By: Wiku Suryomurti
Islam as a complete religion outlines guidance in every aspect of human life. It is clear in the Hadith that obtaining wealth and spending it in the way of Allah is an absolute thing because it will be held accountable on the last day. “A servant’s feet will not move so that he will be asked about four things, namely (1) about his age for what he spent it, (2) about his knowledge for what he practiced, (3) about his wealth from where he got it and where he spent it, and (4) about his body for what he used it” (HR at-Tirmidzi).
One context is in family life where every head of the family will work to earn a living. While the wife or as the manager of household finances will try to optimize the husband’s income to meet the needs of his family. With the principle of prudence, how to obtain and how to spend wealth in an Islamic manner should be a concern for all Muslims, both husbands and wives.
The scope of the comprehensive asset management method is outlined in several stages where each stage has a distinctive process that is related to one another. The method of managing these assets in Islam is known as Islamic wealth management, namely Islamic financial and asset management which includes:
- Wealth creation
- Wealth accumulation
- Wealth protection
- Wealth purification
- Wealth distribution.
- Wealth creation
Is the process of how a Muslim or head of the family earns a living, earns income or picks up sustenance. Sharia guidance is that the income earned must be through halal means, because halal wealth and sustenance will bring blessings to his family. - Wealth accumulation
Is a process in which a family optimizes the wealth obtained to be accumulated for long-term needs. What is usually done is to rotate or invest part of their income in certain investment products. Of course, there are many sharia-compliant investment products that already exist. In the financial sector, for example, sukuk or sharia mutual funds. While in the real sector it can be invested in property by renting out rented houses, or boarding rooms. - Wealth protection
Is a process of how to protect family assets with certain mechanisms. This concept is in line with the goal/maqashid of sharia, namely the protection of maal/wealth. In addition, it is also part of protecting the future of children by providing sufficient assets if the father dies while their children are not yet pubescent or able to earn their own living. Protection mechanisms that can be used include preparing a number of assets that generate a flow of cash flow or assets that can be disbursed when needed. In addition, it can also use the concept of takaful or sharia insurance. - Wealth purification
Is the process of purifying or cleaning assets. This concept is an advantage and differentiator in the Islamic wealth management system. Because the concept of purification does not exist in the concept of conventional wealth management. Wealth purification is setting aside some of the assets to be distributed to the rightful ones. The mechanism used can be through zakat, infaq and sadaqah. - Wealth Distribution
Is the process of channeling or distributing wealth. In this concept, Islam has regulated the distribution of wealth through the mechanisms of Grants, Waqf and Inheritance. The three mechanisms are regulated in detail and the amount of distribution plus who is entitled has been stated in the Qur’an and hadith.
Thus, Islam has provided guidance regarding the management of Islamic property in accordance with the Sharia which will save a Muslim and his family from the acquisition of unlawful property which will affect the blessings in his life. In addition, spending wealth in the way of Allah becomes so important because wealth is actually a trust or entrustment from Allah which will later be held accountable. Because in our wealth there are rights that must be fulfilled to others.
Wallahualam
Wiku Suryomurti 