Wealth Creation and Management in Islam

Muhammad Ashfaq (), Hanna R. Abdelwahab, Shahab Aziz and Shahbaz Sharif
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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

Chapter Chapter 5 in Wealth Management and Investment in Islamic Settings, 2022, pp 73-89 from Springer

Abstract: 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.

Keywords: Wealth management; Islam; Islamic financial services; Zakat; Sadaqah; Estate management; Wealth (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-981-19-3686-9_5

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

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