Islamic Philanthropy: Rationality For A New Economics Welfare System

• Main Authors: Zaenal, Muhammad Hasbi, Ismail, Abdul Ghafar
• Format: Conference Paper
• Language: en_US
• Published: Universiti Sains Islam Malaysia 2016
• Subjects: Economics Philantrophy; Islamic Welfare; Personal Consumtion; Personal Utility; Economic Justice
• Online Access: http://ddms.usim.edu.my/handle/123456789/9879

Seeing the reality lack of welfare society, it’s requires new concepts to improve economics, social, cultural and religious comprehensively in a welfare system. To achieve this objective is needed a new paradigm of thinking about the concept, that is new thinking to create system welfare in all side. To realize these goals, must find an ideal concept; one way is to look from religion perspective. In this paper we propose Islamic concept, as primary basis, where in Islamic theory philanthropy is a main factor inside economics welfare. Then will see how function and position of Islamic philanthropy in terms of Maqasid al-Syariyyah, combined with the current economic welfare. This paper brings two issues, first how authenticity Islamic philanthropy itself and whether it has rationality value in economic? Second is whether Islamic philanthropy gave an affect for economic welfare system? Method used is the thrusts of economic welfare theory involving with philanthropic activities that have been applied by west society, what weaknesses of it, and then compared with the concept of Islamic philanthropy. Results of this study found that Islamic philanthropy having rationality in economic theory; this can be proved by a function of income, expenditures and life satisfaction by personal utility. These functions having wide implications, this may be able to affect in welfare system at the macroeconomic level.