Islamic Jurisprudential analysis of Iktinaz

The Islamic economic system, in order to implement justice and prevent the emergence of wide gaps among social classes, prohibits wealth accumulation (Iktinaz), and the Holy Quran explicitly promises punishment for it. Many Fughaha and commentators of the Holy Quran maintain that the forbidden Iktinaz only is established by accumulating wealth and avoidance of paying its Zakat. However, there are others who believe that the prohibition set in this verse goes beyond that and includes those who pay Zakat but refuse to perform other financial obligations towards the society. In this paper, after explaining the relevant theories, it is argued that in spite of the majority viewpoint, the forbidden wealth accumulation is not limited to refusing payment of Zakat but this prohibition also includes neglecting other financial obligations and failure to heal the economic shortcomings of the society. This paper, briefly, studies the legal status of wealth accumulation in Shiite jurisprudence and Sunni schools