Chasing Material Possessions: An Economic Perspective

Prof. Dr. Zaid bin Mohammed Al-Rumani

Business

There's no doubt that money plays a critical role in the lives of nations and peoples. It's the lifeblood, holding the reins of projects and businesses. Consequently, its love has permeated the depths of humanity, occupying a primary position in their hearts.

The Holy Quran highlighted this overwhelming love, stating: "And you love wealth with immense love." - Al-Fajr: 20). Allah Almighty has made the love of money and the desire to possess it an innate instinct within the human soul. However, this very love is the root of many social and economic crimes and moral corruption.

Unfortunately, humans have become adept at inventing ways to accumulate, grow, and multiply wealth, and subsequently, to protect and preserve it. They've also become creative in how they spend and dispose of it. This has led to two social vices: stinginess and miserliness on one hand, and extravagance and squandering on the other. Both extremes are condemned by religious law and reason.

The Perils of Stinginess and Hoarding

Therefore, warnings against the vice of stinginess and miserliness have been issued, as in His Almighty's saying: ("And let not those who are stingy with that which Allah has given them of His bounty think that it is good for them. Rather, it is bad for them." - Al Imran: 180). This verse contains a severe warning for those who are stingy with spending money in the way of Allah. The miser should not delude himself that his stinginess is good for him; rather, it is evil for him, as he will be held accountable for it on the Day of Judgment.

Likewise, Allah Almighty has warned those who accumulate and hoard wealth, failing to fulfill their obligations to Allah, neglecting their families, and infringing upon the rights of others. He says: "And those who hoard gold and silver and do not spend it in the way of Allah - give them tidings of a painful punishment. On the Day when it will be heated in the fire of Hell and seared therewith will be their foreheads, their flanks, and their backs, [it will be said], 'This is what you hoarded for yourselves, so taste what you used to hoard.'" - At-Tawbah: 34-35). This severe warning is due to the fostering of hatred and the intensification of grudges among members of the same family that result from such actions.

Stinginess is considered one of the greatest scourges that harm human society. It's also proven to be exhausting for the soul, mind, and heart. The more money one has, the stronger and harsher the greed becomes. A wise and balanced person should not accumulate excessive wealth, and if they do, they should spend it in permissible ways.

Dr. Muhammad Ahmad Durnaiqa states in his book "A Quranic Glimpse on Society": "Great philosophers and thinkers have recognized the harms resulting from chasing material possessions, and thus called upon people to acquire only their necessary needs, then dedicate themselves to pursuing knowledge and sciences."

The Dangers of Extravagance and Squandering

On the other hand, the Holy Quran has warned against the vices of extravagance, squandering, and excessive luxury, which fill the hearts of the deprived with hatred and resentment towards the affluent and indulgent.

The Quran associates’ squanderers with devils, as in His Almighty's saying: ("Indeed, the squanderers are brothers of the devils." - Al-Isra: 27).

In reality, wasting money leads to the ruin of nations and their descent into poverty, forcing them to borrow, and then swiftly becoming easy prey for creditors.

Moral scholars have also highlighted types of people who spend their money on reputation and show-off, or to gain favor with rulers. These individuals are not generous. They've also observed that most inheritors tend to be extravagant because they didn't exert effort to acquire the wealth themselves.

This is because money is difficult to acquire but easy to spend and disperse. Wise people have likened it to someone carrying a heavy load to the top of a mountain and then letting it go; ascending and raising it is difficult, but letting it go from there is easy.

The Islamic Path: Moderation

The approach favored by Islam for these two vices (stinginess and extravagance) lies in the virtue of moderation. Allah Almighty says: ("And [true worshippers] are those who, when they spend, are neither extravagant nor stingy, but are ever between that [in moderation]." - Al-Furqan: 67). And He says: ("And do not make your hand chained to your neck, nor extend it completely, lest you sit blameworthy and regretful." - Al-Isra: 29).

These verses prohibit both blameworthy miserliness and extravagance, and encourage moderation and balance in spending money.

A Muslim is forbidden from both extravagance and stinginess. The former wastes wealth and corrupts both the individual and society, while the latter involves withholding money from the owner's benefit and also from the community's benefit.

These two extremes cause an imbalance in the social environment and lead to economic crises. Hence, the virtue of moderation, encouraged by the Quran, is crucial.

Money: A Double-Edged Sword

It is known that money is a double-edged sword. It is beneficial if one uses and manages it wisely. What applies to individuals also applies to nations and communities. If nations manage their wealth and resources effectively and utilize them to establish projects, expand facilities, and provide services, they become strong, prosperous, and progress. They maintain their independence and preserve their sovereignty.

However, if one mismanages wealth and squanders it without careful consideration, it leads to poverty and humiliation.

Similarly, when communities, nations, and peoples mismanage their resources and wealth, they will, as a result, fall under the sway of exploiters, who will soon erase their identity, consume their resources, destroy their civilization, and bring them under their rule and control.

In conclusion, Money should be in the pockets, not in the hearts. It should be a means to do good and righteousness, not an end in itself. It should be earned through lawful means, not through forbidden or questionable ones, and its spending should be neither stingy nor extravagant. Furthermore, a portion of it should be allocated to the poor and needy.