PSYCHOLOGY OF WEALTH IN ISLAM
Allah informs us in numerous places in the Qur’an that human beings have an intense love for wealth.(See Qur’an 89:20 and 100:8. ) The insatiable thirst for wealth is exemplified in the hadith of the Prophetصلى الله عليه وسلم” :If the son of Adam had a valley full of gold, he would like to have two valleys. ”(Ṣaḥīḥ al-Bukhārī, no. 6439) The Prophet further cautioned about the potential dangers of obsessively pursuing wealth, saying, “By Allah, it is not poverty I fear for you; rather, I fear you will be given the wealth of the world, just as it was given to those before you. You will compete for it just as they competed for it and it will ruin you just as it ruined them. ”(Ṣaḥīḥ al-Bukhārī, no. 6425; Ṣaḥīḥ Muslim, no. 2961.) One of the most vivid illustrations of this warning comes from the following narration, where the Prophet صلى الله عليه وسلم said, “Two hungry wolves roaming freely among a flock of sheep are less destructive to them than the passion of a man for wealth and fame is to his religion. ”(Sunan al-Tirmidhī, no. 2376.) These aḥādīth attempt to nurture a vigilant mindset towards the pursuit of wealth, warning that such a pursuit may destroy a person. However, rather than merely warn the believers about the potential pitfalls of chasing money, Islamic guidance seeks to reframe our relationship with wealth so that we spend it appropriately in the service of Allah.
Reframing ownership of wealth
As previously stated, neoclassical economics and capitalism posit that the individual is the true owner of their wealth and possessions. However, in Islam, Allah is the true Owner of all wealth, and the individual is merely a trustee or executor whose role is to use the wealth and assets in a manner pleasing to Allah. The Qur’an says, “Believe in Allah and His Messenger and spend out of that of which He has made you trustees. For those who have believed among you and spent, there will be a great reward.”(Qur’an 57:7.) The Islamic notion that wealth ultimately belongs to Allah, and we are only trustees, has substantial ramifications for how wealth is spent and invested. Once the believer internalizes their role as a trustee, they become responsible for safeguarding the trust, understanding the terms of the trust to determine who has rights over the assets, and then distributing the assets to the deserving parties. The terms of the trust have been clearly articulated in the Qur’an and Sunnah, which include rules of inheritance, rules of zakah, discouraging miserliness and hoarding of wealth, encouraging generosity and circulating wealth in society, encouraging moderation in spending, and principles of investing.
The paradox of pursuing wealth
Understanding the gravitational pull of wealth on the hearts of people, the Prophet صلى الله عليه وسلمrepeatedly gave advice on how to detach ourselves from stressing over wealth and from making the pursuit of it a central concern of our lives. In a powerful narration, he said, “Whoever is focused only on this world, Allah will confound his affairs and make him fear poverty constantly, and he will not get anything of this world except that which has been decreed for him. [However], whoever is focused on the Hereafter, Allah will settle his affairs for him and make him feel content with his portion, and his provision and worldly gains will undoubtedly come to him.” ( Sunan Ibn Mājah, no. 4105.) This hadith establishes an essential psychological principle of wealth in Islam: chasing the supposed reward of this life (dunyā) leads to financial anxiety, whereas chasing the real reward of the afterlife (ākhirah) leads to financial contentment. He reiterated this point in another narration, saying, “Allah says, ‘O son of Adam, focus on worshiping Me and I will fill your heart with contentment and take care of your poverty; but if you do not do that, then I will fill your heart with worldly concerns and will not take care of your poverty.’” (Sunan al-Tirmidhī, no. 2466.) These narrations are meant to calibrate the believer away from the inherent bias of obsessively pursuing wealth and free them to pursue more noble pursuits. In fact, the Prophet صلى الله عليه وسلم repeated this message over and over in numerous ways. In another example, Abū Dharr reported that the Prophet said to him, “O Abū Dharr, do you say an abundance of possessions is wealth?” I said yes. The Prophet said, “Do you say a lack of possessions is poverty?” I said yes. The Prophet repeated this three times, then he said, “Wealth is in the heart and poverty is in the heart. Whoever is wealthy in his heart will not be harmed no matter what happens in the world. Whoever is impoverished in his heart will not be satisfied no matter how much he has in the world. Verily, he will only be harmed by the greed of his own soul.” (Ṭabarānī, al-Muʿjam al-kabīr, no. 1618.) The Prophet صلى الله عليه وسلم focused on liberating hearts from lusting over wealth so that his ummah became intrinsically motivated to spend and invest it in noble causes.
By Osman Umarji
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