An Analytical Exposition of the Social Welfare Role of Wealth in Islam

This paper discusses the social welfare role of wealth in Islam. The paper, which is based on literature survey, posits that Islam prescribes a social welfare role on the wealth of the rich towards the economically disadvantaged members of the society. It explains the means by which wealth could be created, enhanced, preserved and distributed for the benefit of oneself and the society at large. It also maintains a balance between individualism and collectivism with regard implementation of wealth distribution policies by assigning the roles to individuals, the family, the community and finally the State. The paper concludes that in order to effectively discharge the responsibility, the principles and ethics of ownership of wealth in Islam should be strictly adhered to, and a balance should be made between income and expenses, between self-desire and community service, between creating wealth and hoarding it, between wealth accumulation and distributive justice.