Wealth Creation and Management in Islam

Muhammad Ashfaq; Hanna R. Abdelwahab; Shahab Aziz; Shahbaz Sharif

doi:10.1007/978-981-19-3686-9_5

Wealth Creation and Management in Islam

Muhammad Ashfaq^*
, Hanna R. Abdelwahab
, Shahab Aziz
, Shahbaz Sharif

^*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceeding › Chapter › peer-review

5 Scopus citations

Abstract

According to the Western concept of financial system, wealth is owned by the individuals and they are free to do as they please. However, in the Islamic mind-set, the whole universe and its wealth belong to Allah and Allah alone. Humans are instructed to use and distribute wealth according to the teachings of Islam. This paper aims to highlight the notion of wealth and wealth creation in the eyes of Islam, and how it should be managed or administered for the advancement of human welfare. It discusses the significance of its key redistributive instruments such as zakat, waqf, inheritance and sadaqah, towards the betterment of the society. This study utilises the exploratory methodology and presents a comparative overview of the Islamic tax system (Zakat) as compared to the conventional system and it dives into how Islam protects the sanctity of community life through proper wealth creation and wealth management tools. This study also offers an overview of the wealth cycle which includes wealth creation, wealth enhancement, wealth protection and wealth distribution.

Original language	English
Title of host publication	Wealth Management and Investment in Islamic Settings
Subtitle of host publication	Opportunities and Challenges
Publisher	Springer Nature
Pages	73-89
Number of pages	17
ISBN (Electronic)	9789811936869
ISBN (Print)	9789811936852
DOIs	https://doi.org/10.1007/978-981-19-3686-9_5
State	Published - 1 Jan 2022
Externally published	Yes

Bibliographical note

Publisher Copyright:
© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd, 2022.

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 1 No Poverty
SDG 10 Reduced Inequalities
SDG 17 Partnerships for the Goals

Keywords

Estate management
Islam
Islamic financial services
Sadaqah
Wealth
Wealth management
Zakat

ASJC Scopus subject areas

General Economics, Econometrics and Finance
General Business, Management and Accounting
General Arts and Humanities
General Social Sciences

Access to Document

10.1007/978-981-19-3686-9_5

Cite this

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AU - Aziz, Shahab

AU - Sharif, Shahbaz

N1 - Publisher Copyright: © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd, 2022.

PY - 2022/1/1

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AB - According to the Western concept of financial system, wealth is owned by the individuals and they are free to do as they please. However, in the Islamic mind-set, the whole universe and its wealth belong to Allah and Allah alone. Humans are instructed to use and distribute wealth according to the teachings of Islam. This paper aims to highlight the notion of wealth and wealth creation in the eyes of Islam, and how it should be managed or administered for the advancement of human welfare. It discusses the significance of its key redistributive instruments such as zakat, waqf, inheritance and sadaqah, towards the betterment of the society. This study utilises the exploratory methodology and presents a comparative overview of the Islamic tax system (Zakat) as compared to the conventional system and it dives into how Islam protects the sanctity of community life through proper wealth creation and wealth management tools. This study also offers an overview of the wealth cycle which includes wealth creation, wealth enhancement, wealth protection and wealth distribution.

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KW - Wealth management

KW - Zakat

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Wealth Creation and Management in Islam

Abstract

Bibliographical note

UN SDGs

Keywords

ASJC Scopus subject areas

Access to Document

Fingerprint

Cite this