Treatment of Wealth in Islam

Islam being the most unique religion, stresses upon the concept of sharing in every aspect of life, whereas humans are just regarded as the guardians of resources bestowed upon them by Allah the Almighty, Who is the Owner of all what is available on earth. So out of the vast resources available on earth, humans are directed to share these resources with the underprivileged so as to mitigate, rather eliminate their feeling of deprivation.rnIslam guides mankind regarding every aspect of wealth, like legitimate ways of acquiring it, where and how to spend it, so as to not displease the Creator and go against Divine laws. It is clearly stated in Islam that, all that is earned through business or trading, keeping a justified amount of profit, no hoarding or stocking and addition of interest is legit and allowed, whereas anything that involves interest is barred. In a hadith, the truthful businessman was said to be with the Prophets (Peace be upon them), saints and martyrs on Judgement day.rnEven after having earned a fair share of profit, it is directed to pay 2.5% of the earning as Zakat including gold, silver, agricultural produce etc accumulated over a certain period of time, which causes flow of money in the society, also it has been said that Zakat (religious tax) is the means of purifying whatever you’ve earned. In hadith, paying of Zakat has been regarded as one of the means of entering paradise, besides offering prayers and strengthening ties of kinship.rnThe spirit of wealth sharing was best witnessed during times of the Prophet (Peace be upon him) when the Muhajireen (migrants for Allah’s cause) shifted from Makkah to Madinah, and the Ansaars not only showered them with love and respect but many shared half of their wealth with the migrant companions (May Allah be pleased with them) of Allah’s Messenger (Peace be upon him). rnBesides Zakaat, there is Khairaat (charity), which is although non-obligatory in nature, holds high value and regard in Islam, as another means of money circulation in the society, charity increases wealth. Accumulating wealth and not paying off debts is highly condemned in Islam as it is written in Hadith that one who wants to save himself from hardships of the resurrection day, should either remit his debt altogether or should give more time to his debtor.rnWhen it comes to laws of inheritance, Islam strictly forbids suppressing rights of heirs saying that if anyone deprives any heir of his just right to inheritance, the Almighty will deprive him of his inheritance in Jannah (the paradise) in the Hereafter.rnBesides this, religion of peace also shuns showing extravagance or being a miser, which are both extreme cases, on the contrary, practicing moderation with regards to wealth has both been suggested and appreciated, so basically Islam encourages and promotes a balance in life.