Saturday, 5 June 2021

ECONOMIC SUNNAH OF SPENDING




ECONOMIC SUNNAH OF SPENDING

Many Muslims ask: If we are not allowed to place our savings in Fixed Deposits or Savings Accounts in the bank, then what shall we do with such money? The answer is that it must be spent, not hoarded. Spending, however, must be balanced and productive, not for extravagance and waste. When people spend of their wealth in charity, or as an investment, then the whole society and economy benefits. When spending is for ostentation and waste then the individual and society are corrupted. And so the Qur'an describes the true servants of Allah the Most High, as:

. .. those who, when they spend (their wealth, time, energy, talents etc.) are neither extravagant nor sparing, but hold a just balance between those extremes.
(Qur’an: al-Furqan:-25:67)

Abu Dharr said: I was with the Prophet when he saw the mountain of Uhud. He said: I would not desire that this (mountain) should be turned into gold for me, then there should remain with me one dinar out of it beyond three days, except a dinar I should keep for payment of a debt!
(Bukhari)

This hadith establishes the economic Sunnah which discourages the hoarding of wealth and encourages spending instead, thus the Prophet (s) would have spent the mountain of gold within three days. When wealth is spent it is injected into the economy and this strengthens the economy.

Allah the Most High, condemns hoarding (i.e. the non-utilization of wealth) in the most forceful language:

. . . there are those who hoard (in safety deposit boxes in banks. for example) gold and silver (i.e. money) and spend it not in the way of Allah; announce to them a terrible punishment on a day when heat will be produced out of that wealth in the fire of hell, and with it will be branded their foreheads, their sides and their backs, (and it will be said to them): This is the treasure which you hoarded for yourselves; taste the treasure you hoarded.
(Qur’an: at-Tauba.-9:34-35)

Spending should be effected, however in such a way that the Sunnah of simplicity and austerity of the personal lifestyle of the Prophet (s) is maintained! Thus spending is to be directed towards production rather than consumption. Spending is also for charitable purposes. This does not imply that one should not spend on one's own self or one's family. That would amount to miserliness. The Qur’an condemns such miserliness. Those who act in such a way will end up being treated with contempt by Allah the Most High, and by their fellowmen:

Verify Allah does not love the arrogant, the vainglorious; - nor those who are niggardly and command mankind to niggardliness and hide the bounties which Allah has bestowed on them: and we have prepared for the ungrateful (who commit such an act of kufr) a punishment that steeps them in contempt. . .
(Qur’an: al-Nisa;-4:36-37)

The Prophet (s) in fact, specifically recommended spending on one’s own self when he declared:

Allah loves to see the effects of His bounties on the person of His servant.
(Tirmizi)

Rather one should not be extravagant in spending on oneself. There should be no waste! Thus Allah the Most High commands;

. . . and squander not (your wealth) in the manner of a spendthrift. Surely spendthrifts belong to the family of the Satan. And Satan is (himself) ungrateful to his Lord.
(Qur’an: al-Isra:-17:26-27}

Numerous verses of the Qur’an as well as ahadith establish the importance of nourishing the body with that which is halal and scrupulously abstaining from nourishing it with that which is haram, thus requiring that Muslims exercise vigilance in ensuring that income and wealth must be halal. Indeed deviation from this path would amount to following the footsteps of Satan and that surely is the road to hell:

Eat (or consume) of whatever is on the earth which is lawful (halal) and wholesome (tayyib), and follow not the footsteps of Satan (by consuming that which is haram or unhealthy). Surely he (Satan) it your avowed enemy.
(Qur’an: al-Baqarah:-2:168)

Jabir reported Allah's Messenger as saying:
Flesh which has grown out of that which is unlawful (haram) will not enter paradise, rather hell is more fitting for all flesh which has grown out of what is unlawful (haram).
(Ahmad Darimi, Baihaqi)

Abu Bakr reported Allah's Messenger as saying;
No body which has been nourished with that which is unlawful (haram) will enter paradise.
(Baihaqi)

Abu Tamima said that the Prophet (s) said:
. . . the first thing in a man to cause corruption is his belly, so if anyone is able to eat only what is good (halal) he should do so. . .
(Bukhari)

Ibn Umar said that if anyone buys a garment for ten dirhams among which one (dirham) is unlawfully acquired. Allah Most High will not accept prayer from him as long as he wears it. He then put a finger in each ear and said; May I become deaf if the Prophet was not the one I heard say it.
(Baihaqi)

Abu Huraiah reported Allah’s Messenger as saying: A time will come to mankind when a man will not care whether what he gets comes from a lawful (halal) or unlawful (haram) source.
(Bukhari)

to be continued . . . . 

The Prohibition of Riba (Interest) by Imran Hosein



The Prohibition of Riba (Interest) (Q&A) by Imran Hosein



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