Wealth protection is one the five objectives of Islamic Law (Maqasid Sharia’h). In wealth management field, wealth protection is one of key area that is addressed and several ‘standard’ methods are employed, developed and tested. In short, wealth protection focus on ways to mitigate risks that evolve around individual and businesses (personal and business risks).
Personal risks involves earning risk, longevity risk, financial asset risk and personal items risks where as business risk involves price risk, credit risk and pure risks among others. Wealth protection specialists will assess risk, evaluate likelihood and impact of the risk and suggest appropriate risk management method such as risk avoidance, risk control/reduction, risk transfer / sharing or hedging. I call these methods as ‘standard / text book’ methods.
Unfortunately, Islamic wealth protection specialists have ignored spiritual methods despite Islam valuable contribution on methods of protection and the valuable role that they can play towards achieving wealth protection objectives. Here below i shall discuss six methods but the list is more than these.
a) The two protectors (Muawidhatayn). These are Surat Falaq and Surat Nnas. Their recitation provide protection from the evils of jinn and mankind as well as misfortune. The prophet is reported to have said ” Read Surat al Ikhlas and Muawidhatayn, morning and evening three times, they will be enough to protect you from anything.”
b) Morning prayer in congregation. The prophet pbuh said “Whoever prays Subh in congregation then he is under protection of Allah. So don’t fall short with regards to Allah’s rights over you (fulfill his commands and avoid prohibitions), for anyone who does that Allah will seize him and throw him into Hellfire.”
c) Mindful of Allah. The Prophet pbuh said to Ibn Abbas r.a “O lad, be mindful of Allah’s commands and prohibitions, He will protect you…” God-consciousness comes with a lot of benefits including protection of your reputation for there is no valuable human social need like respect. The recent sexual scandals at holy wood involving female actress or convicted corruption cases of some political leaders or fraudulent practices of corporate leaders have not only costed them fortune but caused irreparable reputation damage.
d) Constant remembrance (Dhikr). Upholding morning and evening adhkaar have numerous benefits including protection. The prophet pbuh said ” When a man goes out of his house and say, “Bismillahi tawakaltu ala llahi wala hawla wala quwatta illa billahi.” The following will be said at that time ‘You are guided, defended and protected…”
A man came to prophet pbuh and said ” What a trouble I suffered from a scorpion which strung me last night. The prophet pbuh said “Had you said, ‘Audhu bikalimati llahi taamati min sharri maa khalaq.’ it could not have harmed you.”
e) Supplication (Duah). Allah said “Call upon me and I will respond to you” (Ghafir: 60). Supplication to Allah is a form of worship and he who wants himself and his business to be protected by Allah, let him first ensure he eats halal food, he does not slander others and has no envy in his heart for his fellow muslims and pray to Allah to grant him his best wishes. It is highly encouraged to supplicate to Allah for any need, small or big.
f) Mandatory Alms giving (Zakat). The prophet is reported to have said “Protect your wealth through giving out Zakat.” Even voluntary charity protect from calamity as the Prophet said “Give charity without delays for it stands in the way of calamity.”
Perhaps someone might say that these methods tends to protect individual more than my valuable/ materials possessions. You are partly right, some of these methods focus on protection of individuals and that should not come as a surprise. From an Islamic point of view, physical health and well being of an individual is better than material possessions. It is reported that the Prophet pbuh said ” There is nothing wrong with being rich for one who has piety but good health for one who has piety is better than riches and being of good cheer is a blessing.” What good will material possession do to a person who spends a lot of resources to protects his wealth but ignore to protect his physical or intellectual or spiritual well being? No wonder, in objectives of Islamic law, has put protection of self (nafs) on top over protection of material wealth (mal).
Islamic wealth protection specialists should now combine spiritual methods and standard methods in their wealth protection advisory practices. Only through wholesome approach to wealth protection, we can help clients to attain their objectives as well as retain our peace of mind that we have served them to our best!