What Islam teaches about wealth?
Islamic teachings on wealth are vast. Islam teaches how to spend it to how to earn it. Islam also teaches that Allah blesses them in infinite ways, including their wealth. Muslims believe that all things belong to Allah and come from Him, and learn how to deal with their wealth properly.
Wealth is a pleasure of this world
Islam teaches that wealth is a pleasure of worldly life and that one can be distracted by this pleasure. The true Muslim is the one that deals with his wealth as if it is merely a worldly matter. Islam also teaches that Muslim’s wealth does not follow them in the afterlife. Quran warns Muslims not to hoard their wealth and to be aware of greed. A Muslim isn’t supposed to be preserved but spent his wealth on those who are in need of it.
Way of earning wealth
Muslims’ wealth must be earned in a Halal and lawful way. It is not to be earned by selling or buying things that Allah forbids a Muslim to enjoin in. Such as alcohol, pork, etc. A Muslim also should not sell Haram and unlawful items in order to obtain wealth. Allah advises them against this:
“O you who believe, do not consume each other’s wealth unjustly but only (in Halal) business by mutual consent. And do not kill yourselves (or each other). Indeed, Allah is to you ever Merciful.” (4:29)
The best way to spend the wealth
Islam introduces five pillars. One of those pillars is Zakat or giving wealth to charity. In fact, in the Quran, charity (Zakat) is often mentioned with Salah. One example of that is:
“Taqwa (Righteousness) is not that you turn your faces toward the east or the west, but true Righteousness is in one who believes in Allah, the Last Day, the angels, the Book, and the prophets and gives wealth, in spite of love for it, to relatives, orphans, the needy, the traveler, those who ask (for help), and for freeing slaves; (and who) establishes Salah and gives Zakat…” (2:177)
The Prophet Mohammed (SAW) was the greatest example for a Muslim who spent his wealth on charity. He always provided for others before he would take for himself. He was never a greedy and simple man. Besides, he himself was an orphan and Islam teaches in the Quran that their wealth should be spent on orphans and those who cannot provide for themselves. If one does not have an abundant amount of wealth this should not stop them from giving in the way of Allah because even the smallest amount is an act of charity.
Do not fear poverty
Before Islam, in the age of ignorance, pagans killed their children for fear of poverty. After Islam was introduced, the companions of the Prophet (SAW) who used to practice this tradition would abstain from it.
“And do not kill your children out of poverty; We will provide for you and them.” (6:151)
Allah is the provider of all so therefore a true Muslim should not fear poverty because a Muslim is firm in their belief that Allah will provide for them. It is generally believed by Muslims that fear of poverty equates to having a bad opinion of Allah.
Charity does not decrease wealth
“The example of those who spend their wealth in the way of Allah is like a seed (of grain) which grows seven spikes; in each spike is a hundred grains. And Allah multiplies (His reward) for whom He wills. And Allah is all-Encompassing and Knowing.” (2:261)
When a Muslim spends his wealth in the way of Allah there is no decrease in wealth. Wealth actually increases as they give their wealth Allah replaces it with something better and greater.
These are just a few examples of the many ways Islam teaches to deal with their wealth. A Muslim’s wealth should always be gained through the Halal way in order for them to be true believers. And to discourage greediness of wealth, they should try to spend wealth on charity as often as they are able to. Because Islam teaches that the wealth a Muslim spends in charity will never decrease, but increase.