The Most Important Pillars of Financial Sustainability in the Prophet’s Guidance (The Civil Covenant as a Model)

Abstract

The survival and continuation of the development successes achieved by countries depends on the ability of these countries to provide resources for these development channels for the longest possible period of time.

Therefore, countries intensify their efforts in searching for ways to develop their financial capacity to cover current and future expenditures, which is what we call today "financial sustainability".

Each country has its own approach to achieving financial sustainability, based on its geographical location and economic resources. However, there are foundations suitable for every country that are contributing to achieving financial sustainability.

This research discusses the concept of financial sustainability, and deduces the foundations to achieve financial sustainability from the noble hadith and the Prophet’s biography in the civil era. These are summarized in several things: economic solidarity, endorsement of public and private ownership, creation of resources, investment of financial assets, and financial security policy.

The researcher recommends the need to benefit from the guidance of the Prophet in economic policies in general and in relation to financial sustainability in particular, as well as in dealing with crises and problems.

The researcher adopted the approach of tracking and extrapolation of the Prophet's biography and hadith, analyzing texts and events, deducing the foundations of economic development from them, and theorizing them in the pattern of modern economic studies.