Is hoarding money absolutely forbidden, or is it permissible if its Zakat is paid?
Saving money is not considered a forbidden treasure (kanz) if its is paid, and this is the opinion of the majority of scholars. However, some have held that it is a forbidden treasure even if its zakat has been paid. The majority supports their view with verses on inheritance and the of Sa'd ibn Abi Waqqas: "It is better for you to leave your heirs wealthy than to leave them poor, begging from people." As for those who rule it forbidden, such as Abu Dharr al-Ghifari, they cite the hadith: "Whoever hoards a dinar or a dirham, or gold or silver, and does not set it aside for a debtor nor spends it in the way of Allah, it is a treasure with which he will be branded on the Day of Resurrection." The majority views that this and similar texts refer to money on which zakat has not been paid.
Summary from Ftawy's records · added here
Reviewed by El Fatwa's sharia committee.
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