As-Salamu Alaykum I just have a few questions first what does this starement from this website mean Hoarding of wealth is prohibited, even if you are willing to pay zakat
on it ? Also if a person pays Zakat which is 2.5% which is obligatory not voluntary but he hoards wealth doesn't spend the rest on anything he is not saving the money for anything or he wastes money is this still prohibited according to Islam ? Also what Public Resources can by owned by the State ? My final question is could Trade or Labor Unions be allowed to exist in a Islamic Economy ? I know Islam does not support Capitalism or Socialism Islam is it's own System please explain or give me links on this subject I will post a link below thank you.
The Khaleefah ‘Umar ibn Abdul Aziz at one stage could not find a poor person to give zakat
to during his rule (7th Century CE).
Public resources such as sources of water like rivers and lakes, sources of energy like electricity, and public utilities like parks, roads and railways cannot be privatised according to the wishes of the government. They remain public property as originally classified by Islam according to their nature. They will always remain public and cannot be owned by individuals who may charge excessively and prevent the vital requirements of the people getting to them, as happens in the West.
Hoarding of wealth is prohibited, even if you are willing to pay zakat
on it. This makes it available for the markets, boosting the economy and preventing the wealth from merely making a circuit amongst the rich.