Islamic Wealth Management
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Islamic Wealth Management

Theory and Practice

Edited by Mohamed Ariff and Shamsher Mohamad

From an Islamic perspective, although the ownership of wealth is with God, humans are gifted with wealth to manage it with the objective of benefiting the human society. Such guidance means that wealth management is a process involving the accumulation, generation, purification, preservation and distribution of wealth, all to be conducted carefully in permissible ways. This book is the first to lay out a coherent framework on how wealth management should be conducted in compliance with guiding principles from edicts of a major world religion.
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Chapter 2: Wealth from the shariah perspective

Mohamed A. Gadhoum

Abstract

The secular perspective on wealth has amply been explained in Chapter 1. This chapter is meant to clarify the meaning of wealth from the Islamic (shariah) perspective based on its main sources, the Quran and the Sunnah (Prophet’s sayings-cum-practices). Wealth is earned, accumulated and invested by its owner: contemporary perspective is that wealth is rightfully owned without much thoughts about the community in which it is held. Islam dictates wealth should be earned by permissible means, and should not be invested to harm the community in which the wealth is found. More than that, part of additions to wealth each year from investment returns must be paid as charity while wealth should be optionally be put to promote good deeds to serve the community needs. These differences create challenges to Islamic wealth management and estate planning for those who wish to fall in line with Islam’s injunctions on wealth.

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