gre feb So sma paaes, Maagasid Al Shariah in Wealth Management Wafa Mohammed Ali Nasr! 'Finance Accreditation Agency ABSTRACT The phenomenal growth of global wealth shed lights on the importance of wealth management. By 2015, the increase of global wealth is expected to reach USD5S8 trillion. ‘Aligned with the growth in global wealth is the need for efficient and robust wealth management. This emphasizes the role that Islamic wealth management can play. Wealth management would have a great impact in society if Maqasid al Shariah is applied effectively. It is no longer acceptable for wealth management to be Shariah compliant by merely avoiding riba and non-Shariah compliant investment. Rather, the focus now is to implement Magasid al Shariah in every aspect and in each process of wealth management. This paper aims to discuss this potential new growth sector and elaborate on the concept of Magasid al Shariah in wealth management globally by highlighting the noble practice through the schemes of creation, accumulation, protection, cleansing, and distribution with the objective to encourage Muslim nations to break the limits for more High Net Worth Muslim Individuals (HNWMI), This will in turn strengthen social solidarity and ethical behaviour in society and ensure great impact across the borders from a quantitative and qualitative perspective. Keywords: Magasid Shariah, Muslim, Wealth Management INTRODUCTION Islam is a comprchensive way of life that covers the material and spiritual needs of mankind, It is believed that Islam provides the right and clear answers that surpass any human attempts or solutions as a revelation from the Creator who knows exactly what suits His living creatures best. Shariah laws and prohibitions were set for a great purpose, which no doubt meets the purpose of mankind existing in this world of “Khilafal. Under this general concept, Muslims and non-Muslims are responsible to make this earth comfortable to live in and to fulfil general accountabilities toward fellow human. beings and all creatures on earth. One of the most important responsibilities to fulfil is socioeconomic welfare. The call for Islamic Finance was to realize this objective and it was first hosted in 1970s as a niche segment in Egypt. Since then, Islamic Finance has enjoyed notable growth and outstanding progress. Simultaneously, wealth creation across sectors within Islamic finance such as sukuk, Islamic banks, Takaful, and Islamic funds has further motivated the growth of Islamic wealth. The introduction of Islamic ‘'Correspondence: wala@faa org my ee ce ae a avaFinance in the first place was to fulfil and achieve the very objective of Shariah. Likewise, the call for Islamic wealth management is to achieve the purpose of Shariah rather than replicating the conventional way of managing wealth, This paper is an attempt to convey the message that wealth management would have a great impact in society if Maqasid al Shariah is applied. The first part of this paper focuses on Magasid al Shariah and its frameworks and conditions. The following part sheds light on wealth facts and its growth globally. The final part provides the implication of Magasid al Shariah in wealth management process accordingly, which is the core of this paper. Magasid Al Shariah The concept of Islam can be broken down into three main elements: Agidah (a set of beliefs), Shariah (a set of laws) and Akhlag (a code of ethics). Shariah is the set of teachings, rulings, laws, and guidance derived from the key sources of Shariah ie, the Quran, the authentic traditions (sunnah) of the Prophet Muhammad (salla Allahn ‘alayhi wasallam) and the scholarly opinions (ijtihad) based on Quran and Sunnah. ee Shariah also comprises the legal regulations known as Ahkam or commands that can be split into five categories: Wajib (Obligatory), Mandoob (Recommended) Mubah (Permitted), Makrooh (Discouraged or Abominable) and Haram (Forbidden or Prohibited) ‘All the commands in Shariah are within the realm of human capability and capacity. There is not a single command in the Quran that humans cannot carry out or perform. gang Y) ed a La CaS a galey Ca (Allah burdens not a person beyond his scope. He gels reward for that which he has earned, and he is punished for that levill which he has earned.) (Qur'an, 2:286) ‘Magasid is the Arabic word for objectives, goals or purposes. Hence, Magasid al Shariah is the Objectives of Shariah and the wisdom behind its rules and guidance. Every command in Islam has its objectives that are explicitly mentioned in any Shariah sources. They are also. implicitly understood through deep examination of all Shariah sources he oe bed cept B Call ge Daly lee Soll aps SAS EIN) Laem oe SUIS Jeng ole ou EUS le aah aly VY] ly GES Sanctifying Allah from tampering with the verdicts. Every single verdict has a wisdom knowing that or not, so most verdicts’ wisdom go along with the verdict in Qura'n and Sunnah (Mohammed Al Habash). ee eae aorem It is a universal truth that Allah created the world for a purpose, and brought humanity to it for a purpose, which is to set His commands also for another greater purpose and not just to be followed blindly In general, there are four conditions for Maqasid to be considered. The first condition is to be invariable, so it will be achieved without conjecture. Second, it must be explicit, so it is clear and there are no contradictions amongst scholars in its meaning. Third, is to be disciplined, so it has a particular definition. The final condition is to be constant, so that it will always lead to the same outcome (ibn Ashor) These four conditions are to be examined carefully to determine Magasid in order to avoid any kind of abuse or misdirection. With fast changing life, new challenges appear and if Maqasid is not applied accurately, it will cause contradictions in the implementation Magasid al Shariah are the goals and objectives of Islam as a system of life that constitutes standards, criteria, values, and guidance based on divine revelation (wahy) to be applied in everyday life to solve human problems and to provide guidance More specifically, Magasid al Shariah is the underlying purposes upon which the Shariah is established (Laldin and Furgani, 2013). Shariah was revealed for the welfare and happiness of human beings by deploying justice and fairness in this world, (Al Asthani), The end was also revealed in Tbnul Qayim’s renowned book Eilam al- muwaggiin which he stated: The Shariah embody wisdom and benefits for humanity in their worldly life and afterlife. All of it is justice, all of it is benefits, and all of it is wisdom. Any issue in which the ruling departs from justice to injustice, from mercy to its opposite, from benefit to harm, and from wisdom to arbitrariness is not, in fact, part of the Shariah, even if it has been attributed to it by a process of interpretation (Laldin & Furgani, 2013). Lee Sail Lest! eel Ogerg Y tdi Sly ‘Did you think that We had created you in play (without any purpose and that you would not be brought back to Us?” (Qura'n, 23:13) Thus, Muslim scholars had come to the consensus on the wisdom behind Shariah rules and enriched this concept throughout the years. Al Imam al Shafee’ (4 75H) was the first scholar who mentioned Magasid when he wrote his first book about Usul al figh, Al Umm, imam al-Haramayn alJuwayni (4 47811) was the first scholar to classify Maqasid and provide the most popular categories of daruriyyah, hajiyyah, and tahsiniyyah, which has ever since been generally accepted. Abu Hamid al-Ghazali (.505H) then developed the doctrines of Maslahah (Public Interest) and Talil (Ratiocination) in his works of Eshfa’ al-Ghalil and Al-Mustasfa Min hn Al- Usul. Al-Ghazali was generally critical of the doctrine of public interest as a source edifice and foundations ee ce ae a 1920 of proof, but validated it where it promoted the Magasid of the Shariah. As for the Magasid themselves, al-Ghazali categorically that the Shariah pursued five basic objectives — life, intellect, faith, lineage, and property to be protected as absolute priorities. wrote Ibnul Khatib (d 606H) elaborated further in his book Al Mahsol, followed by Al Eizz Bin Abdul Salam (d.660H) who explained it in his book Qawaid Al Ahkam fi Masaleh Al Anam. Then his pupil Al Qirafi also modelled after his mentor in his book Sharh Tangeeh Al Fusol and added the sixth to the existing list of the five essential magasid, namely the protection of al-ird (honour) which was later endorsed by Taj al- Din ‘Abd al-Wahab ibn al-Subki (d. 771H) and Muhammad ibn Ali al-Shawkani (4 125SH) (Kamali, Al-Magasid Al-Shariyah). The particular objective and wisdom behind the Shariah is mainly to achieve the purpose of humankind existing comfortably in this world of “Khilafali. Allah says: ny YD hands oe Ugad Jarl Its OY polly Slay aed yous shalt Ogols Yes glel 3) JG (Behold, your Lord said to the angels: ‘1 will create a vicegerent on earth.” They said: “will you place therein one who will make mischief there-in and shed blood?: while we do celebrate Your praise and glorify Your Holy (name)? He said: ‘I know what you know not’) (Qura'n 2:30) Khilafah has two categories. The first is the General Khilafah (Ammah) which is vicegerent inclusively to all Muslims and non-Muslims. It is to hold the responsibility to make this earth comfortable to live in and to fulfil general responsibilities towards fellow human beings and all creatures on earth. This is different from exclusive Khilafah (Khassah), which is exclusive to Muslims because only Muslims can implement certain instructions commands according to Allahs will. and Frameworks of Magasid Al Shariah Magasid al Shariah can be illustrated in different frameworks. In this paper, two frameworks are explained Muslim scholars have agreed that the ultimate objective of Magasid al Shariah is to serve the interests (jalb al- masalih/ ) of all human beings and to save them from harm (dafa al mafasid/ ) as illustrated in Figure 1. This is stated in the Quran and the Sunnah and endorsed by Muslim scholars such as Izz al-Deen , Bin Abd al-Salam, Qawitd al-* Abkam fe Masalih al-Anam. Ibn Qayyim al-Jawziyyah, lam al-” ©’ Muwaggien. Tbn Ashor, Maqsid al-Shariah —al-Islamiyyah; al-Najjar, Magasid al-Shariah bi Abaii Jadeedah (Asyraf Wajdi & Said Bouheraoua, 2011). Al-Ghazali’s Framework Al-Ghazali defined Magasid based on its relevance to maslahah. He categorised Magasid into three categories, with ee a aeFigure 1: General Framework of Magasid Al Shariah the first category comprising the significant maslaha dharuriatt (essentials), while the other category hajyatt (complementary) is to enable the achievement of dharuriatt, The third category is tahsenyatt (embellishments) for the attainment of comfort and an easy life. Nevertheless, the three categories are not independent of each other but they complement each other (Wahbah al Zuhaili, 2011). AlGhazali defined the essentials of Magasid al Shariah, stressing on safeguarding five objectives: Abu Zuhrah’s Framework aru) Complements (Hajyat) Educating individuals is the priority in this framework. This supreme objective, once achieved, will lead to the other objective oae gd pool! pe oda Opty be Sy drlic’ \gadng Stinks 48 ‘The very objective of Shariah is to promote the well-being of the people, which lies in safeguarding their faith (din), their lives (nafs), their intellect (Naq)), their posterity (nasl), and their wealth (mfl) as illustrated in Figure 2. Whatever ensures the safeguarding of these five which serve public interest is desirable, and whatever hurts them is against public interest and its removal is desirable (Asyraf Wajdi & Said Bouheraoua, 2011). Protection of religion (Al Diin) Protection of Life (Al Nafs) Protection of mind (Al Aql) Protection of Wealth (Al Mal) Protection of Dignity (Al Muroa'ah) Figure 2: Al-Ghazali's Framework Journal of Wealth Management & Financial Penning22 dating individuals cal a stabi esti Gaal Figure 3: Abu Zuhrah’s Framework - justice - and consequently, lead to public interest as illustrated in Figure 3. Global Wealth In 2011, the global population of high net worth individuals (HNWI) reached 11 million, while the increase of global wealth is expected to reach USDSS8 trillion by 2015 (World Wealth Report. 2013). An HNWI is generally defined as an individual with USD1 million or more at his/her disposal for the purpose of investing. There are three discrete wealth bands: “millionaires next door” ~ individuals with USD1 million to USDS million in investable assets; “mid- tier millionaires’ - individuals with USDS million to USD30 million; and “Ultra HNWT - individuals with USD30 million or more. Surprisingly, the growth of HNWIs in emerging and developing countries continues to develop at a faster rate than that of developed countries. The number of HNWIs in the Asia Pacific region stood at 3.37 million individuals, surpassing North America with 3.35 million individuals, for the first time. The escalation of wealth in the Asia- Pacific region, which coincidentally also has the highest Muslim population in the world, opens the door for more Muslim HNWIs to participate and capitalise on the opportunities in Islamic wealth management products. Islamic Finance is well accepted in these countries by both Muslims and non-Muslims In Malaysia, the majority of Islamic Finance customers are non-Muslims who have been attracted to Islamic Finance for its ethical and stable bases. ‘This paves the way for the acceptance of Magasid al Shariah implementation in wealth management. Likewise, non- Muslim HNWIs who are passionate about socioeconomic contribution and who are looking for long-term, stable and moral way of managing their wealth will definitely find Magasid al Shariah frameworks inclusive enough ee a aeto govern the wealth circle right from wealth creation to wealth purification. ‘A good chunk of HNWIs (25% of them) lack confidence in the ability of fund managers to generate wealth in the near future. Apparently, this is the rational consequence of the reported losses of HNWIs' wealth. For instance, in 2011, regardless of the increased number of HNWIs, their aggregate financial wealth had declined, Magasid al Shariah can protect wealth from leverage, speculation or uncertainty, which can cause huge losses in the short term. Specifically, Magasid al Shariah frameworks help to avoid miserable ends and serve for long-term sustainability as they permit only investment in real and socioeconomic projects. Shariah compliance played the same role for Islamic Finance for three decades to result in the notable high growth in this sector. excessive Currently, there are more than 600 Islamic financial institutions operating in over 75 countries worldwide Assets with Islamic banks and Islamic banking windows have grown at a CAGR of 40.3% between 2004 and 2011 to reach USD1.1 trillion (Kuwait Finance House Research, KFHR, 2013). These provide an indication that acceptance of the Islamic Finance industry has generally set a positive momentum for the future, and it bodes well for the expansion of Islamic wealth management with Magasid al Shariah implementation in order to manage Islamic Finance and attract wealthy people to adopt it solely. Magasid Al Shariah in Wealth Management The fast growth of Islamic finance and the creation of wealth across Muslim countries indicate the potential of Islamic wealth management to flourish. However, the aim of this paper is to present the importance of Magasid al Shariah implementation in wealth management starting from wealth creation values and mechanisms and ending with wealth purification for the overall welfare of society. Some decades ago, a number of Muslim scholars who were influenced deeply by Sufi ideology, discussed the concept of Zuhd in Islam. Zuhd is to renounce worldly pleasures in order to gain nearness to Allah. The interpretation of some verses and Hadiths led Muslims to avoid wealth by any means in order to be pure Muslims who are closer to Allah. This ideology in turn was deployed among followers and wealth was seen as the devil and a big hurdle in the way to Allalis satisfaction. ee ce ae aLooking thoroughly at the Shariah sources, in Quran, wealth is a type of Allalis blessing to good people Aeoeal Nglity eal 6,3 Jal OF gle Ig etal ot CIT pote “And if only the people of the cities had believed and feared Allah, We would have opened upon them blessings from the heaven and the earth’ (Qur'an, 7:96) Imaam Ahmed was asked about a man who had one thousand dirhams, and if such an individual could be considered a Zaahid? Imam Ahmed said: ‘Yes; but with one condition, which is, if his wealth increases, he doesnt become too joyful and if it decreases, he doesn't become distressed and unhappy (bnul Qayyem, 2007) The Prophet (salla Allahu “alayhi wasallam) said: “One should covet only two: a person whom Allah has given wealth and he spends it in the right way, and a person whom Allah has given wisdom and he gives his decisions accordingly and teaches it to others (Bukhari). Another hadith also conveys the same message, when the Prophet (salla Allahu ‘alayhi wasallam) said: “The upper hand is better than the lower hand” (Muslim, 1033). This means that he who gives in charity is better than he who takes it It is obvious from these two hadith and many others that Islam encourages people to accumulate wealth and gain knowledge as two worthy desires. Creating and accumulating wealth are considered a means of worshipping if the purpose of accumulation is not merely to follow desires or to have a luxurious life, but to participate in promoting welfare. Figure 4 shows the process of Islamic wealth management: wealth creation, wealth accomulation, wealth protection, wealth purification wealth distribution and Magasid Al Shariah in Wealth Creation Wealth can never be created by mere luck in Islam. The only way for an individual to create wealth is to plan and work hard to obtain lawful “halal” income. It cannot be connected to any harm or cause any harm to society as a whole, or any individual in particular. For this reason, speculation, gaming, Wealth Wealth Wealth Wealth Creation > ,- MAH. “Wealth Protection GTI a Mecation. + Employment + nvestment | [+ Takaful + Faraid + Zakat + Inheritance + Business + Safeeh barring | |- Wasiah + Infag + Gift + Hibah + Sadagah_ Wagt yz Figure 4: Islamic Wealth Management Process ee a aegambling, bribery or fraudulence are forbidden. Enterprise and employment are the most common means of halal income. An individual can also acquire wealth via gift or inheritance. The question now is how to implement Magasid al Shariah in the first process of wealth management that is wealth creation? Looking back into Abu Zuhrakis framework for Magasid, wealth creation in the light of Abu Zuhralis framework includes educating individuals. establishing justice and considering public interest. Individuals will be classified into three classes to illustrate how educating each class will enrich the goal of wealth creation, The lower class is the underleveraged individuals. Educating those who are struggling with their living means will not only reduce their poverty but is also a key to wealth creation. Hence, establishing justice by providing an equal opportunity for them to obtain the required knowledge and skills come next to grow their opportunity to create wealth, Inevitably, a lower population of underleveraged individuals and a higher percentage of productive individuals bodes well for the overall economic nourishment. The middle class on the other hand benefit from Magasid al Shariah in a slightly different way. Educating middle class individuals focuses on the promotion of socioeconomic gains through raising their levels of awareness about many issues, including the importance of balanced consumption. It is in the core of our needs in Islamic wealth management as explained by the following verse: 2 Uplee Bay ars Ys bed! IS Ug Vy tie Npgenres Laghs taisd And do not make your hand las] chained to your neck or extend it completely and Ithereby! become blamed and insolvent This verse explains how important it is to have a balanced life where one only consumes based on what he/she has. It also promotes. self-awareness Muslims, which indirectly encourage towards Magasid-based and holistic ends (Omar Mohammad and Syahidawati). The hierarchy of Magasid al Shariah in Al Ghazalis framework provides an excellent technique to choose priorities in spending. Dharuryat to be fulfilled first then hajyat and finally tahsynyat. and Shariah-conscious Educating the wealthy about wealth creation can be seen from a different angle already created their wealth. It is crucial for HNWIs to support the lower and middle classes to create their wealth and have the mind set of win-win. since those individuals have Magasid Al Shariah in Wealth Accumulation ‘Magasid al-Shariah should not be reduced to merely identifying Shariah objectives in legal/law dimensions. ee ce ae a26 The Magasid discussion in the financial sphere should always refer to the general objective of Shariah that lays the framework and direction of how financial transactions should be arranged in the Islamic economic system’ (Laldin & Furgani, 2013) The most essential step to be taken in wealth accumulation in accordance with Magasid al Shariah is to educate HNWIs as illustrated in Abu Zuhra’s framework. The first rule for wealth accumulation is to educate HNWIs to break the debt habit. Islam takes the matter of debt very seriously and warns against it and urges to avoid it as much as possible The Prophet (salla Allahu “alayhi wasallam) said: diss Hales egal pail ME gl “The soul of the believer is suspended because of his debt until it is paid off” (At-Tirmidhi 279H). The second rule of wealth creation is to raise the awareness of HNWIs about the importance of ethical and sustainable for the long term. It is crucial to have HNWIs who think about the whole society and environment. By choosing Shariah-compliant or businesses that the real economy, overall economic conditions will improve. This in turn will double the opportunity of business and investments investments are based on accumulating wealth farther. Besides, self-disciplined HNWIs who are aware of Magasid al Shariah will be able to give priority to businesses and investments that accomplish necessities before moving to complements or embellishments Essentials must be provided to every human being businesses should follow the needs of people in order to achieve the next pillar of Abu Zuhras framework which is to establish justice. It is not accepted based on Magasid al Shariah to have two distinct classes in a city where one is living a very luxurious life while the other cannot find the basics of life. The spirit of Magasid al Shariah will reduce self-preservation and selfish characteristics that prevent the person from being concerned about the interest of the public and instead choose to invest in businesses without considering their impact on society or the environment. and investments and Magasid Al Shariah in Wealth Protection Wealth is one of the Dharuriatt in Islam, and its preservation is a noble aim in the religion. The Prophet (salla Allahu ‘alayhi wasallam) mentioned in a hadith: “Anyone who is killed in defence of his property and wealth is a martyr’. The wealthy should protect and safeguard the wealth by all means. Nobody has the right to take even a penny without consent. Takaful considers the right way to protect wealth after creating and accumulating it. As we have no knowledge or control of the future, we are encouraged ee a aeorem to protect Property, etc. ourselves, our (Ahmad Faizal Abdul Aziz. & Shaifulfazlee Mohamad, 2013) Protecting each other's wealth and properties is highly emphasized by the family Prophet (salla Allahu ‘alayhi wasallam) "If anyone relieves a Muslim believer from one of the hardships of this worldly life, Allah will relieve him of one of the hardships of the Day of Resurrection. If anyone makes it easy for the one who is indebted to him (while finding it difficult to repay), Allah will make it easy for him in this worldly life and in the Hereafter, and if anyone conceals the faults of a Muslim, Allah will conceal his faults in this world and in the Hereafter. Allah helps His slave as long as he helps his brother” (Muslim 216H), Takaful is mutual indemnity whereby participants mutually indemnify each other. It is different from insurance in the sense that the contribution made is considered a donation. As a result of this donation, risk is shared between participants (Ahmad Faizal Abdul Aziz & Shaifulfazlee Mohamad, 2013), “And give not unto the foolish your property which Allah has made a means of support for you, but feed and clothe them therewith, and speak to them words of kindness and justice.” (Quran 3:5). Besides, wealth protection in Islam is crucial. In this sense, Allah states in the Quran the prohibition of giving wealth to safech (foolish person): Safech is one, whether male or female, who is not able to dispose of money in a proper way. This includes the insane, young children and adult men or women who are not able to dispose of money in a proper way. Rather, they waste it and spend it on things that do not benefit them. It is also ruled in Islam to prevent safech from disposing his own wealth in miscellaneous and in a way that will cat up this wealth with no benefits (Ibn Rushd, 2004) NWis need to know that this wealth is a trust in their hands. As such, it is important to be wise in consumption and avoid squandering and scattering wealth in an irresponsible manner. Magasid Al Shariah in Wealth Distribution Inheritance is the other way of creating wealth, It promote Magasid al Shariah as a way of wealth circulation, It is important for a balanced economy in society to circulate wealth among more people. Allah asserts on this in Qura‘n: ce obit WI cas Up) 15 Vg So that it may not be la benefit] going round and round among such of you as may lalready} be rich (Qur'an 59:7) As mentioned in the Magasid al Sharialis framework, maslahah is the main Maqasid of Shariah. The Shariah requires both the greatest acts of worship and the simplest acts of worship in its essence equally. Likewise, the Shariah punishes the greatest and the simplest sins equally ee ce ae a rav2) (Al Izz bin Abdul Salam - Al Qawaiid). The main objective is to achieve maslahah. As stated previously, one of maslahais conditions is to be a general (8) and inclusive maslahah, not limited specific(@als) to some individuals or groups Wealth distribution, for this reason, should be for the welfare of the whole of society and for long-term stability, and In wealth distribution, estate planning (farai'd) and wasiah are the first channel of wealth. It is essential for every person to ensure that his/her family and beloved ones will enjoy the same quality of life always. Allah SW:T has determined the rulings and methods to distribute inheritance among all beneficiaries with the purpose to act fairly to all levels of beneficiaries and to avoid discrepancies among them (Mohd Ridzuan Awang, 2008). This accurate method for wealth distribution is to safeguard the family and the business itself, When every member of the family has their fair share, this preserves the sustainability for wealth, whereas if only one member accounts for all the wealth, this could result in a negative impact on family connections and the business as a whole. Other applicable for not more than one third of the wealth to be distributed to those beloved relatives or friends who are not than farai'd, wasiah is entitled for any inheritance by farai'd after death. The wealthy may also grant to whom heshe wishes any amount of money during life through hibah. Promoting these channels serve Magasid al Shariah in the sense of wealth circulation. To avoid wealth concentration in the hands of a few, farai'd, wasiah, hibah and wagf help to widen the wealth circle to include more beneficiaries HNWSs still have a way to channel a portion of the wealth for accumulating their deeds after death. The Prophet (salla Allahu ‘alayhi wasallam) stressed that all good deeds come to an end except three things as follows: “When a man dies, his good deeds come to an end except three: ongoing charity beneficial knowledge and a righteous son who will pray for him" (Muslim, 3084). Wagf considers one of these three pillars that Muslims are encouraged to take part in. And although Wagf formed numerous wealth channels in the golden era of Islamic rule, it has unfortunatcly been neglected recently. The institution of Wagf has played a significant role in sustainable development in the history of Islam and establishes that Wagf institutions are integral to the survival and growth of Muslim communities (Imtiaz B. Ali, 2009). ee a ae= Wagf in the early covering religious studies by wagf on mosques besides financing education, libraries, salaries of teachers and other staff and stipends to students. Healthcare services were also covered by wagf to include the construction of hospitals and spending on patient medicine, apprentices, physician, and pharmaceutical research. The beauty and mercy in wagf also appears in the animal wagf such as birds’ wagf, cats wagf and unwanted domestic animals. It also includes the wagf for pilgrimage and marriage expenses to those who cannot afford it (Monzer Kabf) stage was ‘The public benefit and the beauty of wagf is not a niche to be covered in few words but this is an attempt to reopen this door widely as it serves the community and supports socioeconomic and justice Magasid Al Shariah in Wealth Purification As mentioned earlier, wealth should be protected and safeguarded by all means. Nevertheless, this notion of preservation has a different sense in Islam. Giving out the compulsory alms (zakat) will contribute to the growth of wealth instead of lessening it, as the Prophet (salla Allahu ‘alayhi wasallam) said “A wealth of a man will not be diminished by sadagah (charity)" (Muslim) It can be assumed in some cases that the wealth cycle from its creation to distribution may contain impure means or ways and it needs to be purified, This is stated in the hadith: some “A human being’s feet will not depart from before his Lord on the Day of Resurrection until he is questioned about “five things: 1. His lifetime ~ how did he consume it? 2 His youth and body - how did he utilize them? 3. His wealth - how did he earn it? 4, His wealth - how did he spend it? And what did he do in regard to what he knew?" (Al Albani, 2010) Sometimes, wealth affects the owner by making them too joyful at having it, or too distressed and unhappy if it decreases, This reflects a misunderstanding of its purpose, and the real owner (Allah) and his/her role asa trustee and Khalifah only. These inner sins must also be purified by giving a portion of the wealth away. Allah says: ($2 pee iy at “Take, O, Muhammad, from their wealth 4a charity by which you purify them and cause them increase’ (Qur'an 9:103) ee ce ae a30 ‘The wealthy should afford a quality life for the family beyond dharuriatt to cover hajyatt and tahsyniayatt within his/her means. Hence, in Shariah, this small coterie from only spouse and children needs to be expanded to cover parents and grandparents as well. CONCLUSION Based on the framework of Magasid al Shariah, Islamic wealth management can play a distinctive role in wealth creation, accumulation, protection, distribution and purification. It is imperative to start by educating individuals on the wide implementation of farai’d, wagf, zakat and other channels for the stable future and constant growth for the whole society. The rapid growth of Islamic Finance globally asserts the need for Islamic wealth management and it is an indication that the preference for Shariah-compliant products and services as an ethical and sustainable solution is growing. HNWIs who are passionate toward socioeconomic gains and who are looking for sustainable growth should resort to Magasid al Shariah as it protects wealth from excessive leverage, speculation or uncertainty, which can cause huge losses in short term. This implementation of Magasid al Shariah frameworks in the wealth management process to meet the supreme objective paper offers a practical of human existence, Abu Zuhra's framework of Magasid al Shariah emphasized educating individuals to achieve self-discipline, which will have a great impact from a quantitative and qualitative perspective. In terms of quantity, self-discipline will create more HNWIs from those who have the potential to become wealthy but prefer to consume all their wealth rather than save it. It will also correct the misconception of zuhd among Muslims and grant them a chance to be in line with the pace of growth of HNWIs. Morcover, wealth distribution and wealth purification will directly increase the size of the middle class by decreasing the number of poor and needy people. From a qualitative sense, self- discipline will increase the awareness of HNWIs on the negative impact effects of interest, speculation and other prohibited elements in Islam. Educating individuals will also enable HNWIs to categorize their consumption and investment according to the three categories of essentials, complements and embellishments. m ee a aeom. a. = srmpianneeee pees REFERENCES Ahcene Lahsasna (2013). Magasid al- Shariah in Islamic Finance. Ahmad Faizal Abdul Aziz & Shaifulfazlee Mohamad, (2013). Fulfillment of Magasid al-Shariah via Takaful (MPRA) Al Albani. (2010). Sahih wa Dhaeif Sunan al Termethi. Asyraf Wajdi & Said Bouheraoua 2011). The Framework of Magasid al-Shariah and Its Implication for Islamic Finance. At-Tirmidhi (279H), Sunan At-Tirmidhi Tbnu Rushd (2004), Bidayatul Mujtahid Wa-Nihayatul Mogtasid. Tbnul Qayyem. (2007), SalafiManhaj http://islamfuture files. wordpress. com/2011/05/az-zuhd-by-ibnul- gayyim-al-jawzeeyah pdf. Imtiaz. B. Ali (2009). Wagf. a Sustainable Development Institution for Muslim Communities. Kuwait Finance House research. (2013). 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