In an Islamic context, true financial wellbeing isn’t just about accumulating wealth — it’s about using wealth responsibly, ethically, and in alignment with one’s values. It involves achieving balance (mīzān), avoiding undue hardship, and making choices that lead to both worldly benefit and akhirah success.
Let’s break down what financial wellbeing means today and why addressing it is more urgent than ever, especially for Indian and specially middle class households:
1. Control Over Daily Finances
A key pillar of financial wellbeing is having control over routine income and expenses. However, many Indian families are feeling the pinch:
- 57% worry about rising inflation, impacting their ability to budget.
- 1 in 3 people struggle with monthly expenses, highlighting cash flow issues.
- The national household savings rate has dropped significantly — from 23.6% of GDP in FY12 to just 18% in FY24.
- While per capita income grew at 9% annually over the last decade, spending rose even faster (10%), signalling increased financial stress.
Islamic Insight: Islam encourages moderation and discipline in spending: “Eat and drink, but do not waste.” (Qur’an 7:31). Living within one’s means is a foundational principle of Shariah finance.
2. Resilience Against Financial Shocks
From unexpected hospital bills to sudden job losses, shocks can derail entire families.
- Out-of-pocket health spending makes up 50% of India’s total — far above the global average of 17%.
- Nearly 400 million Indians remain uninsured, leaving them financially exposed.
- Rural families are hit by crop failures, while urban workers face job insecurity, increasing the need for emergency planning.
Islamic Insight: The Prophet ﷺ said, “It is better for one of you to take a rope and bring a bundle of firewood on his back and sell it than to ask someone (for money).” (Bukhari) — Resilience and self-reliance are values deeply embedded in Islamic teachings.
3. Freedom to Make Financial Choices
When all income is tied to essential needs, it limits the ability to make choices or plan for the future.
- Three-quarters of Indian household spending goes to necessities, leaving little room for savings or investment.
- In contrast, 60–70% of spending in the US and China is discretionary — indicating more financial flexibility.
- The wealth divide affects lifestyle and choices, making it harder for lower-income families to break the cycle.
Islamic Insight: Islam promotes barakah (blessing) in wealth, not just its amount. Wise financial decisions can enhance one’s freedom to give, save, and invest in line with Shariah values.
4. A Path to Financial Goals
Without direction, wealth can quickly become a burden rather than a tool.
- Nearly 9 in 10 Indians expect financial instability in the coming years.
- 80% have no clarity on retirement, even as lifespans increase.
- Even among high-income groups, emergency and tax planning gaps remain widespread.
Islamic Insight: Islam encourages foresight and planning: “The strong believer is better and more beloved to Allah than the weak believer, while there is good in both.” (Muslim) Strategic financial planning enables believers to fulfill obligations, support family, and give charity without hardship.
The Deeper Meaning of Financial Wellbeing
Financial wellbeing is not defined by a number in your bank account. It’s about achieving a state where money serves you — not stresses you. It is when wealth becomes a tool of empowerment, helping you:
- Meet present needs with dignity,
- Handle future challenges with faith,
- And pursue long-term goals with confidence.
In a Shariah-compliant framework, this journey is anchored in ethics, purpose, and balance — ensuring that wealth is not only halal in source but also wholesome in use.
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