Investing
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Peace,
You shall not keep your hand stingily tied to your neck, nor shall you foolishly open it up, lest you end up blamed and sorry.
"As for the wall, it belonged to two orphan boys in the city. Under it, there was a treasure that belonged to them. Because their father was a righteous man, your Lord wanted them to grow up and attain full strength, then extract their treasure. Such is mercy from your Lord. I did none of that of my own volition. This is the explanation of the things you could not stand."
If He asked you for money, to the extent of creating a hardship for you, you might have become stingy, and your hidden evil might be exposed.
Those who charge usury are in the same position as those controlled by the devil's influence. This is because they claim that usury is the same as commerce. However, GOD permits commerce, and prohibits usury. Thus, whoever heeds this commandment from his Lord, and refrains from usury, he may keep his past earnings, and his judgment rests with GOD. As for those who persist in usury, they incur Hell, wherein they abide forever.
GOD condemns usury, and blesses charities. GOD dislikes every disbeliever, guilty.
O you who believe, you shall not take usury, compounded over and over. Observe GOD, that you may succeed.
Hope this helps. The issue of interest is the complicated matter which I think has a lot to do with tradition. But, in many western countries there are islamic banks that have a profit share model. But essentially, you don't have to live a spartan existence, the Qur'an tells us nice things are for the believers, but we should not be stingy or wasteful and remember where it came from...so save indeed.
regards,
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peace MM, all,
I once made some brief notes about a related topic
Hoarding/Accumulating Treasure/Gold/Silver/Wealth
The occurrence of Kaf-Nun-Zay & roots/derivatives in The Quran
...And those who hoard (kniz) gold and silver, and do not spend it in the cause of God, give them news of a painful retribution.
...?This is what you have hoarded (kanaz) for yourselves, so taste what you have hoarded! (kniz)?
...they say ?If only a treasure (kanzun) was sent down with him, or an angel had come with him!? You are but a warner, and God is caretaker over all things.
And as for the wall, it belonged to two orphaned boys in the city, and underneath it was a treasure (kanzun) for them, and their father was a good person, so your Lord wanted that they would reach their maturity and take out their treasure (kanz) as a mercy from your Lord.
'Or that a treasure (kanzun) is given to him...
And treasures (kunooz) and an honorable dwelling. As such, and We gave it to the children of Israel.
Qaroon was from among Moses's people, but he betrayed them. And We gave him such treasures (kunooz) that the keys thereof were almost too heavy for the strongest person...
Study the context (surrounding verses) as well.
From 1882 & 2658-59, its clear we can own treasure. From 934-35 & the story of Qaroon, its clear its a bad thing if we excessively hoard this treasure. We should contribute to the betterment.
Excessive distribution/spending in charity however is not good either (1726).Enjoying beautiful gold, silver, pearl, silk products is natural 314, 1831, 2223, 3533, 4371.
Excessive liking of material things is not good though 1008.2219, spend the excess.
Wakas
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Salaam Wakas,
Excellent post brother, I agree with your findings. I see it that treasure is allowed provided a share is given to the poor.
One issue needs resolving is the matter of interest. 2275 refers to dealing with the poor, and in 3130 riba is defined compounded over and over. We are allowed to make trade, i.e. loan money with a contract, and no banning of taking a share of the profits.
Layth is on record on the meaning of riba, that is noted. However, my current understanding is pretty much as RK translation but on top of that explanation provided its business and not dealing with the poor. 2276 deals with charity when lending to the poor if you note, this has nothing to do with banks.
A Turkish Scholar has come out with the same thing and he is a sunni. Citing banks, government benefit from you lending to them and it is right to take a share of the profits.
On that basis I currently accept the Islamic banking concept for sure, but still on the fence on bank interest maybe because of the effects of ingrained traditions. The subject still needs more research...
Otherwise, the alternative is hoarding gold which is really against islam, no one benefits but by lending to the banks the money flows and allows the economy to flourish. The contrary creates as seen in Japan is recession.
My thoughts anyway...
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Peace,
There is an apparent contradiction here. Isn't treasure the excess?
Rami
I was going to ask the same question, but then "the excess" can only be measured after "the need" is known.
And, to Wakas
Does 1726 says "don't spend excessively" OR "don't spend wastefully"?
1882, wasn't that treasure an inheritance, which can be considered as necessary of an individual man to provide for his children?
2658-59, "children of Israel" must refer to a society/community collectively, and not individually.
The verses on warning against hoarding are clear.
I agree on your statement
From 1882 & 2658-59, its clear we can own treasure.
with a note that the word we here means collectively as a society and not individually.
My point is that "individual hoarding" is never encouraged, and instead, collective management of "treasure/accumulation of wealth" for the benefit of human society is suggested in the Quran.
Peace
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Thanks for the Qs, but my time is limited.
Sure, anytime.
I think 1882 suffices, proving one can save wealth/treasure/etc to some extent. Not to mention the verses discussing Solomon, inheritance, dowry etc.
To what is considered necessary, agreed.
1726? "don't spend excessively" OR "don't spend wastefully"?
Excessive distribution/spending in charity however is not good either (1726).
...
2219, spend the excess.
Wakas
