Money, as reflected in the maxim attributed to Imam Hasan Al-Basri, is merely a means to achieve an objective and not an objective in itself. This fundamental principle underscores the Philosophy of Islamic Finance, which views money as a tool, devoid of intrinsic value, and emphasises its role as a measure of value and a medium of exchange.
Money benefits society only when it circulates—when it is used as a price to acquire goods or services that hold intrinsic value and utility. It is a provision from Allah, granted to us not for hoarding or commoditisation, but for facilitating life and achieving balance and equity. Therefore, we are urged to spend wisely, invest in ventures that yield beneficial returns, and give generously in the Path of Allah for His Pleasure.
The Qur'anic ethos stresses that wealth is a trial and a responsibility:
"And spend in the Way of Allah and do not throw yourselves into destruction with your own hands. And do good; indeed, Allah loves the doers of good."
[Al-Baqarah 2:195]
"And spend in the Way of Allah and do not throw yourselves into destruction with your own hands. And do good; indeed, Allah loves the doers of good."
[Al-Baqarah 2:195]
Islamic Finance, rooted in this divine guidance, aims to foster equitable wealth distribution and economic justice. Zakat and Sadaqah (charity) are essential mechanisms that direct wealth to those in need, ensuring that money is used to alleviate hardship and enhance societal welfare.
Sheikh Abd Al-Aziz Ibn Baz (1910–1999), one of the most esteemed Islamic scholars of the 20th century, exemplified resilience and dedication to knowledge. Despite losing his eyesight by the age of 20, he ascended to become the Grand Mufti of Saudi Arabia and a globally recognised jurist. Throughout his life, he tackled pressing issues faced by the Muslim Ummah with clarity, wisdom, and adherence to the Qur’an and Sunnah.
One of his significant contributions is his book:
"Naseeha Haamma fi Tahdheer min al-Mu'aamalat al-Ribawiyyah"
("An Important Warning Against Riba’ (Usury) Transactions").
"Naseeha Haamma fi Tahdheer min al-Mu'aamalat al-Ribawiyyah"
("An Important Warning Against Riba’ (Usury) Transactions").
In this seminal work, Sheikh Ibn Baz presented a detailed refutation of those who attempted to justify the permissibility of Riba-based transactions, which had become increasingly widespread with the rise of conventional financial institutions. He meticulously cited evidence from the Qur'an and Sunnah to establish the impermissibility of Riba’ in all its forms, emphasising its destructive consequences on both individual lives and societal economies.
The Grand Mufti argued that adherence to Allah’s prohibition of Riba’ is a pathway to economic prosperity and divine blessings:
"Allah destroys interest and gives increase for charities. And Allah does not like every sinning disbeliever."
[Al-Baqarah 2:276]
"Allah destroys interest and gives increase for charities. And Allah does not like every sinning disbeliever."
[Al-Baqarah 2:276]
The efforts our scholarls continue to resonate today, reminding Muslims of the economic and spiritual harms of Riba’ and inspiring them to seek ethical, Shari’ah-compliant financial alternatives and practices.
