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Jakarta Post

Islamic economic revolution 4.0

  • Ali Rama

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PREMIUM
Jakarta   /   Mon, December 2, 2019   /  02:19 pm
Islamic economic revolution 4.0 Indonesia Waqf Board (BWI) foreign division chief Muhammad Luthfi (center) talking about waqf (Islamic endowments) during a press conference held at the Fourth Indonesia Sharia Economic Festival 2017 in Surabaya, East Java. (JP/Arief Suhardiman)

Klaus Schwab, the founder and executive of the World Economic Forum, has introduced the fourth industrial revolution or Industry 4.0, the ongoing technological revolution that is affecting the way we live, work and relate to one another. Unlike previous industrial revolutions, the Industry 4.0 is characterized by a range of new technologies that fuse the physical, digital and biological spheres that affect human life, as the professor wrote in 2016. Moreover, it is disrupting almost every industry and bringing transformation to entire systems of production, management and governance. The Islamic economy — consisting of economic sectors whose core products and services are structurally affected by Islamic ethics and law — has established an increasingly important footing in the global economy (Global Islamic Economic Report, 2019). The sectors are halal food, fashion, Musli...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.