[Extract from Preface of Islam and Business Ethics by Dr S M Hasanuzzaman,
published by the Institute of Islamic Banking and Insurance, London, UK 2003]

The objective behind the set of eschatological beliefs is to root out a mundane materialistic outlook on wealth, which dissuades one from discharging one's social responsibilities. Islam does not castigate wealth or application to economic pursuits. The ideal economic standard for man that the Qur'an envisages is a contented life. It recognises the significance of wealth as an adornment of this worldly life. Material prosperity enjoys God's blessing and is desirable. Yet this prosperity is very much qualified. God's rules ensure that affluence does not breed vices. The Qur'an and the Prophet have paid greater attention to remedying the evil effects of wealth than to planning the elimination of poverty. In Islam, moral and social betterment transcends affluence in importance. Islam encourages man to earn as much wealth through lawful means as possible; it does not allow him to monopolise the means of production or to restrict circulation of wealth. It imposes limits on ownership, possession and consumption. It introduces its law of inheritance to diffuse accumulated personal holdings. The Qur'an and the Hadith both condemn demonstration of one's resourcefulness through luxurious living. The Prophet, in the following words, conveys the relative value of wealth: “There is no harm in opulence for one who fears God. For the God-fearing health is better than wealth. And happiness is also wealth.”



Source : islamic-banking.com