What did Muhammad preach about wealth?

Answer 1

Islam teaches us if we make enough for our sustenance and have a lil more extra bugs, we can give this to the poor and the needy in order that they for whom the daily bread butter/dal roti is tough, they can benefit from it

its simple to calculate zakat if you live in the US like me then as per RTT news

price of gold in US as of may 2011 is 1530 USD for 1 ounce , now as per the sunni system if ur wealth is worth 7.5 grams of gold or more then zakid is compulsory on you so in order to know who qualifies for zakat and who deserves it is done via gold by most as :

converting 1 ounce into grams , 1 ounce = 30 grams so the math would be something like :

1530usd ------ 30 gms

x usd--------85 gms

so x = 1530 *85/30 = 4335 so if u make more then 4335 dollars of saving an year in America , 2.5 percent of ur annual saving has to go to zakat , so say of the 40000 dollars u saved 1000 dollars at the end of the year then ur zakat is (edit: i didnt add the fixed asset here, so by adding fixed assets it should be even less an amount then 382.5 for u to qualify, however the formula below still stands true) :

(ur fixed assets + annual earnings saved)*2.5/100 = 25 so u are obliged to give this money to make ur money pak of the evil spiritually inshallah this benefits the seeker if any

remember 4335 shouldnt be in cash only, it can be any asset u buy or assets with cash too (if the price of gold is so else it would be as per Golds price)

salam walaikum WA rehmatuallah he WA barakatuhu

correction: i by mistake mention 7.5 before, nisab level is 85 grams of golden on checking sorry astakfiruallah for making a mistake, so anyone who has an annual saving of 4335 (if given price of gold applies, else u can use the formula and calculate) or above n one lunar calendar passes him, he is eligible to pay 2.5 of it as Zakat bi iznillah

Answer 2

Praise be to Allaah.

Islam does not forbid saving up wealth in all cases, rather what is forbidden and what a stern warning is issued against is not paying zakaah on one's wealth. But if a person pays zakaah, he is not included in the condemnation.

Allaah says (interpretation of the meaning):

"And those who hoard up gold and silver (Al‑Kanz: the money, the Zakaah of which has not been paid) and spend them not in the way of Allaah, announce unto them a painful torment"

[al-Tawbah 9:34]

Abu Dawood (1564) narrated from Umm Salamah (may Allaah be pleased with him) that the Prophet (peace and blessings of Allaah be upon him) said: "That which reaches the level where zakaah is to be paid and its zakaah is paid, is not kanz (hoarded wealth)." Classed as hasan by al-Albaani in Saheeh Abi Dawood.

Al-Bukhaari (1404) narrated that Khaalid ibn Aslam said: We went out with 'Abd-Allaah ibn 'Umar (may Allaah be pleased with him) and a Bedouin said: Tell me about the words of Allaah, "And those who hoard up gold and silver (Al‑Kanz: the money, the Zakaah of which has not been paid) and spend them not in the way of Allaah". Ibn 'Umar (may Allaah be pleased with him) said: The one who hoards them and does not pay zakaah on them, woe to him. That was before zakaah was revealed; when it was revealed, Allaah made it a purification of wealth.

Maalik narrated in al-Muwatta' (595) that 'Abd-Allaah ibn Dinar said: I heard 'Abd-Allaah ibn 'Umar when he was asked about kanz - what is it? He said: It is wealth on which zakaah is not paid.

Ibn Katheer (may Allaah have mercy on him) said commenting on the verse in al-Tawbah: With regard to kanz, Maalik said, narrating from 'Abd-Allaah ibn Dinar from Ibn 'Umar: It is wealth on which zakaah is not paid. Al-Thawri and others narrated from 'Ubayd-Allaah from Naafi' that Ibn 'Umar said: That on which zakaah is paid is not kanz, even if it is buried beneath seven earths, but that which is not buried and on which zakaah is not paid is kanz. This was narrated from Ibn 'Abbaas, Jaabir, and Abu Hurayrah in both mawqoof and marfoo' reports. 'Umar ibn al-Khattaab said something similar: Any wealth on which zakaah is paid is not kanz, even if it is buried in the earth. And any wealth on which zakaah is not paid is kanz with which its owner will be branded (on the Day of Resurrection), even if it is on the face of the earth. End quote.

Thus it is clear that the kind of wealth that is blameworthy is that on which zakaah is not paid. As for that which is beneath the threshold (nisaab), or which reaches the threshold and zakaah is paid on it, it is not kanz.

Thus it is clear that Islam does not forbid storing up wealth, rather it forbids not paying zakaah on it.

And Allaah knows best.

Islam Q&A

http://www.islam-qa.com/en/ref/96115/

Answer 3

That the poor and the rich are equal.