Muslims have been urged to tread softly in the quest for wealth creation and acquisition, and ensure that their business and financial commitments are in line with the tenents of Islam.
Indeed, the believers are cautioned against engaging in Ribah (interest) gambling, bribery, smuggling and money laundering in their quest for wealth.
NASFAT in its Friday sermon publication noted that the true nature of wealth in Islam requires social preferences and market exchange mechanisms that are ethicized by human consciousness of the moral law.
“Islam gives precise moral injunctions as to what are, and are not acceptable kinds of wealth. These injunctions pointed out how individual preferences on wealth formation ought to be utilized within the social meaning.
“Islam considers pursuing economic activities something very desirable. It abhors a life of asceticism and abstinence.“Wealth is declared God’s blessing and seeking wealth in a proper way is considered an act of worship,” it stated.
The noble Quran has guided the Muslims on wealth creation thus: “O Ye who believe! Eat not up your property among yourselves unduly. Let it be trade amongst you by mutual agreement”. Q4:29.
This verse is perhaps the most important verse of Quran on economic matters. It tells us both the dos and the don’ts in wealth creation. This verse rules out all illegal ways of wealth creation, which includes “Batil” that encompasses any way of acquiring wealth that violates the rights of; God; contracting parties and the third parties.
Besides, those ways of wealth creation are ruled out that are declared “illegal” by the supreme law.Examples of these are riba, gharar, qimar, ghish among others. The scope of the verse also includes all those activities, which are declared “illegal” by the state and its various echelons. Examples of these are bribery, smuggling, money laundering.
Ways of creating wealth that violate the rights of third parties are also prohibited. Examples of these are creating pollution, obstructing common passageways and other negative externalities. It cited an authentic hadith stating: “Muslims are free to determine the conditions of their contracts unless they make something forbidden as permissible or something permissible as forbidden”
General principles governing wealth creation are: freedom of contract within sharia; conscious and voluntary agreement; honoring the rights of “Third Parties”.
In the Shari’ah, the term riba refers to anything (big or small), pecuniary or non-pecuniary, in excess of the principal in a loan that must be paid by the borrower to the lender along with the principal as a condition of the loan or for an extension in its maturity.
In this sense, Riba has the same meaning and import as the contemporary concept of interest in accordance with the consensus of all the fuqaha (jurists).
Also important to note is the prohibition of Gharar, which refers to act and conditions in contracts, the full implications of which are not clearly known to the parties.
Gambling (Maysar) is also prohibited for Muslims. “O Ye who believe, Intoxicants and Gambling, (Dedication of) stones, And (Dedication of) arrows, are an abomination, of Satan’s handiwork: Eschew such (abomination), That ye may prosper. Islam takes as important the empowerment of the less privileged through a multiplicity of ways, which includes zakat, sadaqat and waqf. The empowerment must however be in line with the prescription of Islam.
