The Garden of Knowledge

بسم الله الرحمن الرحيم

11 Jumaadul Aakhir 1446/13 December 2024

All praise is due to Allah, the Cherisher, Sustainer, Nourisher and Provider of the entire creation. May peace, blessings and salutations be upon our Beloved Prophet Muhammed ﷺ.

In our article this week, we address the main concerns of Thomas Piketty from an Islamic Perspective.

Based on the article by Thomas Piketty, “Wealth in the 21st Century”, wealth inequality has been on the rise across the globe for several decades as economic gaps have continued to grow as the very richest amass unprecedented levels of wealth. According to a new Oxfam report, the world’s richest 1% have more than twice as much wealth as 6.9 billion people. Also, OECD statistics show that the top1 percent in the United States holds 42.5% of the national wealth.

The contentious claim of Capital in the 21st Century is that market capitalism, especially the type of welfare state capitalism used in continental Europe, would eventually result in an economy controlled by individuals fortunate enough to have inherited money.

It is without a doubt that the rich are getting even richer and the inequality gap continues to grow. The riches of the rich have reached such high levels that it is beyond understanding and comprehension.

From an Islamic perspective we understand that our wealth and riches come only from Allah and we are just merely custodians of the wealth who’s true owner is none other than Allah. Our wealth may be considered a test for us, where we have been entrusted with the responsibility of discharging and spending our wealth in a manner which is pleasing to our Lord. With this inequality gap continuously growing, it provides an opportunity for the wealthy to fulfil their obligation by showing thanks and gratitude to the Almighty through community upliftment and sustainable development programmes to benefit the less fortunate.

As much as we spend on ourselves and our loved ones, we need to open our hearts, rid ourselves of selfishness and give back to our brothers and sisters. One of the aims and wisdoms of discharging zakah is to rid and remove evil and bad thoughts from the hearts of those who have less than us. We know from the hadith of the beloved Prophet Muhammed ﷺ that a true believer is one who loves for others what he loves for himself. (Sahih Buhkari;13)

What we need to understand is that if something is not good enough for us to eat or for us to have, how can we expect it to be good enough for someone else? Yes, due to dire circumstances and needs they may accept it and appreciate it but we should love for others what we love for ourselves. If we desire and love for ourselves meat, fish and chicken we should desire it for the next person. Unfortunately we live in a time and era where our greatest concern is our own well-being and our own self. We live in a selfish world.

Developing Sustainable projects where people are given the tools and skills to develop themselves and provide job opportunities offers a great amount to people who wish to live a good life and provide for their families. We should give back in terms of providing these skills and opportunities to bridge the inequality gap. Allah commands us to be good, be just and being generous. Generosity is not limited to only giving funds but consists of providing skills, tools and opportunity.

The concerns of the author is without a doubt valid, however minds need to be transformed and goals and objectives need to be set. The rich controlling majority of the wealth allows them to be in a position of power and authority, which could lead to mistreatment of people and this goes against the concept of generosity, justice and fairness promoted by Islam.

May Allah accept our efforts from us and grant us understanding In Sha Allah!