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"Let there arise out of you a band of people inviting to all that is good enjoining what is right and forbidding what is wrong; they are the ones to attain felicity".
(surah Al-Imran,ayat-104)
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User Name: latifchaudhery
Full Name: Muhammad Latif Chaudhery
User since: 27/Feb/2010
No Of voices: 10
 
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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?
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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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