The Islamic Principle of Money

Prophet Muhammad (peace be upon him) established the basis for a harmonious connection with wealth 1400 years ago. To structure your financial dealings, we present 10 principles derived from the Hadith. Islamic Finance is dedicated to educating individuals about Halal investments, and personal finance, and aiding Muslims in making informed decisions aligned with Halal principles. Thus, we present these 10 principles derived from the Hadith to guide your financial journey.

Initially, the most crucial aspect is one's intention. According to Prophet Muhammad (peace be upon him), the evaluation of actions is based on intentions, and individuals will receive rewards for their intentions. Aspiring to attain wealth is not inherently virtuous or immoral. The nature of wealth itself is neither virtuous nor immoral. The determination of its morality heavily relies on your intentions. What is the reason behind your desire to become wealthy? Is it to contribute positively? If so, that is commendable. However, if your intentions are driven by vanity, greed, or addictions, then it becomes unfavorable. It is essential to adjust your intentions to make your endeavors more meaningful and worthwhile.

Furthermore, it is crucial to find solace and security in Allah rather than relying solely on our material possessions. The Prophet Muhammad (peace be upon him) emphasized the importance of placing our trust in Allah, assuring us that if we have unwavering faith in Him, He will ensure our sustenance just as He does for the birds. We must recognize our ultimate reliance should be on Allah, not on our wealth. This realization can assist us in avoiding an unhealthy attachment to material possessions and the distress that often accompanies it.

Third, it is crucial to refrain from engaging in competition solely for worldly gains. The esteemed Prophet Muhammad (peace be upon him) expressed his concern that his followers would succumb to the temptation of competing with one another for material possessions after his passing. Instead, strive to compete for the satisfaction of Allah and for the attainment of goodness in the hereafter. This noble competition holds far greater significance and deserves your utmost dedication.

Additionally, it is important to avoid greed. Prophet Muhammad (peace be upon him) warned against the destructive nature of greed, as it has caused the downfall of those who preceded us. Greed leads individuals towards arrogance, suffering, and malevolence.

Honesty safeguards your wealth. According to the teachings of Prophet Muhammad (peace be upon him), individuals who uphold truthfulness and openly reveal any flaws in their merchandise will receive blessings in their transactions. By conducting your business affairs with integrity and transparency, you will be bestowed with Allah's blessings upon your wealth.

Sixth, it is predestined that your prosperity will come to you. The Prophet Muhammad (peace be upon him) proclaimed that even if the entire world united in an attempt to bring you benefit or harm, they would be unable to do so unless it was divinely ordained by Allah.

Seventhly, it is important to be kind and giving towards oneself. The Prophet Muhammad (peace be upon him) emphasized that people often assert ownership over their wealth by saying 'My money, my money.' However, it is crucial to understand that true ownership lies in what you consume, wear, donate for charitable causes, and ultimately document in your accounts.

Eighth, take pride in your beliefs. According to the teachings of Prophet Muhammad (peace be upon him), those who seek financial assistance when they already possess enough are essentially asking for burning coal from the depths of Hell. As a faithful follower of Allah, the Prophet, and the community of believers, it is essential to uphold your dignity by refraining from begging for help from others.

Ninth, Avoid debt and fulfill your obligations promptly, it is wise to heed the teachings of Prophet Muhammad (peace be upon him). He emphasized the importance of compensating workers promptly, even before their sweat has a chance to dry. In Islam, it is crucial not to postpone payments, as the consequences of debt extend beyond this life.

Lastly, anyone has the potential to attain prosperity if they so desire. The esteemed Prophet Muhammad (peace be upon him) conveyed that true affluence is not found in material possessions but in the abundance of one's inner being. Genuine wealth is derived from the sensation of being prosperous, predominantly influenced by one's outlook and the aspects one opts to concentrate on.

In a society where you are fixated on wealth, whether due to the fear of poverty, the desire for more, or the pride in one's possessions, the Prophet's (peace be upon him) principles regarding money can provide a valuable foundation of stability, satisfaction, benevolence, and prosperity. Let us always remember these principles.

May peace be upon you all.