MERGING ETHICS AND INNOVATION: MEETING SOCIETY 5.0 HALAL COSMETICS NEEDS BY HARNESSING IR5.0
DOI:
https://doi.org/10.33102/33dzz429Keywords:
Halal cosmetics; Islamic Monetary Economy (IME); Maqasid Shariah; Society 5.0; Industry 5.0Abstract
The Islamic Monetary Economy (IME), which has a value over $3 trillion USD, is currently seeing a shift towards finance that is both ethical and sustainable. This shift aligns with the fundamental concepts of Maqasid Shariah, which are the higher purposes of Islamic law. This collaboration offers a distinct advantage for the growing Halal cosmetics industry. Consumer demand goes beyond religious adherence and includes ethical sourcing and environmental factors, which aligns well with Maqasid Shariah's focus on well-being and social responsibility (Hifz an-Nasl and Hifz al-Mal). Halal cosmetics brands adhere to Halal standards and embrace Society 5.0 ideals. They not only fulfil religious requirements but also contribute to the IME's ethical and sustainable mission. In addition, the convergence is facilitated by Industry 5.0 (IR5.0) technologies such as Artificial Intelligence (AI) and Augmented Reality (AR). Artificial intelligence (AI) customises marketing efforts, guaranteeing that ethical messages strongly connect with consumers. Augmented reality (AR) promotes transparency by enabling consumers to digitally investigate the sources of products and the processes involved in their manufacture. The combination of technology and ethical business practices not only promotes growth within the IME, but also supports a fair and environmentally friendly future, establishing the importance of Halal cosmetics in a Society 5.0 that aligns with Maqasid Shariah.
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