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Islamic expectations on wealth management and luxury

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  • Islamic expectations on wealth management and luxury

    Salam everyone I have a question on the Islamic view on wealth and luxury. From what I understand money in itself is not evil or bad but rather provisions given to you from God. But living in excess luxury is not allowed.

    My question is what if someone who is wealthy is living luxurious (in the general view of it) BUT is actually living modest in comparison to their wealth? Is this still forbidden ? Consider that the person in question is giving their due zakat and charity.

    Any clarity on this is much appreciated.

  • #2
    Re: Islamic expectations on wealth management and luxury

    Some of the Sahaba were very wealthy. I think as long as you give the required charity and don't try to showoff or become so attached to wealth you lose your connection to Allah swt or don't perform your fard duties than it's ok.
    Fabi-ayyiala -i rabbikuma tukaththibani
    Then which of the favors of your Lord will ye deny?
    http://www.youtube.com/watch?v=vr8DR8frP_s

    You are not here just to fill space or to be a background character in someone else's movie. Consider this: nothing would be the same if you did not exist. Every place you have ever been and everyone you have ever spoken to would be different without you. We are all connected, and we are all affected by the decisions and even the existence of those around us.

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    • #3
      Re: Islamic expectations on wealth management and luxury

      I don't know.

      You shouldn't be extravagant. That is, don't be a musrif or mubazir. You also shouldn't be a miser. See
      Let a man of wealth spend from his wealth, and he whose provision is restricted - let him spend from what Allah has given him... (65:7)

      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)

      Also see 17:29

      And [they are] those who, when they spend, do so not excessively or sparingly but are ever, between that, [justly] moderate. (25:67)

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      • #4
        Re: Islamic expectations on wealth management and luxury

        We shouldn't be extravagant but then the question would be what is considered extravagant?

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        • #5
          Re: Islamic expectations on wealth management and luxury

          Thanks y'all for the replies. My thinking was since everyone was given provisions differently we can't be expected to all live the same lifestyle. But as you guys mentioned as long as your not attached to the wealth and are not overly extravagant your free to spend it in a halal manner given you pay your zakat and other obligations.

          Thanks for the input !

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          • #6
            Re: Islamic expectations on wealth management and luxury

            Salam, waleed.a

            Main requirement for Sharia-compliant finance are as follows:
            • It is necessary to share risk and profit equally between parties to a transaction
            • Speculation and uncertainty in transactions are strictly prohibited
            • Making money from money (such as interest) is prohibited
            • It is prohibited to conduct certain activities
            • Transactions must be asset-based or asset-backed


            Whats notable, out of USD 11.5 trillion of wealth owned by Muslim individuals, institutions and government, about USD 9.5 trillion still remain outside the global islamic financial services industry. Moveover, 70% of the total Middle Eastern wealth is channelled abroad. Probably, it is due to the risk appetite of Islamic investors. See more on the recent Islamic wealth management study: https://uhnwi.org/islamic-wealth-management-2016

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