Economic Matters in Islam
1. Earning Money in a Halal (Lawful) Way
Islam encourages working hard and earning a lawful (halal) income.
📖 Allah says:
“And do not consume one another’s wealth unjustly…” (Surah Al-Baqarah 2:188)
✅ Work honestly and avoid cheating or stealing.
✅ Earn money through lawful jobs and businesses.
✅ Avoid jobs that involve haram activities (e.g., alcohol, gambling, or interest-based banking).
2. Prohibition of Riba (Interest)
Riba (interest/usury) is forbidden in Islam because it exploits the poor.
📖 Allah says:
"Those who consume interest will stand ˹on Judgment Day˺ like those driven to madness by Satan’s touch. That is because they say, “Trade is no different than interest.” But Allah has permitted trading and forbidden interest. Whoever refrains—after having received warning from their Lord—may keep their previous gains, and their case is left to Allah. As for those who persist, it is they who will be the residents of the Fire. They will be there forever." (Surah Al-Baqarah 2:275)
📖 The Prophet ﷺ said:
“Allah curses the one who consumes riba, the one who gives it, the one who writes it down, and the two who witness it.” (Muslim, 1598)
✅ Avoid taking or giving loans with interest.
✅ Choose Islamic banking or halal investment options.
3. Importance of Zakat (Obligatory Charity)
Zakat is an obligatory charity that helps the poor and purifies wealth.
📖 Allah says:
“Take from their wealth a charity by which you purify them.” (Surah At-Tawbah 9:103)
📖 The Prophet ﷺ said:
“Zakat is a right upon the wealth of the rich to be given to the poor.” (Bukhari, 1395; Muslim, 19)
✅ Muslims must give 2.5% of their wealth if they meet the minimum amount (Nisab).
✅ Zakat is given to the poor, needy, orphans, and those in debt. (Surah At-Tawbah 9:60)
4. Business Ethics in Islam
Islam encourages fair trade and honesty in business.
📖 Allah says:
“Give full measure and weight in justice, and do not cheat the people of their due.” (Surah Al-An‘am 6:152)
✅ Be honest in selling and buying.
✅ Avoid fraud, deception, and false advertising.
5. Spending Wisely and Avoiding Wastefulness
Islam teaches moderation in spending.
📖 Allah says:
“And do not be extravagant, for verily the extravagant are the brothers of the devils.” (Surah Al-Isra 17:26-27)
📖 Allah 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.” [Al-Isra’ 17:29])
✅ Spend on necessities and avoid wastefulness.
✅ Save money for the future and emergencies.
✅ Help the poor and support your family.
Final Advice for a New Muslim
✅ Economic Matters:
Earn money through halal (lawful) ways.
Avoid interest (riba) and haram businesses.
Give Zakat and help the poor.
Spend wisely and avoid extravagance.
Islam provides a balanced way of life that benefits both individuals and society. Would you like help understanding any specific topic? 😊
