Rasulullaah ﷺ said, “Spend your wealth and never hoard it, otherwise Allaah will hoard from you. Never prevent people from earning otherwise Allaah will prevent you.”
Economy happen because people could produce one product but still need other products that they could not produce. Then they started to buy from each other. Economy will run well if people still buy from each other. Food vendor buy clothes from clothes trader. Clothes trader buy shoes from shoes trader. But imagine if people began to stingy, prefer to hoard their money than buy what they need. They prefer to hungry than buy food. They prefer to wear same clothes for many years rather than buy new clothes. Economy would be collapsed and many people would not get what they need. This is what Rasulullah shallallahu alaihi wasallam meant with the hadith above.
Sometime i ask people a question:
What would you do if got a billion of dollars without any obligations?
The most popular reaction, at first, is to improve their own lives.
When fantasy finishes, many are thinking how to get rid of the rest, just give away to charity, etc.
Only few are willing to take responsibility, to use money for changing the world.
Charity is important of course, but normal economic development is a barebone of society.
If everybody would try do the best while accomplishing their duties, being honest instead of playing corporative career games, life would be better for everybody.
Some more Hadith stating the wrongness of hoarding:
Prophet Muhammad (pbuh) said: “No one hoards but the traitors (i.e. the sinners).” (Abu Da’ud, No. 2990)
Prophet Muhammad (pbuh) said: “The importer [of an essential commodity] into the town will be fed [by Allah], and the hoarder will have [Allah’s] curse upon him.” (Ibn Majah, No: 2144)
format_quote Originally Posted by Physicist
Sometime i ask people a question:
What would you do if got a billion of dollars without any obligations?
The most popular reaction, at first, is to improve their own lives.
When fantasy finishes, many are thinking how to get rid of the rest, just give away to charity, etc.
Only few are willing to take responsibility, to use money for changing the world.
Charity is important of course, but normal economic development is a barebone of society.
If everybody would try do the best while accomplishing their duties, being honest instead of playing corporative career games, life would be better for everybody.
I can't really answer that question, but the Prophet (pbuh) said he would not keep such wealth for more than a few days with him.
Narrated Abu Dhar: While I was walking with the Prophet (ﷺ) at the Hurra of Medina in the evening, the mountain of Uhud appeared before us. The Prophet (ﷺ) said, "O Abu Dhar! I would not like to have gold equal to Uhud (mountain) for me, unless nothing of it, not even a single Dinar remains of it with me, for more than one day or three days, except that single Dinar which I will keep for repaying debts. I will spend all of it (the whole amount) among Allah's slaves like this and like this and like this." The Prophet (ﷺ) pointed out with his hand to illustrate it and then said, "O Abu Dhar!" I replied, "Labbaik wa Sa`daik, O Allah's Messenger (ﷺ)!" He said, "Those who have much wealth (in this world) will be the least rewarded (in the Hereafter) except those who do like this and like this (i.e., spend their money in charity)." ... (Sahih al-Bukhari 6268)
It has been narrated on the authority of 'Arfaja who said:
I have heard the Messenger of Allah (ﷺ) say: Different evils will make their appearance in the near future. Anyone who tries to disrupt the affairs of this Umma while they are united you should strike him with the sword whoever he be.
Charity is important of course, but normal economic development is a barebone of society.
If you come to my office you will see a donation box from Rumah Zakat, and then if you walk near my office you will see a food vendor which his cart labeled with Rumah Zakat. The money that used to establish his business indeed came from donation.
Not everyone who has money know how to use the money to develop society economy. That's why need mediator like Rumah Zakat.
format_quote Originally Posted by BlueOwl358
Prophet Muhammad (pbuh) said: “No one hoards but the traitors (i.e. the sinners).” (Abu Da’ud, No. 2990)
Prophet Muhammad (pbuh) said: “The importer [of an essential commodity] into the town will be fed [by Allah], and the hoarder will have [Allah’s] curse upon him.” (Ibn Majah, No: 2144)
These hadith are not about hoarding wealth, but about hoarding commodities, hold and keep commodities that needed by people to make the price increased, then release little by little to maintain the price still high. This practice is strictly prohibited in Islam.
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