سبحان الله والحمد لله ولا إله إلا الله والله أكبر ولا حول ولا قوة إلا بالله العلي العظيم , വായനയുടെ ലോകത്തേക്ക് സ്വാഗതം, അറിവിന്റെ ജാലകം നിങ്ങളെ കാത്തിരിക്കുന്നു..., "try to become a person who can appreciate the help of others, a person who knows the sufferings of others to get things done, and a person who would not put money as his only goal in life"

Apr 27, 2012

Financial planning from Islamic viewpoint

What evidence from the primary sources (the Qur'an and hadiths) can be adduced for encouraging financial planning for future. Of course, financial planning covers the need for providing for the family/survivors in case of death or disability of the primary breadwinner in a family?



In QS An-Nisaa: 9, 
“Let those (disposing of an estate). Have the same fear in their minds. As they would have for their own. If they had left a helpless family behind. Let them fear Allah and speak appropriate words.”

Then in QS An-Nisaa’ [4]: 12, 
وَلَكُمْ نِصْفُ مَا تَرَكَ أَزْوَاجُكُمْ إِن لَّمْ يَكُن لَّهُنَّ وَلَدٌ  ۚ فَإِن كَانَ لَهُنَّ وَلَدٌ فَلَكُمُ الرُّبُعُ مِمَّا تَرَكْنَ  ۚ مِن بَعْدِ وَصِيَّةٍ يُوصِينَ بِهَا أَوْ دَيْنٍ  ۚ وَلَهُنَّ الرُّبُعُ مِمَّا تَرَكْتُمْ إِن لَّمْ يَكُن لَّكُمْ وَلَدٌ  ۚ فَإِن كَانَ لَكُمْ وَلَدٌ فَلَهُنَّ الثُّمُنُ مِمَّا تَرَكْتُم  ۚ مِّن بَعْدِ وَصِيَّةٍ تُوصُونَ بِهَا أَوْ دَيْنٍ  ۗ وَإِن كَانَ رَجُلٌ يُورَثُ كَلَالَةً أَوِ امْرَأَةٌ وَلَهُ أَخٌأَوْ أُخْتٌ فَلِكُلِّ وَاحِدٍ مِّنْهُمَا السُّدُسُ  ۚ فَإِن كَانُوا أَكْثَرَ مِن ذَٰلِكَ فَهُمْ شُرَكَاءُ فِي الثُّلُثِ  ۚ مِن بَعْدِ وَصِيَّةٍ يُوصَىٰ بِهَا أَوْ دَيْنٍ غَيْرَ مُضَارٍّ  ۚ وَصِيَّةً مِّنَ اللَّهِ  ۗ وَاللَّهُ عَلِيمٌ حَلِيمٌ

“In what your wives leave, your share is a half, if they leave no child, but if they leave a child, Ye get a fourth; after payment of legacies and debts. In what ye leave; Their share is a fourth, If ye leave no child; But if ye leave a child, they get an eight; after payment of legacies and debts. If the man or woman whose inheritance is in question.”
It was narrated from 'Amr bin Sa'ad from his father who said that Rasulullah visited him at the time of illness. 

I asked the Prophet Muhammad, "Tell me, what do you about my illness. I am weak because my severe ill whereas I'm rich and I have no heir except a daughter. Should I give two-thirds of my wealth

"Prophet Muhammad also said," No ". 

I said, "Half?". 

Prophet Muhammad SAW said, "No". 

Then the Prophet Muhammad SAW said, "A third. In fact, a third of it has been quite a lot. You better leave heir in an affluent rather than leaving them in poverty and begging it to others "(Narrated by Bukhari, Muslim, Abu Dawud, Tirmidhi, An-Nisa'i, Ibn Majah, and Damiri).

These verses and Hadits send a message  to everyone who has debt to accomplish first his debt before accomplished his another will so that not be a burden for children and the descent. It means, Islam teaches that every parent to pass on the adequacy of the material for children and the descent. It also means, everyone should have a financial planning for today and future.


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