WEALTH OF NATION: CONSUMPTION, SAVING AND INVESTMENT IN ISLAMIC ECONOMICS
Universiti Malaysia Sabah (MALAYSIA)
About this paper:
Appears in: ICERI2010 Proceedings
Publication year: 2010
Conference name: 3rd International Conference of Education, Research and Innovation
Dates: 15-17 November, 2010
Location: Madrid, Spain
Abstract:Poverty is inevitable and one of worldwide issues. It is a disease to any society regardless of gender, age, ethnics and religions. It is the condition of lacking full economic access to the basic human needs such as foods, clothes, shelters, education and medicine. In Islam, poverty must not be a voluntary conduct. Muslims should have both physical and spiritual strength in order to search for the bounties of God. Hence, a society, together with every individual should have an economic eye on the use of resources. It is the bounty of God, which man inherits (to use with trust). Islam motivates followers to make good earnings and spend them in accordance to God’s will. Muslims must be rich and prosperous in order to serve all the five pillars in Islam. It is crucial for Muslims to manage their fortune into barakah wealth. Thus the way people behave regarding the allocation, production, distribution and consumption of resources and wealth should refer to the demeanors that are outlined in the primary sources such as Qur’an and As-sunnah, as well as the secondary sources such as ijma’, qiyas and ijtihad. As a consequence, this paper will discuss the three major components in economics; namely consumption, saving and investment, from Islamic perspective and how the three could revive the economy and develop wealth for the Muslim ummah and to the country in general. It is to show that seeking wealth is not a sinful act in Islam and Muslim followers must be motivated to pursue wealth and prosperity.
Keywords: Wealth, Consumption, Saving, Investment, Islamic economics.