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Saving money – a religious view

How should a Muslim save according to Islam. I understand that our Prophet  sallallaahu  `alayhi  wa  sallam ( may  Allaah exalt his mention ) did not save. Say I earn USD5000 and after expense, I am left with USD1,000. How should I handle this USD1,000?

All perfect praise be to Allaah, The Lord of the Worlds. I testify that there is none worthy of worship except Allaah, and that Muhammad , is His slave and Messenger.

 

Anas  may  Allaah  be  pleased  with  him narrated: “The Prophet  sallallaahu  `alayhi  wa  sallam ( may  Allaah exalt his mention ) never saved anything for himself for the next day.” [At-Tirmithi] However, the Prophet  sallallaahu  `alayhi  wa  sallam ( may  Allaah exalt his mention ) did not absolutely abandon saving. ‘Umar  may  Allaah  be  pleased  with  him narrated: “The Prophet  sallallaahu  `alayhi  wa  sallam ( may  Allaah exalt his mention ) used to sell the harvesting of the date-trees of Beni Nadheer (a Jewish tribe) (which he , gained as a war booty) and he  sallallaahu  `alayhi  wa  sallam ( may  Allaah exalt his mention ) would keep for his family what they would suffice them to eat for a whole year.” [Al-Bukhari and Muslim]

Ibn Daqeeq Al-‘Eed  may  Allaah  have  mercy  upon  him explained the two narrations saying that the first narration refers to saving for himself  sallallaahu  `alayhi  wa  sallam ( may  Allaah exalt his mention ) and the second narration refers to saving for his  sallallaahu  `alayhi  wa  sallam ( may  Allaah exalt his mention ) family even though he is benefitting from that as well. However, if he  sallallaahu  `alayhi  wa  sallam ( may  Allaah exalt his mention ) was lonely and did not have a family he  sallallaahu  `alayhi  wa  sallam ( may  Allaah exalt his mention ) would not have saved for himself at all.

The fact that the Prophet  sallallaahu  `alayhi  wa  sallam ( may  Allaah exalt his mention ) did not save for himself reflects a very strong state of faith as this shows the complete reliance on Allaah, but this is something that is not obligatory on every Muslim.

Therefore, it is permissible for you to save money for yourself as long as you fulfil the obligatory rights on you, like paying Zakah, spending on the people whom you are obliged to spend on, like the wife, children and parents and the like, within what is permissible without being stingy.

Saving money should not be in a bank that deals with Riba (interest and/or usury) because if you do so you are helping in Riba which is one of the grave major sins. Also, you should not take any interest on this saved money.

It should be noted that a Muslim should spend in charity and remember the saying of the Prophet  sallallaahu  `alayhi  wa  sallam ( may  Allaah exalt his mention ): Whom amongst you is the money of his heirs most beloved to him than his own money?” People replied: “There is no one of us who loves the money of others more than his own money.” Thereupon, the Prophet  sallallaahu  `alayhi  wa  sallam ( may  Allaah exalt his mention ) said: “Your money (that you benefit from in the Hereafter) is that which you give in charity and the money of your heirs is what you save.” [Al-Bukhari]

For more benefit, please refer to Fatwa 92234.

Allaah Knows best.

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