THE ISLAMIC CONCEPT GUIDELINES REGARDING PERSONAL WEALTH Muhammad Zeeshan Farrukh Islam is a complete code of life and provides the best ways to live a life in a good manner. Some Scholars have said that saving money or wealth is a reflection of the attitude of trust in the sustenance provided by Allah Almighty.
It does not mean to preserve the wealth per se but the concept also covers the encouragement to generate accumulate preserve as well as distribute the wealth in a just and fair manner.
ISLAMIC CONCEPT OF WEALTH. God who provided it to the person made a portion of it for the poor so the poor have a right over ones wealth. Therefore the quest for wealth is not. Its pr ocess of wealth.
There was a fallacy asserting that Islam does not support wealth generation but religious activities. Also discusses the acquisition and disposition of wealth. If we talk about the concept of wealth in Islam and study the guidelines of Islam in this respect we could easily understand the.
Wealth in the Islamic economic system has an important position. In Islam wealth does not hold a central position in the social matrix. Islamic Wealth Management is a management strategy where by a person uses financial or non-financial instruments to manage his wealth Islamically.
Institution of Zakat and Sadaqat laws of inheritance and will abolition of interest prohibition of earning of wealth by Haram unlawful means prohibition of hoarding etc. Islam has a unique concept of wealth. The real objective of mans existence on this earth is to obey the commandment of Allah and to implement His Will as His vicegerant.
The concept of Islamic wealth management has also supported the develop ment of Islamic banking a nd finance in the world economy. Wealth is not only the cash that we own its also the material possessions that may include the items engaged in businesses. It contains a lot of brief yet informative articles about different aspects of Islam.
The reason why a person needs these tools in order to manage his wealth prudently is that wealth comes in many forms some in. New articles are added every week. The Muslim jurists assert that the concept of hifz al mal goes beyond its literal meaning.
The reason that savings could make a person a miser is if a person does not believe that Allah has determined a persons sustenance. Like livestock landproperty and or cash which is the extension of gold or silver and in larger terms the business merchandise which is a Shariah term that comes under the umbrella of wealth. Islam has a unique concept of wealth its ownership and distribution.
A comparative look at work as envisioned in the Islamic economic framework and its Western understanding. According to the Islamic concept wealth is considered as an endowment or a gift from God and human beings are considered as trustees on Gods resources on earth. These resources are to be wisely treated not abused destroyed wasted or left to idle.
Islamic economic system ensures fair and equitable distribution of wealth through positive as well as negative measures such as. And the others still doubt that saving is part of Islam. Fundamentally Islam is a religion which perfectly encompasses all aspects of human life.
Islam regards wealth as a means of human satisfaction in his endeavour to attain al-falah or prosperity that leads to a good life in this world and hereafter. The latter confines the definition to physical wealth out of a secularisation. Wealth in Islam is not an end in itself but a means to higher values.
Among the claims made for an Islamic economic system by Islamic activists and revivalists are that the gap between the rich and the poor will be reduced and prosperity enhanced by such means as the discouraging of the hoarding of wealth taxing wealth through zakat but not trade exposing lenders to risk through profit sharing and venture capital discouraging of hoarding of food for. The whole concept of wealth is considered in Islam as a gift from God. People are given their wealth as a trust from God and zakat is intended to free Muslims from the.
In its relation to the economic business activities and the rituals of worship the wealth is given close attention so that in the maqashid al-sharia makes it into one of the essential points. Being a Muslim it is our duty to obey the commandments of Almighty Allah. In Islam wealth is an economic measure that consists of both physical wealth and spiritual wealth denoting wealth has a wider coverage than its conventional peer.
Instead it has been visualised as an instrument to lead life in accordance with the Shariah. This website is for people of various faiths who seek to understand Islam and Muslims. Hifz al mal preservation of wealth is one of the most important objectives of the Shariah.
Zakat reminds Muslims that everything they have belongs to God. The Objects of the Distribution of Wealth According to IslamIf we consider the injunctions of the Holy Quran it would appear that the system for thedistribution of wealth laid down by Islam a sketch of which will be presented later onenvisages three objectsa The establishment of a practical system of economyThe first object of the distribution of wealth is that it would be the means of.