Finances in Marriages: An Islamic Perspective & Practical Tips

Islam offers a unique and insightful perspective on managing finances within marriage. In this article, I seek to explore how Islamic teachings guide couples as they navigate their financial journeys together.

In Islam, financial matters are closely linked with fairness, responsibility, and mutual respect.

I will look into balancing individual rights and collective responsibilities within a marriage.

Additionally, the article will provide practical tips for Muslim couples that align with Islamic principles, ensuring that financial planning becomes a source of blessing and growth in a married relationship.

Understanding Marriage in Islam

Marriage in Islam is viewed not only as a social contract but also as a spiritual connection. It is considered a means to fulfill emotional, physical, and spiritual needs and to establish a stable and healthy family. The primary purpose of marriage is to create a harmonious family unit, with the secondary goal being the fulfillment of sexual desires within a lawful framework.

Islam emphasizes the importance of marriage in maintaining social order and morality, and it discourages relationships outside the bounds of marriage.

The process of getting married in Islam involves several key elements:

  1. Eligibility and Consent: Both parties must be legally eligible to marry, with marriage prohibited between close blood relatives and adoptive relatives. Consent is crucial, and the individuals must willingly agree to the marriage without pressure.
  2. Dowry (Mahr): The man must provide a dowry to the woman as a sign of his commitment and financial responsibility.
  3. Guardian for the Bride: A guardian for the bride is essential. This guardian can be her father, brother, another male relative, or the community leader.
  4. Witnesses: At least two just and trustworthy male individuals or one male and two females must witness the marriage.
  5. Public Announcement: The marriage should be publicly announced to ensure community recognition.
  6. Wedding Ceremony: While Islamic wedding customs vary regionally, common practices include reciting Quranic verses, exchanging rings, signing the marriage contract, and celebrating the union.

Regarding the rights and obligations within marriage, both the husband and wife have specific roles and responsibilities. The husband is responsible for his family’s financial, emotional, and physical well-being, while the wife’s primary responsibility is typically managing the household and children. Mutual obligations include effective communication, emotional and spiritual support, sharing household responsibilities, and raising children according to Islamic values.

Financial Responsibilities of a Husband and Wife in a Marriage

In Islam, the financial responsibilities of the husband and wife are clearly defined, with the husband bearing the primary responsibility for the family’s financial needs.

Financial Responsibilities of a Husband

The husband’s responsibilities include providing nafaqah, which covers the wife’s necessities like housing, food, clothing, and medical care. This obligation is mandated regardless of the wife’s financial status or income.

“And they (women) have rights (over their husbands as regards living expenses) similar (to those of their husbands) over them (as regards obedience and respect) to what is reasonable, but men have a degree (of responsibility) over them.” [al-Baqarah 2:228]

Even if the wife is wealthier or earns more income, the husband is still responsible for her financial maintenance. The Quran emphasizes the husband’s role as a protector and provider, instructing him to spend according to his means and ensure a reasonable standard of living for his family​​​​​​.

‘Ali ibn Abi Talhah said, narrating from Ibn ‘Abbas: “Men are the protectors and maintainers of women,which means they are in charge of them, i.e., she should obey him in matters of obedience that Allah has enjoined upon her and obey him by treating his family well and taking care of his wealth. This was the view of Muqatil, al-Suddi, and al-Dahhak. (Tafsir Ibn Kathir, 1/492)

Financial Responsibilities of a Wife

While the wife has no legal obligation to contribute financially to the household or her children’s expenses, the spirit of mutual support and partnership in marriage is encouraged.

The mahr, or dowry, is a financial entitlement for the wife, provided by the husband upon the completion of their marriage contract or when the marriage is finalized. It represents a mandatory obligation for the man, signifying his responsibility to provide this amount to the woman as part of the marriage agreement.

“And give to the women (whom you marry) their Mahr (obligatory bridal money given by the husband to his wife at the time of marriage) with a good heart.” [al-Nisa 4:4]

The wife’s income and property are her own, and she has the right to use them as she wishes, without any obligation to spend on the household. However, it’s considered commendable if she chooses to contribute out of affection or a desire to support the family​​​​.

Let’s look at an instance:

The Prophet (peace and blessings of Allah be upon him) said to Hind bint ‘Utbah – the wife of Abu Sufyan – who had complained that he did not spend on her: “Take what is sufficient for you and your children, on a reasonable basis.”

‘Aishah said: “Hind bint ‘Utbah, the wife of Abu Sufyan, entered upon the Messenger of Allah (peace and blessings of Allah be upon him) and said, ‘O Messenger of Allah, Abu Sufyan is a stingy man who does not spend enough on me and my children, except for what I take from his wealth without his knowledge. Is there any sin on me for doing that?’ The Messenger of Allah (peace and blessings of Allah be upon him) said, ‘Take from his wealth on a reasonable basis only what is sufficient for you and your children.’” (Narrated by al-Bukhari, 5049; Muslim, 1714)

This highlights that a wife has the right to financial maintenance from her husband. This includes provisions for her basic needs and those of her children.

Besides, in practical terms, decisions like having a shared bank account or how to handle commuting costs and childcare expenses when both spouses work are left to the couple’s discretion. The key is maintaining open communication and mutual understanding regarding financial matters to prevent unrealistic expectations and ensure a harmonious marriage​​.

Overall, Islam establishes a framework for financial responsibilities in marriage that emphasizes the husband’s duty to provide for the family while recognizing the wife’s financial independence and rights. This system aims to create a balanced and equitable partnership where spouses support each other and contribute to the family’s well-being according to their abilities and circumstances.

Practical Financial Tips for Muslim Couple

For Muslim couples seeking practical financial tips, several key strategies can be adopted to ensure financial success and stability while aligning with Islamic principles.

Open Communication about Money

It’s essential for couples to feel comfortable discussing financial matters. Regular, meaningful conversations about money are important for achieving shared financial goals. Tracking finances and spending for a period, such as 30 days, can provide valuable insights and context for these discussions​​.

Goal Setting

Identifying specific financial goals and formulating measurable actions to achieve them is crucial. Goals might include saving for a family trip or donating extra to charity. Adopting an Islamic Financial Mindset, which recognizes wealth as a trust from Allah, can help maintain an abundant mindset towards finances​​.

Budget Meetings and Alignment on Goals

Regular meetings to discuss shared goals, aspirations, and plans, including financial ones, are vital. These should be conducted in an environment of trust and non-judgment. Review your spending compared to your budget and adjust as necessary to align with your long-term goals​​.

Try to Open a Basic Islamic Deposit Account

The Basic Islamic Deposit Account is a simple option for those interested in saving money without focusing on earning returns. This account operates similarly to a traditional piggy bank, allowing users to deposit and withdraw funds conveniently.

There are no monthly savings commitments or stringent requirements associated with this account. Users won’t face penalties for missed payments, withdrawal limits before a set maturity period, or restrictions on the amount they can deposit each month.

While the bank may charge an annual service fee, depositors could receive a Hibah or bonus reward from their savings. However, this bonus is not guaranteed and is at the bank’s discretion. This account suits individuals seeking a safe place to keep their money.

Explore Various Islamic Investment Vehicles Together

Halal investment refers to investments permissible under Islamic law (Shariah law), focusing on generating financial returns while ensuring social responsibility and adherence to Islamic teachings.

Halal Investment Options

Let’s look at various halal investment options for Muslim couples:

  1. Stocks: Investing in Shariah-compliant stocks, ensuring the company’s primary revenue is halal, and avoiding high leverage, interest-bearing assets and interest-based income.
  2. ETFs (Exchange-Traded Funds): Shariah-compliant ETFs offer diversified investment opportunities, adhering to Islamic principles.
  3. Cryptocurrencies: While volatile, cryptocurrencies can be considered halal if they avoid haram activities and interest. However, varying opinions exist regarding their permissibility.
  4. Precious Metals: Gold and silver are considered safe and halal investment options as long as they are traded equally and on a spot basis.
  5. Sukuk: Islamic bonds that are asset-based and comply with Islamic laws.
  6. Real Estate: Investing in Shariah-compliant real estate, avoiding properties that generate income through haram means.
  7. Halal Mutual Funds: Funds designed to comply with Islamic principles, offering a convenient investment option for Muslims.

Emergency Fund

Establishing an emergency fund is crucial. Start with a starter emergency fund of around $1,000 and gradually build it to cover three to six months of expenses. This fund is for unexpected expenses like job losses or medical emergencies and provides a financial cushion​​.

Investing for Retirement

Investing 15% of your annual income for retirement is recommended. The earlier you start investing, the better, as it allows your investments more time to grow. Consider opening individual retirement accounts (IRAs) and exploring halal investment options like Amana Growth or Wahed ETF​​.

Saving for Children’s Education

Plan for your children’s education without relying on student loans. Consider opening an Educational Savings Account (ESA), applying for scholarships, or enrolling in work-study programs. Investing a small amount regularly in an ESA since your child’s birth can significantly contribute to their college fund​​.

Regular Financial Reviews

Holding each other accountable through regular financial reviews can strengthen your relationship. Celebrate small wins and successes together as you work towards your financial goals​.

Purification of Wealth in Islam

The purification of wealth in Islam is deeply connected to the practice of Zakat, a fundamental aspect of the faith and one of its five pillars. Zakat is a certain fixed proportion of a Muslim’s wealth that must be distributed annually for the benefit of the poor in the Muslim community. This obligatory charity is a means of social justice and a way to purify one’s wealth by sharing it with those in need.

‘Zakat’ means ‘to purify’ or ‘cleanse’ in Arabic. By giving Zakat, Muslims purify their hearts from selfishness and greed, increasing a sense of empathy and solidarity with the less fortunate. Giving helps cleanse the giver’s soul from envy and resentment, promoting goodwill and brotherhood among the community members. In Islam, wealth is considered a blessing from God, and believers are viewed as trustees of their wealth. Therefore, it’s seen as their duty to use it to please God, including supporting those less fortunate.

Through Zakat, Islam seeks to establish an economic system where wealth is circulated fairly, ensuring a living standard that minimizes community poverty. It’s a system designed for economic redistribution and spiritual purification, emphasizing that a person’s true value is determined by their piety and character rather than their material wealth.

Finances in Marriages FAQs

1. Are there Islamic guidelines for investing as a married couple?

Muslim couples should choose Shariah-compliant options when investing, avoiding investments in prohibited industries and ensuring they do not involve interest (riba). Joint decision-making on investments is encouraged.

2. Can Muslim women have their bank accounts and assets?

Yes, Islam fully supports financial empowerment for women. Women have the right to own their bank accounts and assets, and they have full control over their wealth.

3. Is it important for Muslim couples to discuss finances before marriage?

Yes, discussing financial expectations and plans before marriage is crucial. This can include discussions on budgeting, savings, investments, and handling individual incomes to ensure mutual understanding and avoid future conflicts.

4. What is the role of Mahr (dowry) in an Islamic marriage?

Mahr is mandatory from the husband to the wife and is part of the Islamic marriage contract. It symbolizes the husband’s commitment and responsibility and is solely the wife’s property.

Wrapping Up

It’s clear that the intertwining of financial management with Islamic values is not just about monetary transactions; it’s a holistic approach that combines economic practicality with spiritual mindfulness. In Islam, marriage is more than a social contract; it’s a spiritual bond, making the financial aspect of it naturally integrated with ethical considerations.

Islam sets forth comprehensive guidance from marriage eligibility and consent to the spouses’ roles and responsibilities. The husband’s primary role as a provider, the significance of Mahr (dowry), and the importance of mutual support in financial matters form the core of an Islamic approach to marital finances. What stands out is the stress on communication, shared goals, and mutual respect in financial dealings within a marriage.

In essence, this journey through Islamic financial principles in marriage teaches us that managing money is not just about balancing the books but nurturing a relationship that pleases Allah.

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Disclaimer: Important information