Publication:

Zakat in Islamic wealth management

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Date
2017
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Abstract
The common understanding of investments is to manage wealth such that there is wealth increase with rare losses of the starting value to compensate wealth holders (i) against inflation via risk-free return and (ii) plus a risk premium for the risk of the investment. It thus has the twin objectives of growth in wealth and preservation of wealth. This is achieved by means of a planned strategy that defines the goals of the investor. Wealth management includes the following: to achieve maximum growth with minimal risk (or maximum growth for a target level of risk); to manage risk as far as is possible to minimise taxation and other costs to receive a consistent income; to have a consistent level of consumption in line with inflation; and to grow wealth for specific future needs/wants: purchase of property, business, education, health, pension, pilgrimage (hajj), and so on.
Keywords
Zakat , Islamic wealth management
Citation
Mahomed, Z. (2017). Zakat in Islamic wealth management. In M. Ariff & S. M. Ramadili Mohd. (Eds.), Islamic wealth management: theory and practice (pp. 363-380). Cheltenham, United Kingdom: Edward Elgar Publishing Limited.
Publisher
Edward Elgar Publishing Limited
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