Money matters in Islam

Fajr Reminders - Mahmood Habib Masjid and Islamic Center

--- *This transcript was automatically generated by AI and may contain errors. * --- Alhamdulillah Rabbil Alamin wassalatuh wassalamu ala ashrafil anbiya'i walmursalin. Muhammadur Rasulullah sallallahu alayhi wa ala alihi wasami wasallam tasliman kathiran kathiran. Fa'ma ba'du fata'ala ta'ala inna allaha wa malaa'ikatahu yusalluna ala an-nabi. Ya ayyuha alladheena amanu sallu alayhi wasallimu taslimah. Allahumma salli ala Sayyidina Muhammadin wa ala ali Muhammad. Kama sallaita ala Ibrahimah wa ala ali Ibrahimah. Inna ka hamidun majeed. Allahumma barika ala Muhammadin wa ala ali Muhammad. Kama baraqta ala Ibrahimah wa ala ali Ibrahimah. Inna ka hamidun majeed. Yesterday we spoke about three different things. Today we look at the two other elements. And the first of that is money. And the reason money is important is because money makes the world go round, right? Things happen in this world because of money. Either the desire of money or having the money. Now, as I mentioned to you, the economic system at the time of Rasulullah sallallahu alaihi wa sallam was very, very similar to the economic system that exists in the world today. It was a free market economy. It was not controlled by anybody. It was Mecca as a city was ruled by billionaires, by ruled by the wealthy people. Few of them used to gather in a place called Nadwa and they would, whatever they needed to decide, they would decide and that would be implemented. They didn't have a chief or a sultan or a sheikh or a king or somebody. They didn't have that. It was a bunch of businessmen who ruled the town. And they traded across, they had, they actually had a global international trade because they traded between the Byzantine Empire and the Persian Empire. These were the days before the nation states. But if we interpret that in terms of nation states, we are looking at trade with at least in today's time, maybe 20, 30 different countries. So they had a multinational trading organization. They were not small businessmen. They were not small shoppers. These were big multinational businessmen who dealt in billions of dollars in today's money. People like Abdullah bin, people like Abbas bin Abdul Muttalib, Abu Sufyan, Abu Lahab, right, and you had others who were, Sufyan, Abu Sufyan, yes. These were, they were, Abdur Rahman bin Auf, Abdur Rahman bin Auf's actual amount of money which he left behind, his Tarka, when he passed away, we have the actual numbers. And with, according to those numbers, Abdur Rahman bin Auf, your Adal Anu was at least 10 times more wealthy than Elon Musk. And his money, his wealth was real wealth was gold. Halal. Halal. And gold, it was not, it was not the share on the share market. One day it goes up, one day it comes down. No, this is actual wealth. Right, so these are big people. Now, if you look at them today, we have to understand Islam is very much in favor of business, Rasulullah sallallahu alaihi wa sallam in one hadith, and the, the Tahrir of the hadith, some people said it is a bit daif and so on, but it doesn't matter, Alhamdulillah the meaning of it is correct, which is he said that nine parts of baraka is in business and one part is in employment. So he encouraged business. He himself was a businessman and he was also employed for some time by Sayyidah Khadija al-Kubra, Umunah Radhe Allah Anha, and as a, as her agent to trade. So he knew both sides of the, of the, of the coin. So Islam is stands for what today we call a free market economy. It's not a regulated economy. Prices are not set. There is a incident in the, in the Seerah in Madina. At one point there was some shortage and the Sahaba came to the Prophet, they said, Ya Rasulullah please regulate the market, right? Set prices. Rasulullah sallallahu alaihi wa sallam said, no, I will not regulate what Allah has not regulated, I will not regulate. You regulate yourselves. So Alhamdulillah we know that free market is there. Now, however, there are some basic principles.