Diagnosing Qur’ānic Precepts on Wealth Creation in Digital Age

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Published: Jun 30, 2024
DOI: https://doi.org/10.21154/invest.v4i1.8422
Keywords:
digital economy, digital age, wealth creation, Qur’ānic precepts

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Sidiq Uthman Okanlawon
Lagos State University
https://orcid.org/0000-0002-5063-930X
Haruna Zagoon-Sayeed
University of Ghana
Taiwo Moshood Salisu
Lagos State University

Abstract

This study examines how Islamic economic principles can provide guidance for ethical wealth creation, protection, and distribution in the rapidly evolving digital economy, particularly in the face of cybercrime and financial scams. The research investigates the adaptability of Islamic teachings to digital economic activities, emphasizing the importance of lawful enterprise and social responsibility. The study employs qualitative analysis of Qur'anic precepts, Hadiths, and contemporary Islamic scholarship. The findings reveal that Islamic wealth management principles are not only compatible with but also vital for navigating the complexities of the digital age. These principles advocate for ethical earning, robust protection of wealth through cybersecurity measures, and the socially responsible distribution of wealth. The study emphasizes the necessity for precise legal frameworks that align with Islamic ethical standards in digital commerce, alongside a strong emphasis on education regarding digital economic activities within an Islamic framework. Engaging in the digital economy under Islamic guidelines is feasible and advantageous, highlighting the critical role of international cooperation among Muslim countries to combat cybercrime and ensure a secure, equitable digital economic environment. This approach fosters economic resilience and social welfare in accordance with Islamic values.

Article Details

How to Cite
Okanlawon, S. U., Zagoon-Sayeed, H., & Salisu, T. M. (2024). Diagnosing Qur’ānic Precepts on Wealth Creation in Digital Age. Invest Journal of Sharia & Economic Law, 4(1), 1-20. https://doi.org/10.21154/invest.v4i1.8422
Issue
Vol. 4 No. 1 (2024): In Press
Section
Articles
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Author Biographies

Sidiq Uthman Okanlawon, Lagos State University

He is an associate member of Nigeria Association for the Study of Religions (mnasr), associate member of Nigeria Association of Teachers of Arabic and Islamic Studies (NATAIS), associate member Nigerian University Scholars in Religions (NUSREL). He is a lecturer in the Department of Religions and Peace Studies, Islamic Studies units, Lagos State University, Ojo-Nigeria. His research interest/area is in Qur’ān, Peace, Conflict, Inter-religious and Intra-faith peacebuilding and Contemporary Studies. Got his PhD in Qur’an and Contemporary Studies in 2018 from Lagos State University, Ojo with over 20 years teaching experience and 10 years lecturing experience in higher institutions

Haruna Zagoon-Sayeed, University of Ghana

Dr Haruna Zagoon-Sayeed is a professional teacher and a lecturer at the Department for the Study of Religions, University of Ghana, Legon. He is an interdisciplinary researcher in fields of Islamic Studies, education, youth development, international affairs and peacebuilding. He holds a PhD in Islam and Peacebuilding from University of Birmingham, UK. Dr Zagoon-Sayeed’s current research interest areas are:

  • Islam and African Culture
  • Islam and Peacebuilding
  • Inter-religious and Intra-faith peacebuilding
  • Muslim societies in Ghana and educational development
  • General Islamic Studies

Taiwo Moshood Salisu, Lagos State University

A professor of Islamics, former HOD, department of Religions and Peace Studies and the Dean, Faculty of Arts, Lagos State University, Ojo-Nigeria. He is an associate member of Nigeria Association for the Study of Religions (mnasr), associate member of Nigeria Association of Teachers of Arabic and Islamic Studies (NATAIS), associate member Nigerian University Scholars in Religions (NUSREL). Prof. Salisu had publications both in local and international journals and had participated in many conferences within and outside Nigeria. The editor in-chief of Lasu Journal of Humanity and Al-Hadaarah Journal of Arabic and Islamic Studies. His area of specialty is Islamic Law.

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