Demystifying Wealth In Islam
A Muslim is not discouraged from acquiring wealth but instead, he must know not only how to earn, and but also how to spend in accordance with the Islamic principles. Obviously, wealth should not be abused or misused, as God had laid down very detail injunctions on how wealth is to be acquired and also how it can be spent. Inevitably, a Muslim must always remember the fundamental principle that underpinning the concept of wealth in Islam, that wealth is a form of trial by God towards His servants whether they follow His injunctions regarding wealth acquisition and disposal and as such the owners are to be fully accountable on the Day of Judgment for what they do with their wealth.
The Islamic concept of wealth management applies to the unique needs and concerns of respective individual. As a Muslim even though a person does not possesses any form of wealth, he still has to commit with wealth management process, because either he would leaves debt, or children to the trusted one.
Islamic wealth management quantifies and manages individual’s success in four financial pillars; wealth protection, wealth accumulation, wealth preservation and wealth distribution. Each of these different components is meant to play a different role in addressing unique issues and the objective must be in line with the Islamic Shariah principle.
In Islam, wealth management is not just merely a process of acquisition and accumulating wealth but it has a broad definition which relates to the concept of vicegerent (khalifa). According to the Holy Qur’an, God created man as his vicegerent (or ambassador) on earth. Allah says in A-Quran:
Behold, thy Lord said to the angels: “I will create a vicegerent on earth.” They said:” Wilt Thou place therein one who will make mischief therein and shed blood? – Whilst we do celebrate Thy praises and glorify Thy holy (name)?” He said: “I know what ye know not.”
(Surah Al-Baqarah, Verse 30)
From the above verse, and others like it, we understand that as the khalifa or vicegerent of God on earth, man is vested with certain authority, which other creatures of God do not possess. For example, he possesses intellectual faculties, and we are also recognise that God had created all things on earth for the benefit of the mankind.
‘He it is who created for you all that is on earth. Then He rose over towards the heaven and made them seven heavens and He is the All-Knower of everything.’
(Surah Al-Baqarah, verse 29)
Therefore, the duty of mankind as God’s khalifa is to make use of all the blessings of God on earth to his benefits. For this, man is given freedom, that is, freedom of choice and action, albeit within certain limits. It is because of man’s special faculties and his freedom that he becomes the best of God’s creatures.
In Islam, we are made to understand the concept of God’s bounty or sustenance. This concept means that God is the sole giver of “bounty” to every living creature on this world. God blesses His bounty on those who earn and spend it in compliance with His covenants. He does not bestow His blessing or mercy on those who earn it illegitimately and spend it irresponsibly. God affirms this principle in the Quran:
‘For Allah is He Who Gives (all) sustenance……’
(Al-Dhariyat 51:58)
Invariably, the concept of God’s bounty is considered very important in Islam as a good Muslim is required to have a proper balanced between the fulfilment of his spiritual and worldly obligations. In this connection, the Prophet (peace be upon him) states that: ‘A Muslim should prepare himself for the next world as if he is going to die tomorrow, but at the same time work hard to improve all his worldly comforts as if he is going to live forever.
(Narrated by Al-Dailami)
Apparently, in Islamic teaching, accumulation of wealth is allowed and in some circumstances it is even mandatory. However, it is imperative to remember all the time that wealth should not be abused and must be managed and be planned properly, as God had laid down very clearly injunctions on how wealth should be acquired and spent. Above all, always be guided by the principle that wealth is a form of trial by God to His servants; whether they follow His injunctions regarding wealth acquisition and disposal, and as such the owners of the wealth are going to be fully accountable on the day of hereafter. Therefore, in practice, before an individual Muslim decides on any businesse or financial investments to acquire wealth, he/she must at all times determine and be vigilant about the status, whether the business or investment is in compliance with the Shariah injunctions.
Islam also provides clear guidance on how to treat the extremes of abstinence (zuhd) and bulk (avarice). Nonetheless, on the whole, a Muslim should not forego wealth altogether. Neither should a Muslim be avaricious in the pursuit of wealth nor abstinence. Zuhd is not amounting to rejection of pleasure, but rather leading a pious life by his ability to live moderately and within his mean. This is why Islam encourages reasonableness and moderation.
Indeed, Islam emphasis that the concept of wealth of a Muslim should be based on a balanced approached, whereby it covers the comprehensive aspects of the complete life-cycle of a Muslim—as an individual, and also as member of family and the society—with the ultimate aim towards achieving the well-being of both, the life in this world and in the hereafter.
