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Islamic Wealth Management in History and at Present إدارة الثروة في الإسلام في الماضي والحاضر

Author

Listed:
  • Murat Cizakça

    (Professor of Islamic Finance, INCEIF, Kuala Lumpur)

Abstract

Wealth management has two basic components, accumulation of wealth and its re-distribution. I have explained in this article the basic principles according to which institutions actually see to it that wealth is accumulated and then re-distributed in an Islamic economy. I then focus on one particularly important institution, the awqaf. This is followed by a comparison of the Islamic waqfs with those of the West and China. Regarding the former, some special problems witnessed by the Turkish and Malaysian waqfs are also mentioned. More generally, an explanation of the decline of the Islamic waqf system is provided. Finally, the ongoing attempts for recovery are also briefly mentioned. لإدارة الثروة مكوّنين أساسيين: مراكمة الثروة، وإعادة توزيعها. لقد فسّرتُ في هذه المقالة المبادئ الأساسية التي على أساسها تقوم المؤسسات بالفعل بالتأكد من مراكمة الثروة ثمّ إعادة توزيعها في اقتصاد إسلامي. ركّزت الورقة بعد ذلك على مؤسسة هامة، ألا وهي مؤسسة الأوقاف. بعد ذلك عقدت الورقة مقارنة بين الأوقاف الإسلامية، مع نظيرتها في كل من الغرب والصين. أبرزت هذه المقارنة وجود بعض المشكلات الخاصة فيما يتعلق بالمؤسسات الإسلامية من خلال التجربة التركية والماليزية. لقد قدمنا في هذه الورقة وبصورة أكثر عمومًا، قدّمنا تفسيرًا لأسباب تراجُع وانحسار نظام الوقف الإسلامي في الوقت الراهن. كما قمنا بتناول مختصر للمحاولات المبذولة الآن لاستعادة نظام الوقف وإحيائه.

Suggested Citation

  • Murat Cizakça, 2015. "Islamic Wealth Management in History and at Present إدارة الثروة في الإسلام في الماضي والحاضر," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 28(1), pages 3-19, January.
    • Handle: RePEc:abd:kauiea:v:28:y:2015:i:1:no:1:p:3-19
    DOI: 10.4197/Islec.28-1.1
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    References listed on IDEAS

    as
    1. Murat Çizakça (ed.), 2014. "Islam and the Challenges of Western Capitalism," Books, Edward Elgar Publishing, number 15971.
    2. Tsang, Eric W. K., 2014. "Old and New," Management and Organization Review, Cambridge University Press, vol. 10(03), pages 390-390, November.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Wealth management; waqf; Chinese waqf system (Tang); Islamic taxes.;
    All these keywords.

    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • D30 - Microeconomics - - Distribution - - - General

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