Why hoarding of money was banned?

Why hoarding of money was banned?
Posted by: "S Turkman" turkman@sbcglobal.net torkmaan
Date: Sun Jul 6, 2008 7:05 am ((PDT))

Hoarding of wealth is against Islam and our Mosque Mollaas have never gone to JehaaD against Hoarders of wealth because they are the one, who have been providing them 'Halwah' for ages.

Since hoarding to wealth is against Islam, there's no instruction, how to pay ZkaaT on it. Hoarding of wealth causes growth of Capital and then Capitalist starts ruling the world. Islam had ordered 7th Century Bedouin to "eat drink and be marry with what you have earned today and feed other hungry, leaving no money for tomorrow. Trust Allah for tomorrow instead saving some money ...!".

Its because flow of money or money changing hands fast creates prosperity, when hoarding of money used to create Stagnancy in Gold Standard Economy of those Days. Investment of money in to ventures to earn more can create jobs. More jobs, better the Economy but rich used to either wear their Money as Gold Jewellery or extra rich used to bury it, which produced no jobs. This is why, wearing Gold was banned also.

After invent of Paper Money this trend changed, when Banks started paying Interest on Money. Now Hoardings of Money could be lent by the Bank to somebody for business to create jobs.

Another change is, in Gold Standard Days, Purchasing Power of Gold Coins always rose at the same Rate as Deflation. Now its in reverse. Paper Money's Purchasing Power decreases at the same rate as Rate of Inflation.

None of our Mollaas are educated-enough in Economics to understand all this and none of them have done any research to learn all this if they have read Economics, therefore, they just keep repeating, what they read in Qoraan and Hadith like trained pet Parrots. Allaho Akbar ...!

noman zafar wrote:

ZAKAT ON HOARDINGS.?

Accumulation and hoarding of wealth as mentioned in the following verses of Quran is the severest crime in Islam.


[3:180] let not those who withhold and hoard GOD's provisions think that this is good for them; it is bad for them. For they will carry their hoarding around their necks on the Day of Resurrection. GOD is the ultimate inheritor of the heavens and the earth. GOD is fully cognizant of everything you do.
[4:37] The ones who are stingy, exhort the people to be stingy, and conceal what GOD has bestowed upon them from His bounties. We have prepared for the disbelievers a shameful retribution.

[9:34]. Those who hoard the gold and silver, and do not spend them in the cause of GOD, promise them a painful retribution.

[9:35] The day will come when their gold and silver will be heated in the fire of Hell, then used to burn their foreheads, their sides, and their backs: "This is what you hoarded for yourselves, so taste what you have hoarded."

[10:58] Say, "With GOD's grace and with His mercy they shall rejoice." This is far better than any wealth they can accumulate.

[43:32] The mercy from your Lord is far better than any material they may hoard.
Keep the money in circulation ( Nafaq) is the cardinal principle of Islam but according to Sharia, if I am not wrong, we can accumulate wealth and hoard Gold and Silver as much as we may be pleased to hoard with the only restriction that for legalizing this DISALLOWED hoarding we have to pay @ two and half percent and that too if the hoarding extends a certain limit. Is it not whitening of black mony on payment of a fixt tex?
.
According to verse 6:141 Zakat must be given immediately upon receiving income. Question is when all income groups pay tax on accrual of income and farmers on harvesting crops why is Zakat leved on unspent hoardings. Why not let people earn, pay Zakat and spend rest of their income as they wish.

Will some man of knowledge please remove this confusion.
With regards
Muhammad Latif Chaudhery



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