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Wealth purification

In: Islamic Wealth Management

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  • Ahcene Ahcene

Abstract

Wealth purification is an important aspect of Islamic wealth management. Purification can be in the form of giving that portion of wealth as charity. The best is to ensure that the wealth is earned in lawful means, so purification is not an issue at all. The objective of purification is to comply with God’s commandment to refrain from wrongful means of earning wealth so as to fulfill obligation of a normal person wanting to accumulate permissible wealth. Individuals and corporations are often focused on wealth accumulation, protection and distribution, but are usually short on wealth purification. There is an established practice to give as charity the wrongfully earned wealth to banks, and banks normally set aside such moneys to be paid to charitable purposes.

Suggested Citation

  • Ahcene Ahcene, 2017. "Wealth purification," Chapters, in: Mohamed Ariff & Shamsher Mohamad (ed.), Islamic Wealth Management, chapter 15, pages 266-278, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17781_15
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    Keywords

    Asian Studies; Economics and Finance;

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