Islamic Economic Policy in a Multicultural Context

The zakat system plays a crucial role in poverty alleviation. By mandating that a portion of one's wealth be given to those in need, zakat fosters a sense of solidarity and social responsibility. Similarly, waqf institutions manage assets for public welfare, funding projects such as schools, hospitals, and infrastructure, thereby enhancing community development.

E. Conclusion

Islamic economic policies in the context of a multicultural society are crucial in achieving social and economic harmony. Islamic business ethics and the economic empowerment of multicultural communities through religious philanthropic institutions can significantly enhance economic independence and community welfare. Additionally, promoting multiculturalism and interfaith harmony is vital in a diverse society.

The principles of welfare and harm prevention in Islamic economics ensure that economic activities contribute positively to society and do not cause harm. By rejecting practices such as monopoly, exploitation, and discrimination, Islamic economic policies foster a more just and equitable economic system, reducing inequality and promoting social cohesion.

Furthermore, by encouraging religious awareness and social consciousness, these policies help individuals recognize their responsibilities towards others and the environment. The support for philanthropic activities, such as zakat and waqf, further ensures that wealth is redistributed to support those in need and fund community development projects.

In summary, Islamic economic policies that focus on welfare and harm prevention in every economic activity can help improve social and economic harmony in a multicultural society. By fostering an inclusive and equitable environment, these policies contribute to a more just and harmonious society, where all individuals have the opportunity to thrive. Through the promotion of ethical business practices, economic empowerment, and interfaith harmony, Islamic economic policies provide a comprehensive framework for achieving social and economic well-being in a diverse world.

Kafka Nafisa Prihadian_20230510278_Class L_Universitas Muhammadiyah Yogyakarta