Islam, Spirituality and Wealth: Islamic Framework of Wealth Management

In the classical Islamic literature, there is an existing dispute of opinion among the scholars on treatment of material wealth and its connection with the spirituality of a believer. The differing approaches towards treating wealth arise from the inherent dichotomy between the Islamic mysticism-influenced perspective and the mainstream jurisprudence-oriented scholarship. The premises of Islamic mystical argumentation lie in the belief that wealth and worldly affluence puts a barrier in the path of a believer’s spiritual ascendance. This contention is subtly rejected by the mainstream Islamic jurisprudential literature but not in a clear and cogent way. The lack of clarity on the true status of wealth and its Islamic paradigm causes a blurred line of understanding on the topic. The availability of Shari’ah-based valid evidences on the virtues versus vices of wealth and affluence create more complexities on the topic than to make things simpler. Thus, to deliberate the Islamic framework of wealth management, it is imperative to demystify the Islamic position on acquisition and treatment of wealth. This chapter attempts to conceptualize the concept of wealth in Shari’ah followed by analyzing its treatment from a Shari’ah perspective. By moderating the conflicting views and narratives, the chapter endeavors to develop a balanced Shari’ah-based view towards treatment of wealth and its management. The chapter employs qualitative research paradigm, and it adopts a content analysis technique to analyze the primary and secondary sources of Shari’ah.