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Wealth Creation and Management in Islam

In: Wealth Management and Investment in Islamic Settings

Author

Listed:
  • Muhammad Ashfaq

    (IU International University of Applied Sciences)

  • Hanna R. Abdelwahab

    (IU International University of Applied Sciences)

  • Shahab Aziz

    (IU International University of Applied Sciences)

  • Shahbaz Sharif

    (IU International University of Applied Sciences)

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.

Suggested Citation

  • Muhammad Ashfaq & Hanna R. Abdelwahab & Shahab Aziz & Shahbaz Sharif, 2022. "Wealth Creation and Management in Islam," Springer Books, in: Toseef Azid & Murniati Mukhlisin & Othman Altwijry (ed.), Wealth Management and Investment in Islamic Settings, chapter 0, pages 73-89, Springer.
    • Handle: RePEc:spr:sprchp:978-981-19-3686-9_5
    DOI: 10.1007/978-981-19-3686-9_5
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