about being rich

  Muslim, you’ve probably often heard that wealth and spirituality don’t mix. That the riches of this world are nothing compared to the hereafter and pursuit of wealth is not a Godly exercise.

For others it causes them to settle for a sub-optimal outcome. “I am happy with where my business has got to – after all, it’s not really Islamic to create a business larger than you need is it?”

But there is no reason for that guilt or to settle for a sub-optimal outcome. To the contrary, there are many Islamic reasons to aim to be rich if that is right for who you are and you have the right intention.

However, if being rich and the pursuit of wealth is not right for you, or you do not have the right motivations – the pursuit of wealth is deeply damaging.

In this whitepaper I share:

What Islamic literature says about wealth and being rich

When aiming to be rich is the right thing

When aiming to be an entrepreneur is not the right thing.

Whether there is a threshold to how rich is acceptable in Islam

What one might do with one’s wealth

Conclusions

But before I dive into this article, let me make my argument in a nutshell – so you can keep it in mind throughout:

Wealth in Islam is not a bad thing. It is an instrument. Wealth should be understood as a means to an end, and not loved as an end itself. That kind of relationship to wealth is only possible for some people. Those people have certain traits which allow us to recognise them. Let’s call them the “Righteous Entrepreneurs”. For such people, they should pursue wealth with a clear view on the purpose and end-goal of that wealth. Such end-goals should typically derive from overarching objectives such as benefiting humanity and this ummah. For everyone else, they too should maximise their wealth as much as reasonably possible– but it need not be their main contribution to the world. They also have a vital role to play. Let’s call this group the “Righteous Worker”.

In our time, the global Muslim population is on average around 20% poorer than the rest of the world and we lag on metrics such as health, education, innovation and income equality. It is our collective duty to correct this worrying course. Our righteous predecessors were not typically poor.

The kind of wealth we need to achieve in order to achieve parity is in the trillions of dollars and needs both the Righteous Worker and Righteous Entrepreneur to do their bit. The Righteous Entrepreneur should aim at making game-changing wealth. The Righteous Worker should aim at investing in the Muslim ecosystem and in Righteous Entrepreneurs, and to make sure they are putting their savings and investments to the best use possible.

1. So what does Islamic literature say about being rich?

In this section I first outline some reasons why wealth isn’t just a bad thing. I then outline the broader concept of money in Islam.

Wealth is consistently seen as a trial in the Qur’an and ahadith:

The Qur’an says:

Your wealth and your children are but a trial, and with Allah is an immense reward. [64:15]

The Prophet ﷺ said:

‘Truly, for every nation there is a trial, and the trial for my nation is wealth.’ [Tirmidhi]

He also said:

‘Wretched be the slave of the dinar; wretched be the slave of the dirham; wretched be the slave of fine cloth; wretched be the slave of embroidered cloth. May he be wretched and degraded, and if such a one is pierced by a thorn, let it not be extracted. When he is granted his desires he is pleased and when he is denied them he is angered.’ [Bukhari]

Even Ibn Taymiyyah didn’t hold back:

‘We must view wealth much as we do the toilet,’ he replied, ‘in that we resort to it whenever needed, but it has no place in our hearts.’ [Ibn Taymiyyah]

So is the aim of this article defeated at the first hurdle?

Not quite.

Wealth isn’t bad per se, it is bad when misused. Just like spouses and children are not bad per se – just when they become a distraction away from Allah.

Wealth, like children and spouses, can be a blessing or curse

Allah ﷻ says in the Qur’an:

Made beautiful for mankind is the love of desires for women and offspring, of hoarded heaps of gold and silver, of branded horses, cattle and plantations. [3:14]

Prophet ﷺ informed:

‘I have not left after me a fitnah more harmful for men than women.’ [Bukhari]

He also said:

‘The world is green and sweet and Allah has placed you in it as custodians to see how you behave. So be mindful of the world and be wary of women; for the first fitnah of the Children of Israel was regarding women.’ [Muslim]

We all understand these references in context. They do not mean woman and children are somehow evil. All it means is if our relationships with our children and the opposite gender makes us negligent to our overall goal, that is when those relationships become a fitnah.

Allah gives us only good – and he gives us wealth

Indeed Allah actively encourages us in the Qur’an to ask forgiveness of him and promises us wealth in lieu of that:

And said, ‘Ask forgiveness of your Lord. Indeed, He is ever a Perpetual Forgiver. He will send [rain from] the sky upon you in [continuing] showers. And give you increase in wealth and children and provide for you gardens and provide for you rivers. [71:10-12]

He also tells us to go forth and eat and earn:

“He it is who made the earth smooth for you, therefore go about in the spacious sides thereof, and eat of His sustenance, and to Him is the return after death.” [67:15]

Allah wouldn’t be rewarding us with something that is evil for us. Wealth also enables us to do great good deeds – the sort that earn one Jannah.