بِسۡمِ اللهِ الرَّحۡمٰنِ الرَّحِيۡمِ
Messenger of Allāh (ﷺ) said, "Verily, there is a fitnah (trial) for every nation and the trial for my nation (Ummah) is wealth."
Islām offers a comprehensive framework for managing wealth and economic affairs. Here's a concise overview of ten key concepts:
1. Purity of Intent
The moral value of wealth acquisition hinges on one's intentions. Striving for financial success is permissible when aimed at benefiting society and fulfilling religious obligations. Muslims should strive for wealth with good intentions, wealth in itself is not evil.
2. Divine Providence
True security stems from Faith in Allāh's (
) provision, not material possessions. This principle encourages a balanced perspective on wealth accumulation and reduces financial anxiety. Never forget that Allāh () is the ultimate provider and sustainer.
3. Eternal Focus
Muslims are advised to prioritize spiritual growth over worldly competition. The pursuit of everlasting rewards should supersede the accumulation of temporary material wealth in this world.
4. Moderation in Desires
Excessive materialism is discouraged. Contentment with basic necessities and avoiding the pitfalls of greed are emphasized to maintain moral and social integrity. Greed can lead to selfishness, strained relationships and friendships and morally corrupt behaviour. Islam also advocates for a balanced approach to spending, discouraging both extravagance (israf) and miserliness. Accumulation of wealth without utilizing it for constructive purposes or social welfare is discouraged.
5. Ethical Business Conduct
Transparency and honesty in financial dealings are paramount. These virtues are believed to attract divine blessings and protect one's wealth from unforeseen losses. It is also a means to acquire halāl wealth. Deceit in financial transactions can have the opposite effect.
6. Acceptance of Divine Decree
Understanding that one's financial destiny is predetermined by Allāh () promotes ethical earning practices and discourages illicit means of wealth acquisition. What is destined to reach an individual will come to them regardless of their own efforts or opposition from any creation.
7. Philanthropy as Spiritual Investment
Charitable giving is viewed as a means of securing eternal rewards. Generosity towards family and community is encouraged as a form of worship and self-improvement that benefits both this life and the afterlife. Help your children to stay out of debt if you have the means to do so.
8. Self-Reliance and Dignity
Islām promotes financial independence and discourages unnecessary dependence on others. Giving is considered more virtuous than receiving, fostering a culture of self-sufficiency. Asking for money has become all too common amongst Muslims on social media platforms. Recently we have seen a new trend whereby some Muslims on social media ask for money as sadaqa jariya for their deceased relatives.
9. Responsible Debt Management
While borrowing is allowed avoiding debt when possible and prompt repayment of obligations are strongly emphasized. Unresolved debts are believed to have spiritual repercussions beyond this life. We should help our children and relatives in avoiding debt.
10. Wealth of the Soul
True affluence is defined by inner contentment rather than material abundance. Cultivating gratitude and a positive outlook are seen as pathways to genuine wealth. We should try to put more emphasis on a wealthy soul which stems from a positive perspective on life rather than an accumulation of possessions.
These principles collectively promote a balanced approach to wealth, emphasizing ethical conduct, spiritual growth, and social responsibility in financial matters.
Dr. A. Hussain