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Everything about money in The Quran

Everything about money in The Quran

The word ‘money’ appears five times in the Quran (verse four - Shakir translation); however, the appropriate management of one’s money is revealed in greater detail, spanning more verses.

The following Quran principles are applied to the administration of money, wealth, and capital resources:

In the area of commerce, interest and loans, the Quran forbids the practice of taking exorbitant or excessive interest. In Arabic there’s a clear distinction between interest (fa'eda) and excessive interest (Reba). The Quran forbids Reba.

With regards to charity, it is compulsory to collect 2.5% of one’s income each year and have it donated to the poor. Every so often this donation is mandatory when a certain amount of one’s earnings is exceeded.

Within savings and inheritance, it’s the duty of a Muslim man who has something of value to prepare an Islamic will regarding it (called al-wasiyya). An heir is never deprived of their inheritance.

In business, all proceeds must be acquired legally. It is even proclaimed that ‘The truthful and trustworthy businessman will be in the company of prophets, saints and martyrs on the Day of Judgment’.

Bribery is also prohibited and considered a wrongful endeavour while misers are warned not to withhold their money, ‘lest Allah withholds from you’.

Muslims are encouraged to spend what they can and spend on others…so Allah will spend on them.

No extravagance or pride should be implicated with what a Muslim does.

The Quran advises its readers to desist from squandering their wealth and refers to Christians and Jews as those who consume their wealth irresponsibly.

 

“Lo! Many of the (Jewish) rabbis and the (Christian) monks devour the wealth of mankind wantonly and debar men from the way of Allah”. (Quran 9: 34)

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Everything about money in The Quran
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Everything about money in The Quran

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