The definition of wealth in Islam and its formation, ownership and distribution are studied by using the foundational model for all Islamic themes in a universal and unique way. This is done by the phenomenological model of unity of the divine law that is derived from the Qur’an and is applied here to the specific issue of wealth. In Islam, wealth is everything existing in material form having value and is differentiated between permissible wealth and socially reprehensible wealth and their functions, respectively. The inputs of value in wealth creation for the case of goods permissible by the Islamic law are themselves artifacts of enjoyment for attaining wellbeing. Hence, what is an input of wealth creation turns into wealth itself. The principal value that drives the whole system of wealth creation in Islam in the light of the phenomenological model of unity of knowledge is shown to be knowledge-flows. Such a model is derived from the fundamental and primal episteme of the Qur’an and the Sunnah and is then simulated and discursively used in determining various social characteristics of wealth, its purpose, formation, ownership, and distribution. Issues of valuation of wealth are treated. Contrarily, the socially unacceptable definition and the characteristics of wealth in the light of the Qur’an are also pointed out to bring out the distinction between the theory of wealth creation in Islam and other such theories.