — our certification, quality assurance, and trade infrastructure — we can build supply chains strong enough to serve the whole Islamic world," said Datuk Seri Reezal Merican Naina Merican, chairman of Malaysia External Trade Development Corporation (Matrade), at the launch.

For the first eight months of 2026 alone, Malaysia's exports to Libya stood at RM106.5 million, a 73.4% year-on-year increase, comprising mainly machinery, equipment and parts, chemicals and chemical products, and palm oil and palm oil-based agricultural products. The pavilion follows Matrade's Export Acceleration Mission to Tripoli in May 2024, which involved 10 Malaysian companies and generated nearly RM250 million in business opportunities, as well as Malaysia's participation in the Tripoli International Fair earlier in 2026.

Reezal added that Matrade was committed to facilitating two-way engagement. "Matrade stands ready, arms wide open, to help Libyan enterprises step into ASEAN, just as we hope more Malaysian companies will seize the opportunities Libya offers," he said.

The Libya pavilion launch also supports Malaysia's proposal to establish an ASEAN Halal Council by September 2027, an initiative aimed at standardising halal trade frameworks across the region.

The Libya corridor is part of a broader push by Malaysia to extend its halal infrastructure internationally. On September 22, Malaysia's Islamic Tourism Centre (ITC) signed memoranda of understanding with two JAKIM-recognised halal certification bodies — Korea Muslim Federation (KMF) and FAMBRAS Halal Certificação Ltda (FAMBRAS Halal) — to support the rollout of Malaysia's Muslim-Friendly Tourism and Hospitality Assurance and Recognition programme in South Korea and Brazil.

The ITC also entered a strategic collaboration with Maybank Islamic Berhad to support tourism and hospitality businesses through financing and banking solutions, capacity building, halal facilitation, market access and promotional opportunities.

Separately, on the same day at MITEC, Nestlé Malaysia and the Halal Product Research Institute at Universiti Putra Malaysia signed a memorandum of understanding to strengthen halal education through a programme called HalSTEM, which integrates science, technology, engineering and mathematics principles with halal industry training. Under the initiative, students will gain hands-on exposure to halal certification processes using microscopy, artificial intelligence applications, water filtration, soap production and nutritional calculations — linking classroom learning to real-world industry practice.

Malaysia's Minister in the Prime Minister's Department for Religious Affairs, Dr. Zulkifli Hasan, said the HalSTEM collaboration reflected a shift in how the private sector understands its obligations. "We want to correct that economic theory, where today we prove that the social responsibility of a corporation or companies is not only to maximise profit, but also to fulfil the needs of society," he said, citing the economic theory that the primary social responsibility of a corporation is to make a profit.

Nestlé Malaysia said the programme was rooted in its broader halal commitment. Beyond regulatory compliance, the company said its halal standards are grounded in science, quality, safety and ethical responsibility, and that the initiative was intended to inspire young Malaysians to consider careers in the halal STEM sector.

The Government of Maldives and Abu Dhabi-based developer Eagle Hills have signed a commercial terms agreement for a $12 billion integrated waterfront and marina development in the Ras Malé area, in what would be the largest single foreign investment in the country's history.

The agreement, announced on September 21, sets out the shared vision and principal commercial terms for the Maldives Waterfront and Marina project, with detailed terms to be finalised as development progresses across multiple phases.

"For the Maldives, this is the largest investment programme in our history — billions of dollars of foreign investment moving through our banking system, creating jobs, homes for Maldivian families, and direct revenue to the State from every sale, achieved without tax giveaways and without government borrowing," said Dr. Abdulla Muththalib, Minister of Infrastructure, Housing and Urban Development.

The development is planned for reclaimed land in the Ras Malé area and will include hotels and resorts, premium and branded residences, a marina, waterfront promenades, retail, dining, wellness, entertainment, education, healthcare and community infrastructure. Properties will be offered under a leasehold framework of up to 99 years, with the term renewed upon each transfer through sale or inheritance.

Eagle Hills chairman Mohamed Alabbar said the project would build on the Maldives' existing international appeal. "Our ambition is to build responsibly on that strength and create something world-class," he said.

The project is expected to generate tax revenues, stimulate demand across hospitality, construction, retail and marine services, and create direct and indirect employment. Eagle Hills has committed to no further dredging beyond the existing reclaimed land, with independent marine monitoring to accompany construction throughout.

Dr. Muththalib said the development was designed to establish real estate as a structural pillar of the Maldivian economy alongside tourism. "It is a decisive step on our path to becoming a high-income country by 2040," he said.

Malaysia's annual halal trade fair opened on Wednesday under the theme "Shaping Trust, Driving Resilience," with 1,700 companies, 50,000 expected visitors and a target of $1.23 billion in transactions over four days, as the sector positions itself to capture a larger share of a global halal market projected to reach $10 trillion by 2030.

The 22nd Malaysia International Halal Showcase (Mihas 2026) began at the Malaysia International Trade and Exhibition Centre (MITEC) in Kuala Lumpur on September 23, drawing exhibitors from 58 countries and visitors from 45 across 2,000 booths. The event, organised by Malaysia External Trade Development Corporation (Matrade) under the Ministry of Investment, Trade and Industry, runs through Saturday.

"I'm targeting to keep the sales to be generated from this event totalling around 5 billion ringgit," said Datuk Seri Reezal Merican Naina Merican, Matrade chairman, at the opening ceremony. "We need a bit of time because we've got to segregate it — we have 58 countries participating."

The RM5 billion target is anchored by Mihas' International Sourcing Programme, which will host more than 4,000 pre-arranged business-matching sessions between around 600 Malaysian exporters and 450 international buyers, including 50 classified as high-value premium purchasers. That group collectively represents nearly RM700 billion in combined annual revenue, with procurement spanning food and beverage, specialised ingredients, biotechnology, Islamic finance, logistics and education.

The 2026 edition covers 14 sectors across the halal economy, ranging from food and beverages, pharmaceuticals, cosmetics and personal care, and modest fashion to halal logistics, Islamic finance, technology, services and Muslim-friendly tourism. For the first time, an AI-powered system is being deployed to help delegates with business discovery, venue navigation and meeting management.

First-time participating economies include Comoros and Rwanda. Northeast Asia and ASEAN make up the largest buyer contingents, with Africa growing as a non-traditional market. A virtual sourcing component runs from April to November 2026, with up to 150 international buyers participating remotely.

Reezal highlighted the expanding scope of halal standards beyond individual products to cover entire supply chains — including ingredients, packaging, logistics and transportation — and pointed to New Zealand's livestock and meat industry as evidence of halal adoption in countries without large Muslim populations. He also flagged Türkiye as a country with significant potential in the sector, citing its geopolitical position, industrial capacity and technological advancement. 

"Türkiye has got an enormous opportunity to play one of the leading roles in the halal industry because of the capacity they have and the goodwill they enjoy in the eyes and hearts of the world population, especially the Muslim population," he said.

The showcase features several thematic zones, including a 'Women in Export Pavilion' with 80 exhibitors — 60 Malaysian and 20 international — a Knowledge Hub, MIHAS Awards, daily modest fashion runway presentations, and live culinary demonstrations with 32 chefs participating in the Mihas Kitchen over the four days.

Reezal said discussions are under way to take a future Mihas edition to South Asia. The event was held in Dubai in 2024 and Shanghai in 2025. "I'm thinking of bringing it to what you could call the Indian subcontinent — India, Pakistan and Bangladesh — to expand the horizon of the halal industry in that region," he said.

On the broader trade environment, Reezal said Malaysia's policy of active neutrality positions it well amid ongoing shifts in global supply chains. "We are ranked 23rd as the largest trading and exporting nation. The largest FDI to our country is still the United States. So while we are doing business with the two big superpowers, we are embracing the philosophy of active neutrality," he said.

First launched in 2004, Mihas has grown into an international platform connecting businesses across the halal economy.

Korea signed several agreements and memorandums of understanding (MOU) with Tajikistan and Kyrgyzstan spanning energy, investment, security and cultural cooperation.

Korea and Kyrgyzstan signed 18 agreements, covering critical minerals, halal markets, infrastructure development, livestock technology, energy and intellectual property, The Korean Times has reported. 

The two countries also agreed to cooperate in culture and sports,

Kyrgyzstan's President Sadyr Japarov said Korea is regarded as a key partner in the Asia-Pacific region.

"There are no major differences in political views between our two countries, and we hold similar positions on international and regional affair."

Meanwhile, Korean President Lee Jae Myung and Tajikistan's premier Emomali Rahmon signed 17 pacts in Seoul this week, aiming to expand textile, chemical and machinery exports and cooperate on artificial intelligence (AI), digital industries, critical minerals and the green transition. 

The agreements will facilitate deepening ties in railways, transportation and logistics, as well as intellectual property, energy and industrial safety.

Korea aims to bolster customs and police cooperation against transnational crime with both Central Asian countries.

"Korea and Tajikistan have steadily developed cooperation since 1992, and I find it deeply meaningful that this visit has allowed our two countries to establish a comprehensive partnership," Lee said.

 "I hope the two countries will expand mutually beneficial cooperation in railways, critical minerals, digital technology and other areas going forward."

Saudi-based fintech firm Tabby has raised $233 million in a new equity round that values the company at $6.5 billion, as it moves beyond its buy now, pay later origins to build a broader financial services platform across Saudi Arabia and the UAE.

Blue Pool Capital led the round, with existing shareholders HSG, Wellington Management and Arbor Ventures also participating. The capital will fund Tabby's next phase of growth as it rolls out consumer financing, business lending and digital wallet services following a series of new regulatory licences.

"We began with a button at an online checkout to help people spread costs over time. Everything since has come back to the same idea: people deserve more from their money. This round means we can build further on that, without changing how we think about growth or discipline," said Hosam Arab, CEO and co-founder of Tabby.

Founded in the UAE in 2019 and headquartered in Saudi Arabia since 2023, Tabby has been profitable since that year and now processes more than $18 billion in annualised transaction volume across 25 million registered users and 70,000 business partners. It became the Mena region's first fintech unicorn in 2023 after a funding round valued it at more than $1.5 billion.

The Saudi Central Bank has granted Tabby consumer and SME financing licences, enabling it to offer larger, longer-term loans to individuals and working capital solutions to businesses. The company also acquired Tweeq, a SAMA-licensed digital wallet, adding accounts, cards and money transfers to its offering. In the UAE, a Stored Value Facilities licence from the Central Bank of the UAE has allowed Tabby to launch Tabby Cash, a fee-free alternative to a debit account offering cashback on purchases and local and international transfers.

The funding round includes a liquidity option for employees. Since 2023, Tabby has conducted share tenders enabling more than $100 million in employee share sales.

The raise comes as Saudi Arabia's fintech sector expands rapidly under the National Fintech Strategy. The number of licensed fintech companies reached 281 in August 2025, up from 82 in 2022, with a target of 525 by 2030.

"Tabby has demonstrated an impressive ability to innovate for their customers, evolving beyond payments to become the trusted platform for millions of people managing, spending and growing their money across the region," said Christopher Wu, chief investment officer at Blue Pool Capital.

Overland trade through the Hatta Customs Crossing between the UAE and Oman surged 175% in value in the first half of 2026, as the closure of the Strait of Hormuz pushed exporters and logistics companies to shift cargo to land routes.

The number of loaded trucks crossing the checkpoint rose 160% year on year to 109,000 between January and June, up from 42,000 in the same period last year, according to the Dubai Media Office.

Almost one million people crossed the checkpoint in the first half of the year, with transiting buses up 78% and 322,000 light vehicles recorded.

Dubai Customs launched a Green Corridor initiative following the outbreak of the US-Iran conflict on February 28 to help sustain regional and international trade flows and support market stability as key shipping routes came under pressure.

The land route shift is driving broader infrastructure investment. Oman is accelerating construction of a OMR1 billion ($2.6 billion) road network proposed before the war, as it moves to strengthen its position as a Gulf logistics hub.

Trucking companies across the GCC have also scaled up capacity — Saudi-based Flow Progressive Logistics nearly doubled its fleet from around 340 trailers before the conflict to more than 500.

The conflict has intensified this month, with the US and Iran targeting tankers in the strait, keeping pressure on alternative overland and coastal trade corridors.