Islamic Wealth Management : Theory and Practice

From an Islamic perspective, although the ownership of wealth is with God, humans are gifted with wealth to manage it with the objective of benefiting human society. Such guidance means that wealth management is a process involving the generation, accumulation, purification, preservation and distribution of wealth, to be conducted carefully in permissible ways. This book is the first to lay out a coherent framework on how wealth management should be conducted in compliance with guiding principles from edicts of a major world religion. The book begins by defining wealth from both a secular perspective and an Islamic perspective. It describes how wealth needs to be earned in lawful ways, preserved and used to benefit the needs of the community, with a small part of the wealth given away to charity, and the remainder managed in accordance with laws and common practices, as established by a majority consensus of scholars of the religion in historical times. Each section of the book has relevant chapters that discuss the theory, as well as the application and the challenges in Islamic wealth management in real and financial markets. This book will appeal to students and researchers of Islamic wealth management, certainly Islamic economics and finance in general; policymakers; and a range of industry practitioners, such as investment managers, financial planners, accountants and lawyers.