Islam & Wealth

In Islam, all wealth is actually the possession of Allah which humans are entrusted with. It is a responsibility; it must be earned through lawful means and spent in permissible ways. The Prophet (s) said: “A person will not be able to take a step further on the Day of Judgment until he is taken to account for the following things: his time and how he spent it, his knowledge and how he used it, his money and how he earned and spent it, and about his youth and how he used it.” [ Tirmidhi ]

Islam encourages that one seek wealth in order to spend it on one’s self and those whom he is responsible for, and that he use it to help those in need. It is also a means of earning reward from Allah if one spends it in beneficial ways. The Prophet (s) said: “Whoever gives charity equal to a date from good (halal) earnings - for Allah does not accept anything but that which is good - Allah will take it in His right hand and tend it for the one who gave it as any one of you tends his foal, until it becomes like a mountain.” [ Muslim ]

There are other rights in the wealth - other than zakah - that are obligatory and would benefit him in this life and the Hereafter. Allah says: (But seek, with that [wealth ] which Allah has bestowed on you, the home of the Hereafter, and forget not your portion of legal enjoyment in this world, and do good as Allah has been good to you, and seek not mischief in the land.) [ 28:77 ]

The Prophet (s) said: “How good is pure wealth when it is in the possession of a righteous person!” [ Ibn Hibbaan ]

Islam has forbidden that money be wasted. Allah says: (And give the relative his right, and [also ] the poor and the traveler, and do not spend wastefully. Indeed, the wasteful are brothers of the devils, and ever has Satan been to his Lord ungrateful.) [ 17:26-27 ]