People save for their own needs, their family's and an uncertain future. Writing on Desh Rupantor's Islam page, Ainal Haque says Islam encourages halal earning, moderate spending and keeping wealth for the future, while forbidding miserliness, waste, interest and taking others' property unjustly.
In his reading, savings are a trust in Islam: using and preserving the wealth God has given, rather than wasting it, is itself part of worship. But savings must be made lawfully, not through riba or interest. He quotes verse 276 of Surah al-Baqarah: "Allah destroys interest and gives increase for charity." Balance is the foundation of Islamic economics, he writes; extravagance is discouraged, and so is locking money away entirely.
To show the value of work and self-earned income, the writer cites verse 10 of Surah al-Jumu'ah and a hadith in Sahih al-Bukhari in which the Prophet (peace be upon him) said there is no better food than what one earns with one's own hands. In the account of Sa'd ibn Abi Waqqas, the Prophet told him not to give away more than a third of his wealth in charity, saying it is better to leave one's heirs free of want than dependent on others.
Saving to invest increases production and jobs, he writes, but the sector must be chosen according to Islamic guidance, free of interest or anything unlawful. Whatever the purpose, once savings reach the nisab and a full year passes, zakat must be paid, and no one should hoard wealth taken unjustly from others.
Reporting: from a column by Ainal Haque, Desh Rupantor.
Source: Desh Rupantor
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