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Fadeyi Oluwaseun
Ladoke Akintola University Ogbomosho
B.tech Marketing
200Level, Nigeria.

In the name of Allah, the Most Merciful, the Grantor of Mercy

All praise is for Allah. We praise Him, we seek His aid and we ask for His forgiveness. We seek Allah’s refuge from the evils of ourselves and from our evil actions. Whosoever Allah guides, there is no one who can misguide him; and whosoever Allah misguides, there is no one who can guide him.

I testify that none has the right to be worshipped except Allah, alone, who has no partner; and I testify that Muhammad (Peace be upon him) is His servant and Messenger.

Dear brothers and sisters! Innately a human being is as deeply concerned about his money as about his life and it has even been said that it is easier to kill a man than to deprive him of his means of subsistence.

* Questions Relating To Man’s Concern About His Sustenance

What is the philosophy of money in Islam?

How could a man stop worrying about his sustenance?

How could he avoid doing wrong in order to obtain his sustenance?

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How could he avoid having to accept humiliating positions to earn his living?

Who is the (real) owner of money?

How did man come to be its administrator?

Why should we take care of money?

Why has Allah prohibited prodigality, extravagance and any other act of wasting money?

Why does Islam make it obligatory for a man to earn his living as an individual duty?

Are there any illicit means of obtaining sustenance which most Muslims are unmindful of?

How could we increase our sustenance according to the teachings of Islam mentioned in the Noble Qur’an and in the Sunnah of the Prophet (Peace be upon him)?

Respected brothers and sisters! These are the questions people are often anxious about, and they are the subject of this sermon.

* The description of Money In the Qur’an and the Sunnah

1. To Allah belongs the dominion of the heavens and the earth

Dear brothers and sisters! Allah the Most High has created the heavens and the earth and everything between them, and He is the Only Owner of everything to be found there, and of everything between them, as well as of everything below the surface of the earth (including the underground resources). Allah the Almighty says in the Noble Qur’an:

“To Him belongs all that is in the heavens and all that is on the earth, and all that is between them, and all that is under the soil.” [Surah Taha, 20:6]

2. Wealth belongs to Allah the Almighty

Dear brothers and sisters! Money is described in the Noble Qur’an as the Wealth of Allah. Allah the Almighty says:

“And give them something yourselves out of the wealth of Allah which He has bestowed upon you.” [Surah An-Nur, 24:33]

So, Allah the Almighty refers to the money owned by people as His Own Wealth.

3. Money as a means of making people administrators

Allah the Almighty also calls money a tool for making man (its) administrator. He says in the Noble Qur’an:

“Believe in Allah and His Messenger (Muhammad Peace be upon him), and spend of that whereof He has made you trustees. And such of you as believe and spend (in Allah’s Way), theirs will be a great reward.” [Surah Al-Hadid, 57:7]

My beloved people! Everything in the Universe, in the heavens and on earth, and everything under its surface is owned by Allah, both in terms of creation or action (it is under the Power of Allah), and destination (it will return to Allah). Basically, Allah the Almighty owns everything, while man just has the right of dealing (with it), and Allah the Almighty will call him to account on the Day of Resurrection and he will be questioned about his money, the way he acquired it and the way he spent it.

The Prophet Muhammad, may Allah bless him and grant him peace, said:

“The world is sweet and green, and verily Allah is going to install you there as successors in order to see how you act.” [Muslim]

4. Money is ascribed to man as benefit and trial

Actually, in some Qur’anic verses, the possession of money is ascribed to man. Allah the Almighty says in the Noble Qur’an:

“You shall certainly be tried and tested in your wealth and properties and in your personal selves, and you shall certainly hear much that will grieve you from those who received the Scripture before you (Jews and Christians) and from those who ascribe partners to Allah, but if you persevere patiently, and become Al-Muttaqun (the pious) then verily, that will be a determining factor in all affairs, and that is from the great matters, [which you must hold on with all your efforts].” [Surah Ali Imran, 3:186]

“You shall certainly be tried and tested in your wealth and properties”

The commentators of the Noble Qur’an said that the ownership of wealth and properties is ascribed to man in terms of benefit, trial and test. So Allah the Almighty has granted you the ownership of money in order that you may get benefit from it and to be tested through it.

5. Money As One of Allah’s Blessings

Dear brothers and sisters! Money is one of the blessings of Allah the Almighty which shows His Mercy with regard to man. Allah the Almighty says in the Noble Qur’an:

“Did He not find you (O Muhammad Peace be upon him) an orphan and gave you a refuge? And He found you unaware (of the Qur’an, its legal laws, and Prophethood, etc.) and guided you? And He found you poor, and made you rich (self-sufficient with self-contentment, etc.)?” [Surah Ad-Duha,93:6-8]

6. The Good (That There Is) In Money

Dear brothers and sisters! Money is named in the Noble Qur’an as something good. Allah the Most High says:

“It is prescribed for you, when death approaches any of you, if he leaves wealth (that which is good), that he make a bequest to parents and next of kin, according to reasonable manners. (This is) a duty upon Al-Muttaqun (the pious).” [Surah Al-Baqarah, 2:180]

Wealth was also praised by the Prophet, may Allah bless him and grant him peace, who said:

“How great is the goodness of wealth when put in the hands of a righteous man!”

7. Money Is the Lifeblood of Existence

It has been transmitted that one of the companions of the Prophet, may Allah bless him and grant him peace, said:

“How excellent wealth is! Through it I protect my honour and get closer to my Lord.”

This noble companion defined thus the goals of earning money. Allah the Almighty clarified that money is the lifeblood of existence and that people’s sustenance is based on it. He, Glory to Him, says in the Noble Qur’an:

“And give not unto the foolish your property which Allah has made a means of support for you, but feed and clothe them therewith, and speak to them words of kindness and justice.” [Surah Al-Nisa, 4:5]

* It Is a Must To Take Care of Money And Avoid Wasting It

Dear brothers and sisters! Given that money is a blessing, goodness, and the lifeblood of existence, as mentioned in the Noble Qur’an, we should take care of it and handle it properly in order to satisfy our basic needs. Furthermore, the verse of debt, the longest one in the Noble Qur’an, stresses the necessity of the correct dealing with money, of taking care of it, and of refraining from wasting it, through registering the debt, bringing in witnesses, and taking a surety bond. So, Islam has forbidden wasting money with which Allah Most High has entrusted people.

Al-Mughirah transmitted that the Prophet, may Allah bless him and grant him peace, said:

“I heard the Prophet (Peace be upon him) say, ‘Three are the things that Allah hates for you: idle tittle-tattle, wasting wealth and asking too many useless questions.” [Muslim]

* The Spendthrift

On the other hand, Allah the Almighty has described those who waste their money as the “brothers of the shayatin (plural of shaitan).” He, Glory to Him, says in the Noble Qur’an:

“And give to the kindred his due and to the Miskin (poor) and to the wayfarer. But spend not wastefully (your wealth) in the manner of a spendthrift. Verily, spendthrifts are brothers of the Shayatin (devils), and the Shaitan (Devil – Satan) is ever ungrateful to his Lord.” [Surah Al-Isra, 17:26-27]

Given that Shaitan is ungrateful to Allah, and the spendthrift is a brother of Shaitan, if follows that the spendthrift is ungrateful to Allah as regards the blessing of having money, which could be a means of his attaining a high station in Paradise. Allah Most High also says:

“But seek, with that (wealth) which Allah has bestowed on you, the home of the Hereafter.” [Surah Al-Qasas, 28:77]

* The Extravagant

By contrast, a person who spends money wastefully, rather than a spendthrift is considered somebody extravagant. Allah the Almighty says in the Noble Qur’an:

“O Children of Adam! Take your adornment (by wearing your clean clothes), while praying and going round (the Tawaf of) the Ka’abah, and eat and drink but waste not by extravagance, certainly He (Allah) likes not Al-Musrifun (those who waste by extravagance).” [Surah Al-Araf, 7:31]

And He also says:

“And let not your hand be tied (like a miser) to your neck, nor stretch it forth to its utmost reach (like a spendthrift), so that you become blameworthy and in severe poverty.” [Surah Al-Isra, 17:29]

The above Qur’anic verses means that you are worthy of blame if you do not spend your money, and you may end up in deep poverty if you spend your whole wealth.

* Moderation In Affluence and In Poverty

Dear brothers and sisters! There are three deeds that deliver you from Hell and there are three other deeds that take you there. The former are: fearing Allah in secret and in public; telling the truth when you are content or discontent, and moderation in affluence and in poverty (which means spending moderately, neither extravagantly nor stingily; being neither lavish nor miserly). Allah the Almighty says in the Noble Qur’an:

“And those, who, when they spend, are neither extravagant nor niggardly, but hold a medium (way) between those (extremes).” [Surah Al-Furqan, 25:67]

Thus, man should be moderate in wealth and in poverty.

While the three deeds which take you to Hell are: following your desires, miserliness, and conceit, which is the worst among them.

* Man Should Seek For Licit (Halal) Wealth

The Prophet, may Allah bless him and grant him peace, said:

“Seeking lawful earnings is compulsory for every Muslim.” [Al-Jami’ Al-Saghir]

Offering Salah (Prayer), observing Fast, performing Umrah and Hajj, and paying Zakah are obligatory acts. In order to carry out these Islamic duties one should satisfy one’s basic needs, such as eating, drinking, having a roof over one’s head, and so on. Therefore, what is essential to perform an obligatory duty is also considered an obligation; what is essential to perform a fundamental practice is also considered a fundamental practice; and what is essential to perform a Sunnah is also considered a Sunnah. Furthermore, according to Allah’s Way, you should marry and spend money on your family; therefore, you should earn your living.

The Prophet, may Allah bless him and grant him peace, said:

“Seeking lawful means (of earning your living) is obligatory after having fulfilled (other) obligations.” [Al-Jami’ Al-Saghir]

In this regard, the Allah’s Prophets set the best example for us. Allah the Almighty says in the Noble Qur’an:

“And We never sent before you (O Muhammad) any of the Messengers but verily, they ate food and walked in the markets.” [Surah Al-Furqan, 25:20]

They were human beings and so they were in need of food in order to live.

“They ate food and walked in the markets.” [Surah Al-Furqan, 25:20]

Thus, they had to earn their living and therefore frequented markets. Given the fact that such was their practice, it should, naturally, be adopted by the believers. Had not the Prophets been human beings, with human characteristics just like all other people, they would not have been the role models for mankind that they are.

Al-Miqdam, may Allah be pleased with him, transmitted that the Prophet, may Allah bless him and grant him peace, said:

“No one has ever eaten better food than that paid for with what his hands have earned. And indeed the Prophet of Allah Dawud, would earn his living with (the work of) his hands.” [Al-Bukhari]

Abu Hurairah, may Allah be pleased with him, transmitted that the Prophet, may Allah bless him and grant him peace, said:

“Allah has not sent Prophets but they were all shepherds. His companions asked him, “Did you do the same?” The Prophet replied, “Yes, I used to tend the sheep of the people of Makkah for some qirats (amounts of money).” [Al-Bukhari]

Hence, having a job through which you earn your living is considered as a great honour.

Anas Ibn Malik transmitted that a man from the Al-Ansar asked the Prophet, may Allah bless him and grant him peace, (for help). The Prophet asked him:

“Do not you have anything in your house?” He replied, “Yes, a piece of cloth, a part of which we wear and a part of which we spread (on the ground, to sleep on it), and a wooden bowl from which we drink water.” He said, “Bring them to me.” The man then brought these articles to him and he (the Prophet) took them in his hands and asked, “Who will buy these?” A man said, “I shall buy them for one dirham.” He said twice or thrice, “Who will offer more than one dirham?”(which proves the lawfulness of an auction or a bid) Another man said, “I shall buy them for two dirhams.” He gave the things to this man, took the two dirhams and, giving them to the Ansari man, he said, “Buy food with one of them and hand it to your family, and buy an axe (with the rest) and bring it to me.” When the Ansari returned with an axe, the Messenger of Allah, may Allah bless him and grant him peace, fixed a handle on it with his own blessed hands and said, “Go, gather firewood and sell it, and do not let me see you for a fortnight.” The man went away and did as he had been told. When he had earned ten dirhams, he bought a garment with part of the money and food with another part, and went to see the Messenger of Allah, who said, “This is better for you than that begging, lest it should result in a spot on your face on the Day of Judgment.”

Respected brothers and sisters! Begging is right only for three (kinds of) people:

“One who is in grinding poverty, one who is deeply in debt, or one who is responsible for (paying) blood money (and finds it difficult).” [Abu Dawud and Ibn Majah]

Dear brothers and sisters! We know from this story that the Prophet, may Allah bless him and grant him peace, did not give that man money, rather he relieved him psychologically by suggesting him the way to provide for his family so that he would stop thinking about their hardship for some time and give his entire attention to work. He also advised him how to alleviate his family’s difficulties and anxiety, and then encouraged him to earn his living by manual labour.

The Prophet, may Allah bless him and grant him peace, said:

“One should take a rope, cut wood and carry it rather than ask others to give them (something) or not.” [Al-Bukhari]

* The Prohibition of Taking Other People’s Wealth Unlawfully

Dear brothers and sisters! In contrast, Allah the Almighty says in the Noble Qur’an:

“And eat up not one another’s property unjustly (in any illegal way e.g. stealing, robbing, deceiving, fraud, 419, etc.), nor give bribery to the leaders (or judges before presenting your cases) that you may knowingly eat up a part of the property of others sinfully.” [Surah Al-Baqarah, 2:188]

Allah the Almighty describes here other people’s property as “your property.” To illustrate the point, consider the example of a man who takes the money out of his right-hand pocket and puts it into the left-hand one. Naturally, there will be no difference. It is likewise with this verse, which describes rhetorically the property of your fellow-brother as your own as regards its protection, which means that you should preserve it as if it were your own. It follows, then, that you are also expected, with even more reason, to refrain from appropriating it.

Dear brothers and sisters! The Prophet, may Allah bless him and grant him peace, said:

“All things of a Muslim are sacred for his brother-in-faith: his blood, his property, and his honour.” [Muslim, Tirmidhi, Abu Dawud and Ibn Majah]

And he also said:

“Avoiding to take one naira earned unlawfully is better than performing eighty hajj (journeys) after the obligatory one.” [Agreed upon]

* Some Unlawful Ways of Earning Money

First: Fraud and its types

Dear brothers and sisters! Fraud is a way of taking other people’s property illegally, so whoever cheats commits this kind of wrongdoing. Fraud itself is of many kinds, all of which carry the meaning of deceiving, which implies demonstrating one thing while hiding the opposite inside (oneself):

1. Lying

It is when you define something as good while in fact it is bad, or to present a cheap product as a valuable one.

2. Mixing bad articles with good ones

Another kind of fraud is to mix bad articles with good ones, then to sell them all at a high price (of the good merchandise) without clarifying the reality or the truth.

3. Misleading (others) about the price

It is a kind of fraud when the seller lies to the buyer about the real price of an article to increase exorbitantly the margin of his profit.

4. Hiding imperfection and manipulating weight

Yet another kind of fraud is to hide the defect and to manipulate the weight, the measure, the number, the length, the area and the volume.

5. Falsify the origin, quality or date something is valid to

It is to alter fraudulently the origin, source, quality or expiry date of goods.

6. Camouflaging defects of goods on display

It is a kind of fraud in which goods are displayed in a way which highlights their attractiveness and conceals their deficiency.

7. Exploiting the buyer’s ignorance of the stock

It is to sell deteriorated merchandise to the buyer exploiting his ignorance of the type of goods.

8. Exploiting the buyer’s ignorance about real prices

It is a kind of fraud in which the buyer’s ignorance is exploited as regards the price of the goods, in order to raise it manifold. Actually, the buyer who is ignorant of the quality and price of the goods is called al-mustarsil (a dupe).

The Prophet, may Allah bless him and grant him peace, said:

“Cheating al-mustarsil is a kind of riba, and is prohibited.” [Al-Jami’ Al-Saghir]

9. Exploiting the seller’s ignorance of the value of his goods

Just as the seller may deceive the buyer, the buyer may deceive the seller, and it is when the former exploits the latter’s ignorance of the true value of his goods. Therefore, the Prophet, may Allah bless him and grant him peace, prohibited buying from travelers outside the city limits because they would be ignorant of the real value of their goods (in that country) until they have entered its markets.

The Second: Stockpiling

Stockpiling is a kind of appropriation, whose exact definition is: holding money or benefit or work, and refraining from selling it until its price increases due to its scarcity or lack, while people are in dire need of it. Imam Abu Yusuf said:

“All that hurts people by being withheld is called stockpiling.”

Some modern scholars said:

“Any act of deluding or misleading people which causes increase in the demand for an article to increase its price is called stockpiling.”

The extra profit obtained as a result of this practice is haram (illicit) because it is not in return for an increase in (the quantity of) goods nor in their quality, nor is it for any special service provided by the seller. Furthermore, the buyer does not pay this extra money with conviction, but rather is forced to buy goods at a higher price.

My beloved people! Pay attention to this, according to the Hadiths of the Prophet, may Allah bless him and grant him peace, the one who stockpiles is cursed, which is a destructive matter, for his wrongdoing, and Allah abandons him and threatens him with Hellfire.

Mu’ammar Ibn Abdullah narrated that the Prophet, may Allah bless him and grant him peace, said:

“No one hoards but the sinner.” [Muslim]

Umar Ibn al-Khattab transmitted that the Prophet, may Allah bless him and grant him peace, said:

“He who brings goods to the market is blessed with bounty but he who withholds them is cursed.” [Al-Darami]

The Prophet, may Allah bless him and grant him peace, also said:

“If anyone withholds grain for forty days out of desire for getting a higher price is abandoned by Allah; Allah abandons him.” [Mishkat Al-Masabih]

And he, may Allah bless him and grant him peace, also said:

“Indeed, the man who hoards goods is evil! If prices fall by Allah’s Will, he grieves; and if they rise because of his acts, he is delighted.” [Al-Bayhaqi]

By Allah, Dear brothers and sisters! I assure you that if you have goods which Muslims need badly, and you sell them at a low price so that they can satisfy their needs, forsaking thus the profit that you may have expected, then, if you are really a believer, you should rejoice at the lack of profit and at having solved Muslim’s problem. Verily, this is a sign of your faith (Iman).

* Means and Causes of Increasing Your Sustenance

Dear brothers and sisters! Is there any way to increase our sustenance?

1. Uprightness

Is there any relationship between sustenance and uprightness?

The answer to this is mentioned in the noble Qur’anic verse below:

“If they had believed in Allah, and went on the Right Way We should surely have bestowed on them water (rain) in abundance.” [Surah Al-Jinn, 72:16]

Sometimes the whole crops in our country, about million tons annually, is under the constant threat of damage due to persistent lack of rain. Allah the Almighty says in the Noble Qur’an:

“And if the people of the towns had believed and had the Taqwa (piety), certainly, We should have opened for them blessings from the heaven and the earth, but they belied (the Messengers). So We took them (with punishment) for what they used to earn (polytheism and crimes, etc.).” [Surah Al-A’raf, 7:96]

2. The Salah (the Prayer)

Is there any connection between sustenance and Salah (Prayer)?

Allah the Almighty says:

“And enjoin As-Salah (the Prayer) on your family, and be patient in offering them [i.e. the Salah (prayers)]. We ask not of you a provision (i.e. to give Us something: money, etc.); We provide for you. And the good end (i.e. Paradise) is for the Muttaqun (pious).” [Surah Taha, 20:132]

Dear servants of Allah! The house in which the five daily prayers are performed is blessed, and the shop whose owner and its staff perform the five daily prayers is a prosperous one according to the previous Qur’anic verse.

3. Asking for Allah’s Forgiveness (Istighfar)

Is there any link between sustenance and asking for Allah’s Forgiveness?

Allah the Almighty says:

“I said (to them): ‘Ask forgiveness from your Lord; Verily, He is Oft-Forgiving. He will send rain to you in abundance. And give you increase in wealth and children, and bestow on you gardens and bestow on you rivers.” [Surah Nuh, 71:11-13]

4. Being Grateful To Allah

Is there any connection between sustenance and gratefulness?

Allah the Almighty says:

“And (remember) when your Lord proclaimed: “If you give thanks (by accepting Faith and worshipping none but Allah), I will give you more (of My Blessings).” [Surah Ibrahim, 14:7]

The Prophet, may Allah bless him and grant him peace, used to appreciate any blessing, no matter how small, even relieving himself, when he used to say:

“Praise be to Allah who made me enjoy the taste of food, made me keep from it what is useful, and relieved me from what is of no use.” [Jami’ Al-Saghir]

So, he, may Allah bless him and grant him peace, used to thank Allah for the smallest Divine Favour.

5. Maintaining the Bounds of Kinship

Is there any link between sustenance and maintaining the bounds of kinship?

Anas Ibn Malik transmitted that the Prophet, may Allah bless him and grant him peace, said:

“Whoever wishes to have his sustenance increased, and his life-span extended, then let him respect the ties of kinship.” [Al-Bukhari, Muslim, Abu Dawud and Ahmad]

6. Giving Sadaqah (out of generosity)

Is there any relation between sustenance and giving sadaqah?

The Prophet, may Allah bless him and grant him peace, said:

“Seek your sustenance by giving sadaqah.” [Al-Jami’ Al-Saghir]

And he, may Allah bless him and grant him peace, said:

“Righteousness is wealth.” [Al-Jami’ Al-Saghir]

An upright person has the most precious thing in life which is people’s confidence, and consequently they will be generous to him.

7. Professional Competence

Dear brothers and sisters! Is there any connection between sustenance and professional competence?

The Prophet, may Allah bless him and grant him peace, said:

“Allah likes you to exert your utmost to be competent at (your) work.” [Al-Jami’ Al-Saghir]

It is noticeable that in the period of economic stagnation the only craftsmen who find work are those who are real experts, while the others tend to be unemployed. Hence, professional competence, honesty, preserving the ties of kinship, being grateful to Allah, asking for His Forgiveness, offering Salah, faith and fear (of Allah) are some of the reasons for increasing sustenance according to the Noble Qur’an and the Sunnah of the Prophet.

Dear brothers and sisters! As mentioned earlier, money is Allah’s property and He has entrusted us with it. This means that Allah holds us accountable for money issues; how we earn it and how we spend it.

We are obliged to earn money in a legitimate and honest fashion and refrain from using it to hurt others or spending it in an unlawful manner.

* The Role of Money

Money is a means to value items and to facilitate the exchange or trading of goods; it is not a commodity in and of itself, nor is it a tradable item, consequently money itself, is not to be sold, bought or leased.

* The Islamic Economy Is Attached To The Religion of Islam

The economic laws of Islam are consistent with the principles, ethics and values that Islam.

* The Islamic Economy Is An Act of Worship

Namely, if the craft of a Muslim, through which he makes living, is legitimate itself, is earned by legal ways, is meant to be a living for him and his family and to server people, doesn’t refrain him form his religious duties, and doesn’t stop him from a good deed through which he sublimes, thereupon it turns into an act of worship. Hence, a believer habits are considered as acts of worship. Therefore, the financial motive in Islamic economy is not the only purpose, as it is related to pleasing Allah and strive for the hereafter. Allah the Almighty says:

“Say (O Muhammad): “Verily, my Salah (Prayer), my sacrifice, my living, and my dying are for Allah, the Lord of the Alamin (mankind, jinns and all that exists).” [Surah Al-An’am, 162]

* The Islamic Economy Is Self-monitored

Everyone working within the Islamic economy practices self-monitoring rather than needing to be monitored by someone else; hence the control and monitoring of the economy is very efficient and powerful. It serves a variety of goals and prevents individuals from escaping their duties, rights and responsibilities. Allah the Most High says:

“Lo! nothing in the earth or in the heavens is hidden from Allah.” [Surah Ali Imran: 5]

Because self-restraint is much more efficient and effective than outer restraint.

* There Is A Balance Between individual and Group Interests

In an Islamic economy, the interests of both individuals and communities are addressed, because individuals and communities are not foes and work in harmony. Furthermore whenever there is a conflict of interest between an individual and the greater good of the community, priority is given to the community’s needs. Under this quality monopolies are forbidden under Islamic law.

* There Is A Balance Between Spiritual and Material Needs

Islam encourages such a balance. Allah the Almighty says:

“O you who believe! When the call is heard for the prayer of the day of congregation (Friday), hasten unto remembrance of Allah and leave your trading. That is better for you if you did but know. And when the prayer is ended, then disperse on the land and seek of Allah’s bounty, and remember Allah much, that you may be successful.” [Surah Al-Jumu’ah: 9]

And Allah the Almighty says:

“But seek, with that (wealth) which Allah has bestowed on you, the home of the Hereafter, and forget not your portion of legal enjoyment in this world, and do good as Allah has been good to you, and seek not mischief in the land. Verily, Allah likes not the Mufsidun (those who commit great crimes and sins, oppressors, tyrants, mischief-makers, corrupts).” [Surah Al-Qasas, 77]

* Islamic Economy Is An Ethical Economy

In Islam the economy and ethics are inseparable unlike other economic systems used in the world. Consequently, the required qualities of a Muslim economist include being honest, trustworthy, tolerant, decent, humble, merciful and caring. These qualities are one of the reasons why Islam spread throughout the Far East, to both Indonesia and China.

* Islamic Economy Is Objective and Comprehensive

All laws are applied to both Muslims and non-Muslims in the same way.

* Principles Governing an Islamic Economy Risk-sharing

This is the basis of all Islamic economies and the characteristic that distinguishes an Islamic economic system from other systems around the world.

The sharing of profits and losses is a rule designed to divide wealth between the capital and the efforts and it’s the principle that supports justice in wealth distribution.

* Unique Resources for the Country

The Islamic economic system is the only system that incorporates Zakah (money collected annually and paid to the needy). While this principle is similar to some of today’s taxation laws, there is a very important difference, which is, Zakah is applicable only to savings and not one’s entire income. Hence, Zakah applies to saved and frozen money, the system encourages people to invest their money instead of piling it up and this ensures the wheel of the economy continues to roll.

* Private Ownership

In an Islamic economy, the right to private ownership is protected providing it does not hurt other members of the society, which can occur when a monopoly exists. This characteristic differs from the communist economic system, which considers everything as public property.

* Public Ownership

In an Islamic economy system, public utilities that are essential to people’s lives are the property of the State or under its supervision. This approach helps facilitate the basic needs for all human life and the community’s interest and is contrary to a capitalist economic system, which allows the ownership of everything or anything.

* Islam’s System of Inheritance

In an Islamic economy system the wealth of deceased individuals is distributed among family members. It is not left to accumulate; rather it is divided and distributed to inheritors in a specific and detailed system as outlined in the Noble Qur’an.

* Charities and Endowment Funds

Charity is one of the main characteristics of an Islamic economy. It seeks to promote social solidarity and to address the needs of the poor, by identifying some projects to raise funds for the needy.

* The Superiority of Public Interest Over Private One

– Market monitoring

An Islamic economic system has a market monitoring system, however it does not interfere by setting or changing prices, such actions are undertaken only to prevent wrongful action and adjust things should a transaction be performed wrong.

– Transparency

An Islamic economy stresses the need for transparency in all economic and financial transactions.

The Prophet Muhammad (Peace be upon him) forbade traders from waiting for commercial convoys at a country’s border to buy the goods being transported before they actually enter the general market.

– Differentiation between public and private properties

It doesn’t mean to separate this from that, rather it means to follow the Islam law that says: “avoiding the public damage by the private one.”

– Usury is prohibited (Haram)

Usury is best described as the interest one is charged when offered a loan. Under Islamic law it is strictly forbidden to charge interest on the loaning of money as this practice leads to taking advantage of people and turning the money into a commodity itself.

– Monopolies is prohibited (Haram)

Monopolies are strictly forbidden in Islam because they go against the interests of the general public.

Muslims believe when one monopolises they are taking advantage of those who need certain commodities. Monopolies are considered subjugating people and their operations are not considered appropriate within a Muslim economy.

– Selling and purchasing loans is prohibited (Haram)

Because, in most cases, loans basically represent money, from an Islamic perspective such practices turn Islamic funds into a commodity itself. And, as stated earlier, under Islamic law, money can be neither bought, nor sold.

– Selling what you don’t yet own is prohibited (Haram)

Such activity is forbidden because it is equated with gambling and taking unnecessary risks, since you would be selling something you think you will soon have. Like when you participate in contests on TV channels, or through cellular phones (call this number to win so and so), and all these are faces of gambling that is forbidden in Islam.

– Limitations on trade practices

The trading of illegal items is strictly forbidden – this would include transactions for drugs, cigarettes, prostitution services, pornographic materials and alcoholic beverages, etc.

* An Islamic Economic System Believes In the Role of the Market

The market was established following construction of the great Mosque. Most companions were merchants, such as Abu Bakr, Uthman, Abdur-Rahman Bin Auf, and many others.

* Mudarabah (Islamic speculation)

This is when an investor pays money to someone to invest in an exchange for a specified percentage of the profit. However the amount to be paid back does not correlate to the amount invested. as in conventional banking systems. In Islamic banking, the profit derived from speculation is distributed after giving the investor back his invested capital.

* Murabahah

This is when investors pay money to someone in order to invest in purchasing certain commodities and then sell it with a profit margin at a later stage, or sell it through installments.

* Musharakah (contribution/partnership)

This is when individuals contribute to a specified investment with their money, or efforts, or both.

Such investment projects are jointly owned by all the contributors and they all share in the profits or losses the activity generates.

* Ijarah (Sub-contracting)

This is when an investor purchases an asset or equipment through a sub-lease arrangement. The lease income is considered the profit of such an investment project after deducting the operational costs.

* Al Salam (Handing over)

This is the opposite of the delayed selling, in a transaction of this nature money is paid in exchange for a commodity that will be delivered at a later stage, the commodity to be provided must be clearly specified and detailed.

Praise be to Allah, the Lord of the Worlds.

O Allah! Control our heart while going astray, divert our thoughts from planing evils against others, assist us to defeat shaitan (satan), enrich us with health and halal wealth, make us active in all aspect of Ibadah and make our entire life beneficial to Islam, Muslim and humanity.

I ask Allah the Generous, the Lord of the great throne by His Beautiful Names and Lofty Attributes to benefit us all from what He has taught us, and to rectify all of our conditions. And I ask Him to guide us to the straight path, and to not leave us to ourselves even for the blink of an eye. Verily the Blessed and Exalted responds to the supplication and He is the One hope is placed in and the best to rely upon. And Allah knows best. May the prayers and peace of Allah be upon His Servant, His Messenger, and our Beloved Prophet Muhammad, and upon his family and his Companions.

This Jumu’ah Khutbah (Friday Sermon) was prepared for delivery today Friday, Jumada Al Ula 4, 1440 AH (January 11, 2019), by Imam Murtada Muhammad Gusau, the Chief Imam of Nagazi-Uvete Jumu’ah and the late Alhaji Abdur-Rahman Okene’s Mosques, Okene, Kogi State, Nigeria. He can be reached via: gusaumurtada@gmail.com or +2348038289761.

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