In today’s fast-paced digital age, Gen Z has grown up as the most tech-savvy generation and the most sensitive to financial pressures. From consumptive lifestyles, impulsive e-commerce shopping, to the ease of online loans, financial challenges are not about the size of one’s income, but how to manage it wisely and consciously.
Amidst the tide of capitalism and the “buy now, pay later” lifestyle, awareness of the importance of Islamic-based financial management is beginning to grow among Muslim Gen Zers. It is not just a trend, but a form of financial hijrah that seeks to move away from usury, speculation, and uncertainty (gharar). Now, more and more young people, especially Gen Z, are choosing Islamic finance for a more peaceful, blessed, and sharia-compliant life.
To address this challenge, it is important to understand the concept of blessed sustenance in Islam.
- The Concept of Blessings in Sustenance
It is important for us to understand what kind of sustenance can bring blessings to our lives. Sometimes, people are too ambitious in seeking sustenance or obtaining wealth that they often forget the rules that are in accordance with Islamic law. Blessed sustenance not only brings blessings for a peaceful life but can also be a way for us to get closer to Allah SWT, as mentioned in the Qur’an in Surah Ar-Rum verse 37.
اَوَلَمْ يَرَوْا اَنَّ اللّٰهَ يَبْسُطُ الرِّزْقَ لِمَنْ يَّشَاۤءُ وَيَقْدِرُۗ اِنَّ فِيْ ذٰلِكَ لَاٰيٰتٍ لِّقَوْمٍ يُّؤْمِنُوْنَ
“Do they not see that Allah expands the provision for whom He wills and restricts it? Indeed, in that are signs for a people who believe.”
A large amount of sustenance that is quickly depleted without any clear benefit, especially when used for something that is contrary to Sharia law, such as online loans that contain usury, which does not bring blessings and can even cause problems.
Amidst the popularity of flash sales in e-commerce, young people in particular are tempted to make impulsive purchases under the guise of “self-reward,” even though they do not really need the items. The blessing of sustenance is not merely about the amount, but rather how useful the sustenance is when used for something beneficial.
Read also: A Harmonious Family Despite a Modest Income: Here’s Their Financial Secret!
- Frugal and Non-Consumptive Lifestyle
The minimalist lifestyle is now one of the first steps in understanding what constitutes a need and a want. Needs are basic necessities for fulfilling basic life requirements such as food, shelter, and health.
A consumptive lifestyle is the desire to look trendy and keep up with the times by spending money on excessive things without considering their usefulness. A consumptive lifestyle is influenced by several factors, such as social media, social pressure, and self-dissatisfaction. A consumptive lifestyle is mostly experienced by the younger generation, and this attitude is often not accompanied by careful consideration of whether the items or things being purchased are really necessary or not. A consumptive lifestyle can be overcome by starting to get used to living minimally, such as:
- Be aware of consumptive patterns, by sorting items into those that are needed and those that are not needed
- Create a financial budget, compile a monthly budget based on income and avoid using credit cards for consumptive goods
- Set financial goals, having short-term and long-term financial targets will make you focus on saving rather than consuming
- Replace consumptive activities with positive hobbies, replace the habit of online shopping with positive activities such as sports, writing, and honing skills.
- Invest and save according to Sharia
Saving is setting aside part of your income for future needs. Meanwhile, investing is putting your money into a particular instrument or venture with the hope of making a profit.
However, in the concept of sharia, saving and investing must follow Islamic law, which means they must not involve riba (interest), gharar (uncertainty), maysir (gambling), and must be free from haram transactions.
Sharia-compliant saving is usually done through sharia banks that use the principle of akad (agreement) between customers and banks. Several types of akad are commonly used:
- Akad Wadiah: A pure deposit from customers to banks. Customers are not promised returns, but banks can give voluntary bonuses.
- Akad Mudharabah: A partnership in which the customer is the owner of the funds and the bank is the manager. Profits are shared according to the agreement, and there is no interest.
Baca juga: History of the Prophet Muhammads birthday, its origin and development
Sharia investment aims to generate profits, but still complies with Islamic law. Some characteristics of sharia investment are:
- Free of riba (no interest)
- Free from elements of gambling
- No investment in haram businesses (e.g., alcohol, cigarettes, pornography)
- There is a clear contract between the investor and the manager
- Beware of Riba and Online Loans
Interest is an additional or excess amount in a loan transaction that is not recommended in Islamic law, because it is unfair and detrimental to one of the parties. Interest is commonly defined as the interest or profit imposed on a loan. The interest system is certainly well known to the public, and this practice of interest is commonly found in modern financial services today, namely online loans.
Illegal online loans usually misuse customers’ personal data to collect payments by terrorizing and humiliating borrowers through borrower contacts or social media. Problematic online loans are usually not registered with the OJK, set high interest rates and penalties, have overly easy processes without verification, and use harsh collection methods. Legal online loans are typically supervised by the OJK, transparent in their fees, request only necessary data, and collect payments ethically. To avoid usury and the risks of illegal online loans, Muslims are encouraged to choose sharia-compliant financial solutions such as sharia banks or cooperatives, and to cultivate habits of saving, frugality, and charity to lead a more blessed and peaceful life. (Diandra/Syafira)