STAGES OF ISLAMIC WEALTH MANAGEMENT

Week 2

• This process shares many aspects in common with modern investment management. IWM’s differences come from the restrictions – call them compulsory ethical filters

​

WEALTH GENERATION

​

• A set of filters is applied, based on the Islamic belief system for ethical precepts relating to financial transactions, on what is right and wrong for individuals and the community and on productive activities to promote society’s well-being.

​

• Such binding ethical restrictions (filters), which can only be lifted when life is under threat, are absent from modern wealth management practices based on secular laws, despite secular laws also having societal purposes.> By 2015, USD 500 billion of investment in what are called People and Planet before Profit (PPP) investments

​

WEALTH GENERATION

• In Islam, income is considered halal (lawful) if it is earned through sources and means that adhere to Islamic principles and ethical guidelines. Muslims are encouraged to consider the following conditions:
• Avoidance of Haram (Prohibited) Elements:

The income should not be derived from activities that are explicitly prohibited in Islam, such as interest-based transactions (riba), gambling, speculative trading (maisir), and involvement in activities that are harmful to society.

2. Ethical Business Practices:

Engaging in honest and ethical business practices is essential. Fraud, deception, and unfair dealings are incompatible with Islamic principles.

• Halal Industry:

Working in industries that produce halal goods and services is important. This includes sectors such as food and beverages, healthcare, technology, education, and other areas that align with Islamic values.

​

3. Avoidance of Unlawful Employment:

Employment in roles that involve activities contrary to Islamic principles, such as working in establishments that serve alcohol or sell haram products, should be avoided.

4. No Involvement in Speculative Investments:

Investments should comply with Islamic finance principles, avoiding interest-bearing instruments, speculative activities, and companies engaged in haram business activities.

5. Ensuring Fair Wages and Labor Practices:

If an individual is an employer, providing fair wages, safe working conditions, and just labor practices are essential. Exploitative or unjust treatment of employees is against Islamic principles.

6. Avoidance of Unlawful Partnerships:

Business partnerships should comply with Islamic guidelines. Any partnership involving haram activities or unethical practices is not permissible.

7. Halal Food and Beverage:

Income generated from the sale of food and beverages should be from halal sources, adhering to Islamic dietary laws.

​

• What about those grey areas?
• https://www.youtube.com/watch?v=GKkQdS6VxNM
• (skip to 4:48 from 4:20)

​

​

• DALAM MENCARI NAFKAH PUN, UMAT ISLAM ADALAH KAUM WASATHIYAH

​

• > UMAT TERBAIK DAN IDEAL
• > PERTENGAHAN ANTARA 2 TITIK EKSTRIM

• Ada kaum yang juga mengabaikan mencari nafkah. Mereka menganggap hal itu sebagai penyebab datangnya murka, bahkan sebuah kemungkaran yang haram. Mereka justru menganjurkan untuk meminta-minta, bermalas-malasan dan tidak bersemangat.
• Padahal mencari nafkah termasuk Sunnah Nabi dan sunnah para khulafaur rasyidin sesudah Beliau Shallallahu ‘alaiahi wa sallam. Mencari nafkah juga merupakan sunnah para sahabat Nabi seluruhnya, kecuali beberapa orang yang tidak terbuka kesempatan untuk mencari nafkah karena kesulitan hidup atau lainnya.

​

• Referensi : https://almanhaj.or.id/2973-keseimbangan-dan-kemudahan-dalam-islam.html

• oleh Abu Dawud dan Ibnu Majah:
• bahwa seorang laki-laki dari kalangan Anshar mendatangi Rasulullah untuk meminta sesuatu kepadanya. DST
• Rasulullah bersabda kepadanya : “Usaha itu lebih baik bagimu daripada engkau datang dengan noda hitam di wajahmu pada hari Kiamat disebabkan meminta-minta. Meminta-minta hanya boleh bagi tiga macam orang. (Yaitu): orang yang sangat fakir, orang yang terkena denda yang sangat berat, atau orang yang dibebani diyat (tebusan) yang menyulitkan

​

• Demikianlah sabda-sabda Nabi Shallallahu ‘alaihi wa sallam yang dinukil secara shahih dari Beliau tentang keutamaan mencari nafkah dan usaha.

• Tidak ada satu pun makanan yang dimakan seorang hamba lebih baik daripada makanan hasil keringatnya sendiri. Sesungguhnya Nabi Allah Dawud as makan dari hasil keringatnya sendiri. [HR Al Bukhari].

​

• Sebaik-baik makananmu adalah makanan hasil dari jerih payahmu sendiri, dan anak-anakmu termasuk hasil jerih payahmu. [HR At Tirmidzi, An Nasaa-i dan Ibnu Majah].

• As-Sauri telah meriwayatkan dari Mansur, dari Abud Duha, dari Masruq yang menceritakan, "Ketika kami sedang berada di rumah Abdullah ibnu Mas'ud, maka disuguhkan kepadanya air susu perahan. Lalu ada seorang lelaki (dari para hadirin) yang menjauh. Abdullah ibnu Mas'ud berkata kepadanya, "Mendekatlah!” Lelaki itu berkata, 'Sesungguhnya aku telah mengharamkan diriku meminumnya.' Abdullah ibnu Mas'ud berkata, 'Mendekatlah dan minumlah, dan bayarlah kifarat sumpahmu,' lalu Abdullah ibnu Mas'ud membacakan firman-Nya: Hai orang-orang yang beriman, janganlah kalian haramkan apa-apa yang baik yang telah Allah halalkan bagi kalian. (Al-Maidah: 87)

​

• sebagian ulama—seperti Imam Syafii dan lain-lainnya— yang mengatakan bahwa barang siapa mengharamkan suatu makanan atau pakaian atau yang lainnya kecuali wanita, maka hal itu tidak haram baginya dan tidak ada kifarat atas orang yang bersangkutan (bila melanggarnya), karena Allah Swt. telah berfirman: Hai orang-orang yang beriman, janganlah kalian haramkan apa-apa yang baik yang telah Allah halalkan bagi kalian. (Al-Maidah: 87)�Demikian pula apabila seseorang mengharamkan daging atas dirinya, seperti yang disebutkan pada hadis di atas, Nabi Saw: tidak memerintahkan kepadanya untuk membayar kifarat.�Ulama lainnya—antara lain Imam Ahmad ibnu Hambal—berpen­dapat bahwa orang yang mengharamkan sesuatu makanan atau minuman atau pakaian atau yang lainnya diwajibkan membayar kifarat sumpah. Begitu pula apabila seseorang bersumpah akan meninggalkan sesuatu, maka ia pun dikenakan sanksi begitu ia mengharamkannya atas dirinya, sebagai hukuman atas apa yang telah ditetapkannya. 

• Allah Swt. mensyariatkan sikap pertengahan antara yang berlebihan dan yang kikir dalam bernafkah, yakni tidak boleh melampaui batas, tidak boleh pula menguranginya. Dalam surat ini disebutkan oleh firman-Nya:
• dan janganlah kalian melampaui batas. Sesungguhnya Allah tidak menyukai orang-orang yang melampaui batas. (Al-Maidah: 87)

WEALTH ACCUMULATION

• Wealth cannot be earned from activities that are not permitted (weapons of mass destruction, production of intoxicants for personal consumption, production of unhealthy food defined as pork, degrading the environment, etc.).

​

• Once such wealth is created in this filtered manner, then the wealth is permitted to be cumulated through permissible yields of investments forming additions to wealth over time.

​

• Thus, wealth has two components:

Wealth = initial permitted net wealth + permitted increases over time

WEALTH ACCUMULATION

• Islam encourages the use of wealth because idle wealth is discouraged, by being subject to a 2.5 per cent charitable contribution by the believer.

​

• Wealth or lack of wealth is a condition of life that arises from God’s own discretion, the believers are told, so no person can envy wealth holders nor should the wealth holder treat the wealth as his own.

​

• While wealth accumulation is encouraged, the purpose of the accumulation is first to fulfill one’s personal (including the betrothed and the family) needs and wants, then the needs of the broader community. The wealth holder is expected to enjoy his wealth, wear good clothing, and acquire conveniences, and so on, without being miserly (nor be a spendthrift) while at the same time treating the wealth as a trust to improve the lives of others

​

• Hai anak Adam, pakailah pakaianmu yang indah di setiap (memasuki) mesjid, makan dan minumlah, dan janganlah berlebih-lebihan. Sesungguhnya Allah tidak menyukai orang-orang yang berlebih-lebihan.(Quran Al A’raf 7: 31).

• Where does a wealth holder invest wealth?

​

• There is a variety of permissible instruments:
• equity market instruments (musharaka) approved as shariah compliant;
• sukuk securities as debt market instruments;
• mudarabah (profit-shared) banking products offered to the public and to businesses;
• money market instruments that have begun to be offered in recent years;
• insurance, that is, takaful and re-takaful as mutual insurance;
• real estate;
• and instruments for the development and application of shariah principles to ensure that Islamic financial products continue to be compliant with Islamic jurisprudence.

WEALTH PROTECTION &WEALTH PURIFICATION

• Wealth protection and wealth cleansing should be considered together.

​

• If wealth is rightly earned from permitted economic activities and then accumulated, there is no need to protect by cleansing the wealth.

​

The wealth holder is expected to spend that portion of non-permissible wealth as a gift to the needy.

​

• In this manner, the wealth holder is made conscious of her/his duty to be careful about how she/he earns the wealth or adds increments to wealth.

​

• gross investment activities should be consistent with the Islamic concepts of justice and fair dealing in transactions

WEALTH DISTRIBUTION

• Finally the need for distribution of wealth to benefit (i) next of kin in need, (ii) the indigent poor and (iii) the wayfarers before considering voluntary donations of wealth as bequests (waqf) ensures future streams of income from current wealth for the living.

​

• This takes the form of the wealth holder’s purposeful but mandatory contribution of part of the wealth (2.5 per cent of the new wealth created) to take care of the indigent members of society each year.

​

• The operators of the institutions collecting this money have developed guidelines over the centuries on the rightful use of such money: there are seven classes of recipients of this donated wealth.
• Zakat is thus a form of wealth tax that is mandatory but it is left to the believers to comply. However, the wealthy are strongly encouraged to voluntarily contribute over and above what is mandatory for the well-being of the poor and needy and society at large. For example, the voluntary contributions made during the month of fasting

• The second form of distribution is the voluntary act of a wealth holder to bequeath income-earning assets to institutions with the public purpose of serving the welfare of the community by taking care of the needy. This is the waqf or bequest a wealth holder makes if she/he wishes to dispose of part or all of her/his assets to provide incomes for charitable purposes long after the wealth holder is dead and gone: this is for the good of the eternal soul even after death has ended one’s life.

​

• If a person does not have any wealth, then there is no compelling the person to engage in zakat or waqf activities.

FOR NEXT WEEK: HALAL INCOME EXPO

• Sumber pendapatan halal
• Pilih dari profesi di bawah ini. Maksimal 2 grup utk tiap topik.
•  
• Islamic financial institution
• Food and Beverages Industry
• Manufacturing
• Tourism
• Social media influencer
•  
• Pembahasan pada tiap profesi:
• Prinsip syariah
• Potential pitfalls (yang bisa menyebabkan haram) dll
• Etika dalam kerangka ajaran Islam

​