Jurnal Kajian Peradaban Islam OPEN ACCESS JKPIs , Pages 54 – 62, Vol. 4, No. 2, 2021 E-ISSN: 2654-3974 www.jkpis.com © 2021 by the authors; licensee PRIMA, Hannover, Germany. This is an Open Access article distributed under the terms of the Creative Commons Attribution-ShareAlike 4.0 International License. (https://creativecommons.org/licenses/by-sa/4.0/), which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. Review The Philosophy and Authentication of Welfare Equalization in the Islamic Economy Aang Kunaifi 1 , Fadali Rahman 2 , Risca Dwiaryanti 2 1 Ph.D Sharia Economics of State Islamic University of Sunan Ampel Surabaya, Lecturer at Islamic Institute of Al-Khairat, Pamekasan, Indonesia 2 Faculty of Islamic Economic and Business, Islamic Institute of Al-Khairat, Pamekasan, Indonesia ARTICLE INFO ABSTRACT Keywords Philosophy, Authentication, Welfare, Islamic Economics *Correspondence akunaifi@gmail.com Article History Received 27 January 2021 Accepted 24 June 2021 Published on-line 25 June 2021 The promise of the welfare of the capitalist economic system initiated three centuries ago is only realized for the owners of capital. Even in 2017 in The Great Devide, Joseph E. Stigliz reported increasingly alarming data that the wealth of 1% of the world's population is equivalent to 99% of the world's population. This article aims to describe: (1) The concept and philosophical value of welfare in Islam, and (2) historical authentic evidence of the creation of welfare in Islam. To obtain representative and comprehensive data, this article is compiled based on primary and secondary data. The Central Bureau of Statistics reports economic developments regarding the development of people's welfare in Indonesia and reports from world institutions such as the IMF, World Bank, as a comparison of global economic conditions. The data is then discussed under ideal conditions recorded in the golden history of Islam to find that prosperity in an Islamic economy is capable of being realized. The contribution of articles among scientific studies that discuss welfare is about concrete explanations or clear standards of welfare attainment. Namely, the nominal wealth to be called prosperous, an applicative and systematic method of achievement, and the affirmation that the Islamic economic system has proven to be effective in creating prosperity. Through the presentation of this article, it is hoped that efforts to create prosperity as well as equalize welfare will always be pursued through the application and contextualization of a proven and tested economic system. 1. INTRODUCTION The current turmoil of economic condition in the world has made the leaders of some countries busy looking for solutions to stop the bleeding due to their fatal financial-economic accidents. Countries that mainly implement an economic system of capitalism based on usury and gambling are trying to maintain this fragile system by doing patchwork. Various crisis rescue packages have been prepared to cover the depravity of their system with trillions of dollars. However, when a wreck was covered up, other ulcers appeared. As a result, we can witness the economic and financial crises that continue to plague capitalist countries. Roy Davies and Glyn Davies reveal historical facts in 1996 in their book entitled The History of Money from Ancient Times to Present Day. At least during the 20th century, there have been 20 significant crises that hit many countries. This means that the financial crisis occurs every 5 years, which causes suffering for hundreds of millions of people (Davies, 2010). The great crisis and crash were recorded to hit the New York capital market and the great depression due to banking failures. Still fresh in our memories in 2010, a crisis hit the world again, in Europe mainly as the countries champion capitalism. Greece, Spain, France, Germany, and America could not escape from the financial and banking crisis outbreak, which was quite terrible. The impact was quite devastating. Let's say that one of the oldest and largest investment banks with 158 years of age, Lehman Brothers, was declared bankrupt. Several giant companies such as Merril Linch, Chrysler, Goldman Sachs Group, and Xerox Corp were forced to lay off thousands and even tens of thousands of employees (Mansur, 2013). All show that the capitalist economic system based on usury and gambling economies is not worth defending. As a new economic power globally with achievement of 9% growth per year, China can reduce its 400 million inhabitants. This is only a temporary situation in removing the fact that poverty is still high among billions of people, especially those living in rural areas (Zakaria, 2011). China by maneuvering its economic system from socialist to capitalist only to enjoy the euphoria of development minus the equal distribution of welfare that its people expect.