Islam is against the hoarding wealth/money/income my question is since the hoarding of wealth is haram or not allowed or a sin does this mean that saving money or saving wealth is not halal is saving haram ? Is there a difference between the hoarding of wealth and saving wealth ? From what I have read and heard Zakat is 2.5% therefor do Muslims who hoard wealth have to give more of their wealth for Zakat and Islam does have Sadaqah ? Since the hoarding of wealth is not allowed in Islam and the Wealthy for example must spend the wealth in the way of Allah does Islam say how they must spend the money ? Can they the Wealthy spend it by technology investment consumer spending or by charity ? How does Islam define the hoarding of wealth ?
11- Hoarding of Wealth ForbiddenHoarding of wealth has been condemned by Islam with threats of severe punishment whereas circulation of wealth has been ordained. This measure not only forces the hoarded wealth out of coffers of the rich but also ensures its flow into investment channels ultimately helping its natural distribution. Following are Verses of the Qur’an and Ahadith of Muhammad (PBUH) which highlight Islamic view-point on hoarding:-
1. They who hoard up gold and silver and spend it not in the way of Allah, unto them give tidings (O Muhammad) of a painful doom: On the Day when it will (all) be heated in the fire of hell, and their foreheads and their flanks and their backs will be branded there with (and it will be said unto them): Here is that which ye hoarded for yourselves. Now taste of what ye used to hoard.
-(Al-Qur’an 9:34-35)
2. That which Allah giveth as spoils unto His messenger from the people of the townships, it is for Allah and His messenger and for the near of kin and the orphan and the needy and the wayfarer, that it becometh not commodity between the rich among you…………….
-(Al-Qur’an 59:7)
3. But nay! for lo! it is the fire of hell, Eager to roast, It calleth him who turned and fled (from truth), And hoarded (wealth) and withheld it.
-(Al-Qur’an 70:15-18)
4. Woe unto every slandering traducer. Who hath gathered wealth (of this world) and arranged it: He thinketh that his wealth will render him immortal. Nay, but verily he will be flung to the Consuming One.
-(Al-Qur’an 104:1-4)
5. Abu Hurairah reported that the Messenger of Allah used to store up nothing for the morrow.
-(Tirmizi)
6. Ayesha reported that the Messenger of Allah said: This world is an abode for one who has got no abode, and a property for one who has got no property, and one who has got no wisdom hoards for it.
http://www.muslimtents.com/shaufi/b16/b16_4.htm
http://en.wikipedia.org/wiki/Zak%C4%81t
http://en.wikipedia.org/wiki/Sadaqah
http://en.wikipedia.org/wiki/Sadaqah of weahttp://en.wikipedia.org/wiki/Sadaqah