Open AccessThe Islamic Concept of Wealth Consuming and Its Limitations
Author(s) -
Abdur Rasheed
Publication year - 2020
Publication title -
al-iḍaḥ/al-īḍāḥ
Language(s) - English
Resource type - Journals
eISSN - 2664-3375
pISSN - 2075-0307
DOI - 10.37556/al-idah.038.02.519
Subject(s) - islam , materialism , perspective (graphical) , economics , profit (economics) , islamic economics , profit maximization , positive economics , public economics , classical economics , neoclassical economics , epistemology , history , computer science , philosophy , archaeology , artificial intelligence
Every economic system encourages just and fair use of money since human wants are unlimited and resources are limited. However, economic interest is the determining factor in shaping relationship among modern states. The only interest of materializing economic interest and maximization of profit create imbalance in the overall society because this materialistic view induce people towards unnecessary expenditure for luxury, pomp and show. Hence, this paper delineates Islamic perspective of income and expenditure as Muslims are principally bound to follow Islamic teachings in terms of earning and spending. Islamic rules clearly explain categories, limitations and legitimate ways of expenditures. Further it emphasizes rational use of money and avoiding extravagance. This study is based on the analysis of secondary sources to portray Islamic view of spending money.