Faith continues to be a major component in the lives of most Americans.
According to a new survey from the Pew Forum on Religion and Public Life, 83.9 percent of U.S. citizens express association with a particular religion, whether it is Christianity (78.4 percent), or other religions (4.7 percent).
The nation’s five largest faiths (in order, Christianity, Judaism, Buddhism, Islam and Hinduism) have teachings related to the acquisition and use of money. One could argue that a major change in the economy might take place if these principles were followed on a significant scale.
General views of money
Christianity – Jesus, in his parables and teachings, actually mentioned the management of financial resources more than any other topic. Most Christian denominations teach that all money is God’s, and humanity is trusted to be good stewards over it.
“It is vital to have the right attitude about money because we spend 80 percent of our waking hours thinking about it, between our jobs, budgeting and other financial matters,” said James Poore, an Indianapolis businessman and author of the book, Christian Principles for Managing Money.
In Corinthians, 16:2, believers are strongly advised to save so that they may prosper and have money set aside for emergencies.
The Apostle Paul encouraged Christians to be content in all financial circumstances and put their ultimate faith in God, not money, as Philippians 4:19 says, “God will supply all your needs according to his riches in glory in Jesus Christ.”
Judaism – In a verse also cited by Christians, Deuteronomy 6:5, believers are told to keep love of God ahead of love of money: “Love the Lord your God with all your might.”
Under Judaism, making a decent living is encouraged, and having success in business or in a career comes through “avodah,” or service, by providing good, quality service that keeps clients coming back.
Prominent Rabbi Daniel Lapin, once stated, “Many say that the most important occupation is the one you enjoy. That is not the Torah perspective. The Torah perspective is to choose an occupation that meets the needs of others.”
Maintaining good business relationships is an important part of building good relationships between human beings.
Islam – Financial guidelines are based on the principles of Islam’s shariah law, taken from the Qur’an and the Sunnah, (the way), referring to the way in which the prophet Muhammad lived his life. Central to Islamic finance is the fact that money itself has no intrinsic value, it is simply a medium of exchange. Another important feature of the Islamic finance system is the prohibition in the Qur’an of the payment and receipt of interest (or riba).
Buddhism – Most Buddhists believe that wealth and gathering of material possessions should not be the ultimate goal of life. Instead, money is to be used as a means to fulfill personal, social and religious obligations.
Based on the guidelines of the Four Noble Truths of Buddhism, believers should be prepared for difficult financial times (Life is Suffering); realize that placing money above everything else causes damage to humanity (Cause of Suffering), learn to use money wisely (Cessation of Suffering) and be ethical and fair in financial dealings (Path to the Cessation of Suffering).
Hinduism –According to the Hindu text, the Bhagavad Gita, Hindus must have a job related to their caste, or the class station they earned based on their actions from a previous life. Hindu dharma (or duty) encourages Hindus, regardless of their caste, to work as hard as they can to earn enough money to support themselves and their family. This helps a Hindu meet one of the four purushartas (or goals) of the faith, which is artha (obtaining wealth by honest means.) Having a steady income is especially important in the householder stage “grihastha” of a Hindu’s life.
Offerings and charity
Christianity – Christians are instructed to tithe (or give) at least 10 percent of their earnings to the Kingdom of God for its purposes – helping the needy, evangelizing, maintaining ministries, etc. Denominations and churches have different views on how the tithe should be given and how it should be used. According to the Bible, God meets the needs of those who tithe, and tithing is the one area of Scripture where believers are invited to test a promise from God.
In Malachi 3:10, God says, “Bring the whole tithe into the storehouse, so that there may be food in my house. Test me in this.”
The ninth chapter of second Corinthians says, “God loves a cheerful giver” and giving can change the lives of people in need.
Judaism – Believers follow the principle of Tzedakah, or “honoring God with your wealth” by using part of their income to join God as a partner in giving to those in need. Most traditions in the faith teach that at least 10 percent of yearly income should be given to help the poor and advance religious studies. In Genesis 28:22, Jacob tells God, “Of all that you give to me, I will set aside a tenth to you.”
Islam – One of the Five Pillars of Islam is Zakat (sometimes spelled Zakah), which is the donation of a certain portion of one’s wealth to charitable causes. It is an obligatory offering (or tax, in some countries) expected from all Muslims with financial means. Although there are different opinions on what percentage of one’s income should go to Zakat, in Sura 9:60 the Qur’an is clear on who the funds should go to.
“The alms are only for the poor and the needy, and those who collect them (for distribution), and those whose hearts are to be reconciled and resettlement of families, refugees etc.), to free captives (slaves etc.) and the debtors in need, and for the cause of Allah (God) and the needy travelers; a duty imposed by God. God is Knower, Wise.”
Buddhism and Hinduism – Giving to those in need is often seen as a way to build good Karma and rewards for the next lifetime. Sects of Hinduism, however, differ in their views on the poor, with some believing poverty is the result of bad decisions in a past life; and another view which maintains that compassion should be shown and that the person in need could be a loved one from a previous life.
Loans and interest
Christianity – Lending is encouraged in Matthew 5:42, which says “Give to the one who asks you, and do not turn away from the one who wants to borrow from you.”
Collecting interest is discouraged in Luke 6:35, which says, “But love your enemies and do good, and lend, expecting nothing in return; and your reward will be great.”
Those who seek loans, however, are cautioned to use them as a last resort, with Proverbs 22:7 noting, “The rich rule over the poor, and the borrower is the servant to the lender.”
Believers are instructed to pay taxes and honest debts in Romans 13:7: “Render to all what is due them.”
Judaism – The Jewish Torah and Talmud encourage loans, especially in the Torah’s book of Deuteronomy, which states in Chapter 15 Verse 8, “Open your hand generously, and extend to your needy brother any credit he needs to take care of his wants.”
Loans of food and money are advised to help the poor regain stability.
Interest, however, should not be charged for loans. An exception to this rule is made for those outside the Jewish faith (or non-Israelites), for whom interest is approved.
Islam – Loans are approved in Islam, but a Muslim is not allowed to benefit from lending money. This means that earning interest (riba) is not acceptable. To comply with these rules, interest is not paid on Islamic savings accounts or applied to Islamic mortgages.
In verse 11 of Sura, Islam’s Qur’an states that loaning to those in need is the same as lending to God, stating “Who is he that will lend a generous loan to God?” The verse adds that God will “double” the loan as repayment to the lender.
Islam, therefore, discourages the taking of interest: “Allah will deprive usury (applying interest) of all of blessings, but will give increase for deeds of charity” (Qur’an 2: 276).
Buddhism and Hinduism – Sects generally discourage use of interest.
