Is it true that the verse: (Indeed, your protector is Allah, and [therefore] His Messenger and those who have believed — those who establish prayer and give zakah, and while they bow) was revealed concerning Ali ibn Abi Talib, may Allah be pleased with him, when he gave his ring in charity while he was bowing?

This hadith is fabricated and does not establish any virtue for Ali, may Allah be pleased with him, because it is a lie according to the consensus of the scholars of transmission. Sheikh Al-Islam Ibn Taymiyyah clarified that the word "الذين" (those who) is a plural form, while Ali is singular, and that the "waaw" (و) is not a waaw of state. He also explained that praise is only for an obligatory or recommended act, and giving charity (zakat) during prayer is neither obligatory nor recommended. Furthermore, Ali did not owe zakat, nor did he possess a ring. He also noted that giving something other than a ring in zakat is better than giving a ring. The hadith also mentions that he gave it to a beggar, whereas praise in zakat is for giving it proactively and immediately. Moreover, the context of the verse is a prohibition against befriending disbelievers and a command to befriend believers. Sheikh Ibn Baz, may Allah have mercy on him, stated that it is not authentic, and that the meaning of Allah's saying: (وَهُمْ رَاكِعُونَ) [while they are bowing] is: they are submissive, humble before Allah the Almighty.