Transfer of Wealth

There are two modes of acquiring wealth: it may be earned, through land, labour; capital or it may be acquired through transfers institutionalised by the society. The teachings of the Holy Prophet (Sall Allah-o-alaihe wa sallam) on the former have been stated elsewhere in this book. The acquisition of wealth through different modes of trans­fer such as inheritance, wasiyya (bequest), waqf, hiba (gift), sharing of the surplus with others on voluntary basis, and luqata (Picking of stray articles) ‘umra and ruqba (life time donations of immovable property) have been classified in the present chapter. The laws of inheritance and wasiyya have been discussed in the Qur’an as well (See al-Qur’an, 4:11, 177; 2:18; 5:106).

Source: Economic Teachings of Prophet Muhammad (peace be upon him): A Select Anthology of Hadith Literature on Economics, Muhammad Akram Khan. Republished with permission.