Is it permissible to raise horses for hobby and trade despite their cost?

There is no legal impediment to raising horses and other animals for hobby or trade for those who are able to do so. The Prophet, peace and blessings be upon him, said: "Goodness is tied to the forelocks of horses until the Day of Judgment: reward and spoils." This is an indication of the nobility of horses. It is permissible to raise animals for trade, adornment, or contemplation, provided that their rights are observed, and that this does not lead to extravagance or waste, or the neglect of a right or the time for prayer.