Islamıc Wealth Management in History and at Present

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.