Wealth & Spending

By Shaista Khurshid, Calgary Alberta

Hoarding in general is an issue, but when it comes to wealth this issue can be more debilitating than we think. It affects society and the world. When a community's wealth is stagnant or only flows towards fewer people, it means that this community has some deep seated issues, which needs to be addressed before it rots the society from its core. By no means, is being rich and making money wrong. Yet it becomes a concern if society thinks or designs its laws in a way that it pushes the wealth towards richer and powerful people, instead of all. A way to gauge a society is how they treat their vulnerable.

Know that the life of this world is but amusement and diversion and adornment and boasting to one another and competition in increase of wealth and children. 57:20

Wealth can only become beneficial for this world and the hereafter if we are willing and sincere in spending it as commanded. This creates movement or flow of wealth from one person to another, one city to another and so forth. The equitable and continuous movement of wealth through the world, like any other resource, is the key to survival and prosperity of humankind.

And what Allah restored to His Messenger from the people of the towns - it is for Allah and for the Messenger and for [his] near relatives1 and orphans and the needy and the [stranded] traveler2 so that it will not be a perpetual distribution among the rich from among you. Quran 59:7

If not given laws and boundaries, societies tend to veer-off in wrong directions. That is why Allah has outlawed interest, bribery, and deception in trade. Allah commands us to pay Zakat and encourages us to help the poor as well as not covet the wealth of others. These rules, along with all the rules we follow, helps us live a good life in the Akhirah and in this world. This concept is clear at the start of Surah Hud:

And [saying], "Seek forgiveness of your Lord and repent to Him, [and] He will let you enjoy a good provision for a specified term and give every doer of favor his favor [i.e., reward]. But if you turn away, then indeed, I fear for you the punishment of a great Day. Quran 11:3

Islam provides the solution if people follow it with sincerity. Charity for a Muslim is an obligation. Treating others like how you want them to treat you is the basis after worship of Allah.

Narrated Anas:

The Prophet (ﷺ)said, "None of you will have faith till he wishes for his (Muslim) brother what he likes for him- self." Sahih al-Bukhari 1,Book 2, Hadith 6

The obligation of yearly giving Zakat, whether it is 2.5%, 10% or 5%, seems less, yet it is a huge path in the well being of society.

Muslims are also encouraged to give charity in their normal day to day behaviour. This can take many forms. It can be through their wealth, skills, or intelligence. It can be by providing care. It can mean removing harmful objects. It may be by eradicating societal ills by standing up for the right and denouncing the wrong. It can also be by creating meaningful employment for people to live with dignity. A Muslim life is agile.

Note that Zakat is an obligatory charity for every Muslim who has certain amount of wealth after one year. Muslims have to pay 2.5% from the wealth left with them which goes to the vulnerable and poor people. The 2.5% zakat is obligatory on personal wealth, gold, silver, RRSP, stocks, business, factories, cattle, any wealth accumulated or saved. Keeping a cap of 2.5% per year on general wealth gives us the idea of not burdening those who pay Zakat. At the same time, Zakat uplifts the vulnerable by restoring their dignity and financial independence.

The 10% and 5% are the Zakat on farming yields per year. 10% is for those which are naturally irrigated “ and 5% is for those who must do irrigation by themselves. Other than moving the flow of wealth from rich to poor, Zakat also curbs the insatiable need to hoard wealth. The more wealth we accumulate, the more will leave our wallet at the end of the year. This continuous flow of wealth in the society builds financial security for all.

A way to gauge a society is how they treat their vulnerable.”

There are many ways to use Zakat and other charities. The flow of wealth keeps life in order. Business development, division of inheritance, investment in skill, building institutions, interest free loans, spending in a balanced manner, and engaging in multiple forms of charities are ways to develop support systems, meaningful employment, and skills. Hunger and poverty diminish, crimes reduce, abuse of anything is not ignored, and the vulnerable are not set aside. It develops fairness and justice as power surges and arrogance takes a back seat.

Photo By Scott Webb on Unsplash

Other than charity, we need personal ethics to keep justice and fairness in a society. To get full benefits of the charity in this and in the next world, we also need to train ourselves to be sincere, learn to spend in modesty and balance, to seek only the pleasure of Allah, not ours or others. Furthermore we should avoid to hurt others, or show off our wealth or charity and to steer clear from hypocrisy. To spend and to get wealth both have caveats we need to avoid to get the holistic benefit the flow of wealth offers us.

Wealth in the form of money, land, property resources, skills or natural resources is there for everyone. Wealth should be used to do good and keep the evil at bay. We serve through Zakat to lift people from misfortune. We reduce our selfishness by not hoarding resources and property. Wealth should be kept moving. The amount of Zakat on the wealth is minimal but its effects are far reaching. Combined with sincerity these minimalist charities can bring the favor and blessing of Allah to all in this world and the hereafter.

Further Reading: Virtues& Avoidance From Quran:

2:261, 34:37, 92:18, 18:34, 28:78, 63:9, 9:24,2:264, 2:188, 9:103, 2:274, 16:71 (Quran)

1. Quran Translations Saheeh International

2. Source: https://quran.com/ & https://sunnah.com/

Title Photo By Lisa Woakes on Unsplash