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Is Saving in Gold_ Silver – Cash considered Hoarding in Islam

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Mansoor Danish

Channel: Mansoor Danish

Episode Notes

Episode Transcript

© No part of this transcript may be copied or referenced or transmitted in any way whatsoever. Transcripts are auto-generated and thus will be be inaccurate. We are working on a system to allow volunteers to edit transcripts in a controlled system.


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Bismillah R Rahman r Rahim Assalamu alaykum warahmatullahi wabarakatuh. Welcome all of you to this short video of mine in which we will be discussing about the rulings on saving our money in the form of cash in the form of gold in the form of silver. If you remember some of my Facebook posts in the last couple of days have been imploring each one of you to start saving 10% of your money, at least, we start off with 10%. So we are trying to

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in by saving habits amongst our people. So in order to do that, I said, let us at least start off with bare minimum 10%. That's very easy. So plan your entire expenses using 90%. But this 10% you just set it aside. And I said initially, you can put up another savings account or a current account and just park the money over there, just keep depositing 10% of your total income every month into the savings or current account. And that should be the first thing that you should do. So you should first transfer 10% there and then plan your entire saving expenses rather, using the balance 90%. Some of the people have taken reservations about it they are of the opinion that if we are saving

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money in the form of cash or gold or silver, this is tantamount to hoarding and Allah has not permitted holding in Islam. In fact, Allah subhanho wa Taala has spoken in strong terms of condemnation with regards to holding wealth in the form of gold, silver cash, etc. Let us revisit these verses in the Quran. And also look into the Sunnah of the Prophet Muhammad peace and blessings be upon him the teachings of the prophet to see whether the understanding of the standing is correct or not. The understanding is correct or not.

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Diverse surah October was number 34 says well Xena yuck means una Hubba will fit data Volume Two and a half east of LA for

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a zarbin Allah Almighty God is saying that and those who yet mizuna rahaga, those who hold gold will fit data and silver wala Yun Fukunaga and spend not feasterville illa he in the way of God for Bashir, whom give them tidings be Azov in a Lima of painful torment that awaits them on the Day of Judgment.

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If you

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read this verse of the Quran, Almighty God is saying that if you are holding your money in the form of gold or silver and spending not in the way of God, there is a painful torment waiting for you. In Omar, one of the companions of the Prophet peace and blessings be upon him was asked regarding this verse of the Quran. And he said, that this ayah was revealed before the verses or obligation on sacar was made mandatory upon the community. So, these words on holding was revealed before Zakat had become mandate tree on the on the community. And if the humor went on to say that after this was the verses on Zakah was revealed, then zakaat became a purification for this form of wealth which

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have been collected or rather, let's use the word hoarding because that is what is the context in which we are talking. So if you are collecting, saving your money, or if you want to call it holding

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and if you are paying Zakat on it It works like a purification of the wealth, according to the opinion of Omar, who is the companion of the Prophet peace and blessings be upon him. And what did the Prophet sallallahu alayhi wa sallam himself say about hooding and this is narrated from the wife of the Prophet peace be upon him on Selma, may Allah be pleased with her, the mother of the believers, she was asked and she said that the Prophet peace be upon him said that any wealth which reaches the level, the nisab level, the threshold level when Zakat needs to be paid, and if the xikar is paid on it, it is not going to be called guns or hoarded wealth.

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I repeat this, that money or wealth which reaches the threshold on which Zakat becomes mandatory, and Zakat is paid on that wealth which you have accumulated. It will not be called cans, it will not be treated as hoarded money. And Imam Malik in his motor says again, quoting me, Omar, he says, even the Omar said that who did well alcons is that wealth on which Zakat was

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You but it was not paid.

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So the definition of holding in Islam is that you accumulate your money, you accumulate your wealth, but you do not pay the mandate free Zakat on it. If you're not paying Zakat on your wealth, then you are holding up money. If you have paid Zakat on your wealth, and if you bury them seven, you bury them seven earth beneath, you know, seven earth beneath you bury them. But if you've paid Zakat on it, that wealth is not going to be called a hoarded wealth, even if that is

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as big as the mountain of overload if it is a goal that you have accumulated to the size of the mountain of overhead, but if you have paid Zakat on it, it will not be treated as hoarded wealth. So the point that I'm trying to make over here is that hoarded wealth is one in which Zakat was not paid. But if you are saving in the form of gold and silver or in the form of cash, and if you pay the yearly Zakat on it, this wealth is permissible. So please do not get confused with hoarded wealth and money on which you are paying Zakat and saving them in the form of gold or silver or cash. You can go ahead use different saving methods which are permissible in Islam, you can invest

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in gold, you can buy gold every month, you can buy silver every month, as long as you are paying Zakat on it. If you basic art, no problem, no questions asked, but make sure that you pay zakat on it. So, in conclusion, therefore, Islam does not forbid savings money saving money in the form of cash, it does not forbid saving money in the form of gold. It does not forbid saving money in the form of silver, as long as you are paying Zakat on it. If you pay zakat on it. This will not be treated as alcons or hoarded wealth. Okay, so I hope this is clear to all of you. If you have any questions, you can post it in the comment section of the video. Thank you so much for watching.

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Assalamu alaykum warahmatullahi wabarakatuh