Briefly, management is defined as managing matters. Notably, involving the normal process and it is systematic in planning; organizing; leading human resources, and controlling non-human resources. Managing every resource is significant as it avoids wastages as well as optimizing its usage. As a Muslim, aqidah (faith) should be the pivot in managing resources while shariah principles as guidance in dictating actions.
In managing wealth property, it is a norm to the people that wealth is a gift from Allah SWT. His gifts are sent through various ways from one’s effort to unconditional help. On the other hand, how many Muslims realize that wealth is an “amanah” from Allah SWT although we did not deny the needs of it during daruri as the absence leads to difficulties for people to keep on living?
As needs to wealth includes money, Islam teaches it’s believers to work harder in acquiring wealth so the world will prosper whilst benefiting all creatures that live together.
Conventionally, when human exert with hard work and He who give the gifts will allow them to possess the wealth, it will be theirs eventually. When they understand that Allah SWT is the true owner of wealth and money that they have collected, family wealth management will play its roles.
In this matter, Allah SWT mentioned in Surah al-Baqarah, verse 208 meaning, “O you who have believed, enter into Islam completely (end perfectly) and do not follow the footstep of Satan. Indeed, he is to you a clear enemy.”
The wisdom behind the discussion of family wealth management is not just about managing it through rational consideration, indeed knowing, comprehending and accepting instruments and principles as guided by shariah. That comprehension and acceptance will result in thought based by aqidah, above emotions, and executed through righteous and accurate muamalah principles. Instruments or methods offered by family wealth management is not applicable solely on faraid, but also through a will, unconditional gifts (hibah) and common property claim (harta sepencarian) which involves a spouse’s contribution throughout their marriage.
When family wealth management is executed by faith, the wealth owned will be managed ethically and prudence which means no mismanagement; no wastage; choosing the best instrument according to descendant’s structure, and the wealth will be divided accordingly to next keen in the case of unexpected circumstances that happened to the owner of the wealth. The wise act in managing the family property by the methods and principles established by shariah will give a positive impact whilst the wealth will be beneficial to others. Besides, wealth management made throughout the strategic period will ensure the wealth from being frozen.
Hence, the heir or family members who are denied from receiving any shares by faraid mechanisms will still be justified through proper management by the owner of the wealth. We might overlook the likes of a grandchild who lost their parents; step-siblings; a stepchild; adopted child; illegitimate child are part of the family members and descendants. Unfortunately, there is no allocation for them upon inheritance. Depending on situations, these should be taken into consideration. Moreover, individuals who live alone need to have the skills to manage their wealth so it will not be unmanaged which eventually contributes to the increment of the unclaimed wealth among Muslims in this country.
Furthermore, if Muslims in this country are not being aware and meticulous enough, consequently leads to endless family conflict and fight upon inheritance. Subsequently, it contributes to an increment in frozen wealth in this country. In 2009, unclaimed wealth reached RM42 billion while in 2016, the amount stated as RM60 billion in terms of houses, land along with RM6.6 billion in terms of savings.
“Falah” is the final objective of any management in Islam which in this context, family wealth management. “Al-falah” means “prosperity” in the entire human life which covers not just the world and hereafter; also physical and spiritual. As promised by Allah SWT in Surah an-Nahl verse 97:
“Whoever does righteousness, whether male or female, while he is a believer – We will surely cause him to live a good life, and We will surely give them their rewards (in the hereafter) according to the best of what they used to do.”
In addition, al-falah will emphasize prosperity as al-fauz. Al-fauz refers to victory and undoubtedly acceptance in the hereafter (akhirah). In al-fauz, the owner of wealth who manages their possession righteously will receive a hefty good scale in Mahshar; forgiven by Allah; safe from the hell torments; and eternally enter the heaven of paradise (Haron Din, Manusia dan Islam, 2015).