ISLAMIC CONCEPT WITH REGARDS TO WEALTH OWNERSHIP

These wealth and resources are to be wisely treated not abused destroyed wasted or left to idle. Concept of Ownership in Islamic Jurisprudence.


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Thus any private or individual ownership in Islam is not unlimited or unrestricted.

ISLAMIC CONCEPT WITH REGARDS TO WEALTH OWNERSHIP. Wealth in Islam is not an end in itself but a means to higher values. Some of the most important objects to which a mans worldly desires relate and which reference to which men deal with one another are regarded in law as the subject of Mild Sub which is usually translated as ownership. THE CONCEPT OF WEALTH OWNERSHIP IN ISLAM Wealth referred to having propertyasset or income that exceeds a persons immediate needs.

As for the way ownership comes to individuals Islam has clear moral persuasions ie. Islam establishes equity fairness and justice in the production and distribution of wealth and in ownership of means of livelihood. Islam has a unique dispensation on the concept of wealth its ownership and distribution.

To Allah belongs whatever is in the earth. However it recognises that like other natural things there is no equality among human beings as regards the economic means and possession of worldly wealth. However Allah in His mercy allows human beings to inherit wealth own it and use it subject to His laws as evident from the following verses.

Do not give away to the idiots your property which Allah has made for you a means o f your sustenance. In view of the purposive nature of mans life in the Islamic world view even these limited rights of ownership are not devoid of purpose. It is clearly mentioned in the Quran that Allah has created all the wealth available on the earth and in.

The first principle of Islamic economics is that of ownership or that of the real owner. Any movable or immovable property any right interest title claim chose in action whether present or future or which is otherwise in value in accordance with Hukum Syarie. Islam also recognizes the right of inheritance and obviously it can only be recognized by a system in which the people have the right of ownership.

In Islam God is the true owner of all things. Selangor Enactment 1999 define wealth. According to the Islamic concept of wealth wealth is an endowment or a gift from Allah and human beings are considered as trustees on Allahs wealth and resources on earth.

In the Surah alNisa verse 5 wealth has been referred to as a means of support for man. Hence his inability to use his wealth properly provides the basis for the forfeiture of his right to his wealth. The concept of wealth in Islam By IKIM VIEWS MUHAMMAD HISYAM MOHAMAD Fellow Centre For Economics and Social Studies Institute Of Islamic Understanding Malaysia IN ISLAM it is understood that the real owner of all wealth is Allah.

According to al-Quran the Holy Book of Islam ownership of heavens and the earth and of every thing indeed over the whole of universe belongs to Allah the Almighty God. Man only owns wealth by proxy as guardian for which purpose he has been made vicegerent khalifah of Allah on earth. It has been mentioned in more than 70 verses of the holy Quran.

Legal ownership by the individual is recognized in Islam but given people need to subject to the moral obligation that in all wealth all sections of society have the right to share. Islam has given consideration to wealth from different angles. While Islam considers lawfully acquired wealth as subject to the protection of the Shariah it regards the wealth owner as a trustee who holds his wealth as a trust on behalf of God and the community.

I The land belongs to Allah. A special concept of ownership. The ownership of wealth.

Accumulating wealth and managing wealth. Islam considers the rich trustees and claims them to vindicate their trust-worthiness by so dealing with their wealth that it becomes wealth radiative and not wealth reflective. Wealth is an instrument in the effective discharge of man responsibilities as the viceroy of Allah and the achievement of well-being in the life for himself his fellow Muslims and fellow human beings.

It should be earned invested and spend in the correct avenues and it should reward the. Islam as a divinely ordained system provides humanity with a comprehensive economic system where both individual and social ownership rights are addressed equally. Man is caliph or Gods viceroy or vicegerent on earth and thus the man enjoys certain rights of usufruct in respect of certain things which have been created for the benefit of man.

Not to make accumulation of wealth the sole aim in life - dispose of wealth in a rational way not miserly or extravagantly etc but the legal economic and administrative systems devised by the Islamic state should organise the way wealth comes to individuals so as to comply with the above mentioned.


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