Islamic Wealth Management and the Pursuit of Positive-Sum Solutions

Mohammad Omar Farooq ()
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Mohammad Omar Farooq: University of Bahrain

Islamic Economic Studies, 2014, vol. 22-2, 99-124

Abstract: How is Islamic wealth management (IWM) distinguished from conventional wealth management? In this paper it is argued that the level of concentration of wealth at both national and international level is related to the conventional wealth management, where the latter can be viewed having a zero-sum bias and IWM, in its current practices, is more of an appendage to its conventional counterpart. The focus of this paper is to articulate, explain and advocate approaching IWM from positive-sum perspective, meaning that genuine wealth management does not have to be broadly at the expense of others. Rather, sustainable and fair wealth management is not only compatible with, but also is facilitated by broad economic development where the standard of living of an increasingly larger proportion of the society improves. More importantly, Islam upholds a fundamental principle against ever-increasing concentration of wealth that causes wealth to circulate among a few privileged wealthy and places a specific burden on the rich to avoid such undesirable level of concentration, for which God warns of stern consequences in the life hereafter. This paper identifies a number of areas that those wealthy parties who care about Islamic principles and accountability before God should appreciate and help foster

Keywords: Keywords: Financial Development; Islamic Finance; Wealth Management (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (1)

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