It has a relationship with the idea of Islamic Financial Marketing, viewed by Ibnu Abu Yusuf & Ibnu Taimiyyah and Ibnu Khaldun. They defined it as the creation, developing and delivery of unique customer satisfying competitive products and services at a profit to organization and customer in the lights of Islamic values and principles. In contrast, conventionally it is defined as the process whereby an individual's personal and financial goals are achieved through the development and implementation of a comprehensive financial plan.
Islam is a comprehensive,
integrated and holistic system that, governs all aspects of life, major and
minor, personal and social, spiritual and materialistic while relates this
worldly life to the Hereafter. Thus, the compliance of total spirit of Islam is essential in every socio-economic and business activities in view of achiving the result accordingly. Muslim are encouraged in planning
for their life and put efforts to achieve the goal setting then ask help from
Allah (swt). The final stage is tawakal for what the result and takes it as the
destiny bestowed by Allah (swt).
The holy Prophet Muhammad (saw) used to supplicate Allah (swt):
‘My Lord, help me and do not give help
against me, grant me a victory, and do not grant victory over me, plan on my
behalf and do not plan against me, guide me and made my right guidance easy for
me, grant me victory over those who act wrongfully towards me….’(Narrated by Abu Daud.).
In Islam, financial planning is not just merely a process of acquisition and accumulating wealth but it has a broad definition which relates to the concept of vicegerent (kalifah).
According to the Holy Qur’an, God created man as his vicegerent (or ambassador) on earth. Allah (swt) says in Al-Qur'an:
Behold, thy Lord said to the angels: "I will create a vicegerent on earth." They said:” Wilt Thou place therein one who will make mischief therein and shed blood? - Whilst we do celebrate Thy praises and glorify Thy holy (name)?" He said: "I know what ye know not." (Surah Al-Baqarah:30).
From the above verse, and others like it, we
understand that as the khalifah or
vicegerent of God on earth, man is gifted with certain powers, which other creatures
of God do not possess. For example, he possesses (within limits of course)
intellectual faculties. We also read that God created all things on earth for
man.
‘He it is who created for you all that is on earth. Then He rose over (Istawa) towards the heaven and made them seven heavens and He is the All-Knower of everything.’(Surah Al-Baqarah, verse 29).
The duty of man as Allah’s khalifah is to make use of all the blessings of Allah (swt) on earth to his own benefit. For this, man is given freedom, that is, freedom of choice and action (also within limits). It is because of man’s special faculties and his freedom that he becomes the best of Allah’s creatures. Financial Planning is basically a discipline of wealth management that applies to the unique needs and concerns of respective individual.
As a Muslim even though a person does not possesses any form of wealth, he still has to commit with financial planning process because either he would leaves debt or children to the trusted one. In the following discussion, we would like to focus on the comprehensive aspects of financial planning whereby an individual should has a balanced approached in order to achieved the dynamic goal.
Financial Planning quantifies and manages
individual’s success in four financial pillars; wealth protection, wealth
accumulation, wealth preservation and wealth distribution. Each of these
different components is meant to play a different role in addressing unique
issues and the objective must in line with the Islamic Shari'ah principle.
In Islam, every one is confined with the concept of Allah’s bounty or sustenance. This concept means that Allah is the sole giver of “bounty” to every living creature on this world. Allah blesses His bounty on those who earn and spend it in compliance with His covenants. He does not bestow His blessing or mercy on those who earn it illegitimately and spend it irresponsibly. Allah affirms:
‘For Allah is He Who Gives (all) sustenance……’(Al-Dhariyat 51:58)
The concept of Allah’s bounty is considered very important in Islam
as a good Muslim is required to have a proper balanced between the fulfillment
of his spiritual and worldly obligations.
The Prophet (saw) advised;
‘A Muslim should
prepare himself for the next world as if he is going to die tomorrow, but at
the same time work hard to improve all his worldly comforts as if he is going
to live forever.(Narrated
by Al-Dailami).
Islam covers the extremes of zuhd (abstinence) and bulk
(avarice). A Muslim should not forego wealth. Neither should he be avaricious
in the pursuit of wealth. Zuhd is not amounting to rejection of pleasure but
rather leading a pious life by his ability to life moderate and within his
mean.
This is why Islam encourages reasonableness and moderation. As a Muslim
we are not discourage from acquiring wealth but we must know how to earn and
spend it in accordance with the Islamic principles. Wealth should not be abused
or misused as Allah SWT has laid down very clear injunctions on how wealth is
to be acquired and spent.
Indeed, wealth is a form of trial by Allah SWT
towards His servants whether they follow His injunctions regarding wealth
acquisition and disposal and as such the owners are to be fully accountable on
the Day of Judgment for what they do with their wealth. In Islamic financial
planning, an individual must understand the discipline of how to protect, to
accumulate, to preserve and to distribute the wealth according to the Islamic Shari'ah.
