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    Concept of Wealth in Islam

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    ebbadmateen
    Islam provides guidelines for wealth that aim to establish a just society with strong moral values. Wealth sharing is obligatory in Islam through zakat, where wealthy Muslims must give 2.5% of their wealth annually to the poor. This decreases inequality and strengthens community ties. The history of wealth sharing in Islam dates back to the prophet Muhammad, who had early Muslims of Medina share their wealth. The goals of wealth distribution in Islam are to establish a natural economic system, ensure all people receive their rights, and prevent concentration of wealth in few hands by allowing widespread circulation.

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    Concept of Wealth in Islam

    Uploaded by

    ebbadmateen
    664 views2 pages
    Islam provides guidelines for wealth that aim to establish a just society with strong moral values. Wealth sharing is obligatory in Islam through zakat, where wealthy Muslims must give 2.5% of their wealth annually to the poor. This decreases inequality and strengthens community ties. The history of wealth sharing in Islam dates back to the prophet Muhammad, who had early Muslims of Medina share their wealth. The goals of wealth distribution in Islam are to establish a natural economic system, ensure all people receive their rights, and prevent concentration of wealth in few hands by allowing widespread circulation.

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    It is all about wealth and its treatment in Islam

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    Islam provides guidelines for wealth that aim to establish a just society with strong moral values. Wealth sharing is obligatory in Islam through zakat, where wealthy Muslims must give 2.5% of their wealth annually to the poor. This decreases inequality and strengthens community ties. The history of wealth sharing in Islam dates back to the prophet Muhammad, who had early Muslims of Medina share their wealth. The goals of wealth distribution in Islam are to establish a natural economic system, ensure all people receive their rights, and prevent concentration of wealth in few hands by allowing widespread circulation.

    Copyright:

    © All Rights Reserved
    Download as ODT, PDF, TXT or read online from Scribd
    Download as odt, pdf, or txt
    664 views2 pages

    Concept of Wealth in Islam

    Uploaded by

    ebbadmateen
    Islam provides guidelines for wealth that aim to establish a just society with strong moral values. Wealth sharing is obligatory in Islam through zakat, where wealthy Muslims must give 2.5% of their wealth annually to the poor. This decreases inequality and strengthens community ties. The history of wealth sharing in Islam dates back to the prophet Muhammad, who had early Muslims of Medina share their wealth. The goals of wealth distribution in Islam are to establish a natural economic system, ensure all people receive their rights, and prevent concentration of wealth in few hands by allowing widespread circulation.

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    Concept Of Wealth In Islam


    Islam is a complete code of life and provides the best ways to live a life in a good manner. Being a
    Muslim, it is our duty to obey the commandments of Almighty Allah. If we talk about the concept of
    wealth in Islam and study the guidelines of Islam in this respect, we could easily understand the
    objectives of Islam that would lead to establishing a fair society with the best moral values. Allah takes
    examination of the people.
    People have their differences regarding the wealth and social status they have. In Islam it has been declared an
    obligation for every Muslim to help his Muslim brothers and sisters in need of financial help. Wealth sharing in
    Islam has its great value and Zakat, the one of the five obligations in Islam that deals with the wealth sharing in
    Islam has been declared an obligation for wealthy Muslims.

    Benefits of sharing wealth :


    Wealth sharing in Islam has lots of beneficial effects on the Islamic society. It makes the rich realize the
    condition of the poor and to help them. It decreases the differences between the different people of different
    classes and brings them under one flag of Islam and one community of Muslim brotherhood. The history of
    wealth sharing in Islam goes back to the date when Islam was been struggled for by the Holy Prophet (PBUH)
    and his companions. When a mass immigration took place from Makah to Medina, the immigrants of Makah
    were given half of wealth by their Muslim brothers of Medina. This was the spirit of wealth sharing in Islam in
    those times and even today the spirit is kept alive throughout the Muslim world.

    Manners of Distribution of Wealth :


    There are two things related to wealth sharing in Islam which are of more importance, Zakat and Kherat.
    Although Islam teaches the Muslims to give away anything that is acquired by them which is in excess for them
    to the more deserving and needy Muslim brothers. Zakat is a particular percentage of wealth that is due on every
    wealthy and self-sufficient Muslim to give away so that it may come in use of his Muslim brothers. A total of
    2.5% is separated from the wealth and valuables like gold and silver etc. This percentage is then used by the
    deserving and needy Muslims. This beautiful rule of Islam keeps things in balance and keeps harmony amongst
    Muslims and also strengthens them financially. The process of Zakat takes place once a year whereas Kheraat is
    to help the needed Muslims through wealth throughout the year.

    The establishment of a practical system of economy :


    The first object of the distribution of wealth is that it would be the means of establishing in the world a

    system of economy which is natural and practicable, and which, without using any compulsion or
    force, allows every individual to function in a normal way according to his ability, his aptitude, his own
    choice and liking, so that his activities may be more fruitful, healthy and useful. And this cannot be
    secured without a healthy relationship between the employer and the employee, and without the proper
    utilization . of the natural force of supply and demand. That is why Islam does admit these factors.

    Enabling everyone to get what is rightfully due to him :


    The second object of the Islamic system of the distribution of wealth is to enable everyone to get what
    is rightfully his. But, in Islam, the conception and the criterion of this right is somewhat different from
    what it is in other systems of economy. Under materialistic economic systems, there is only one way of
    acquiring the right to wealth, and that is a direct participation in the process of production. In other
    words, only those factors that have taken a direct part in producing wealth are supposed to be entitled
    to a share in wealth, and no one else. On the contrary, the basic principle of Islam in this respect is that
    wealth is in principle the property of Allah Himself and He alone can lay down the rules as to how it is
    to be used. So, according to the Islamic point of view, not only those who have directly participated in
    the production of wealth but those too whom Allah has made it obligatory upon others to help, are the
    legitimate sharers in wealth. Hence, the poor, helpless, the needy, the paupers, and the destitute they
    too have a right to wealth. For, Allah has made it obligatory on all those producers of wealth among
    whom wealth is in the first place distributed that they should pass on to them some part of their wealth.
    And the Holy Quran makes it quite explicit that in doing so they would not be obliging the poor and the
    needy in any way, but only discharging their obligation, for the poor and the needy are entitled to a
    share in wealth as a matter of right.

    Eradicating the concentration of wealth :


    The third object of the distribution of wealth, which Islam considers to be very important, is that
    wealth, instead of becoming concentrated in a few hands, should be allowed to circulate in the society
    as widely as possible, so that the distinction between the rich and the poor should be narrowed down as
    far as is natural and practicable. The attitude of Islam in this respect is that it has not permitted any
    individual or group to have a monopoly over the primary sources of wealth, but has given every
    member of the society an equal right to derive benefit from them. Mines, forests, UN-owned barren
    lands, hunting and fishing, wild grass, rivers, seas, spoils of war, etc., all these are primary sources of
    wealth. With respect to them, every individual is entitled to make use of them according to his abilities
    and his labor without anyone being allowed to have any kind of monopoly over them.

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