Investment and Wealth Management in Contemporary Times: Zakat as a Viable Approach

AbdulGafar Olawale Fahm (fahm.ao@unilorin.edu.ng)
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AbdulGafar Olawale Fahm: University of Ilorin

Chapter Chapter 6 in Wealth Management and Investment in Islamic Settings, 2022, pp 91-102 from Springer

Abstract: Abstract The chapter addresses how the zakat institution is perhaps the main institution relevant to the field of investment and wealth management. The benefits underlying zakat are not fully appreciated and the concept remains bound by a narrow understanding of zakat’s charity aspect in alleviating poverty. By highlighting the unique features, the institution of zakat brings to the discourse, it argues for the critical importance of Islamic practices, ethics, and motivations found in zakat. The paper first outlines the notion of investment and wealth management, especially as it concerns a more productive human and capital development. Secondly, the chapter argues that, despite the redistribution of wealth benefits inherent in zakat as an investment and wealth management strategy, it appears not to be fully explored. This paper conceptualizes and clarifies the various facets of zakat in sustaining investment and wealth management. The conclusion outlines the values of zakat to investment and wealth managers as a way of improving wealth as well as investment portfolio management or strategies, especially when targeting Muslim clients and engaging the Islamic market.

Keywords: Investment; Wealth management; Zakat; Islamic economic system (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_6

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DOI: 10.1007/978-981-19-3686-9_6

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