Hoarding is described as Haraam in Islam. It may cause people to be in a hardship, in contrast with Islam’s basic principle in helping each other. From ‘Amr ibn ‘Abd-Allaah (may Allaah be pleased with him),
The Messenger of Allaah (peace be upon him) said: “No one hoards but one who is in error.” - Muslim
Hoarding is an act to collect things and goods as much as possible, to sell them out when many people are in need of those in a higher price that the market. The purpose is to gain maximum benefit out of it.
So how exactly the prohibition of hoarding in Islam?
1. A Great Sinner
The Prophet (peace be upon him) said that only sinful people commit to hoarding wealth and goods. When somebody buying foods from the market, save it for forty days period and later sell it back to the market with higher price, it means he has committed a great sin. Even though he give parts or whole benefit as charity, it will never redeem the sin.
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2. Prohibited from Entering Jannah
According to Prophet Muhammad (peace be upon him), somebody who hoard foods or other goods for forty days will be prohibited from entering Jannah. He will not even be able to perceive the fragrance of it. For addition, the fragrance of Jannah reaches distance up to five hundred’s years of journey. Imagine how far someone is from it.
3. Distanced from Allah SWT
Not only someone will be distanced from Jannah because of hoarding, he will also be distanced from Allah SWT. If he hoards any goods in purpose, he will get Allah SWT tired by his act and end up cutting connection with him. It is for sure the last thing we want as a Muslim.
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4. It May Cause Harm to People
What is the main prohibition of hoarding in Islam? It because of the effects may arise from it. Hoarding goods in the time when others need it the most will cause harm to many people, which later become a great sin for the one who do it.
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5. Zakat of the Goods
Rich people often hoard silver and gold to persevere their wealth. However, it is allowed if later they don’t sell it with higher price, but to be kept within the family only. But the zakat of the goods must be paid, so that it will not be counted as hoarding.
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6. The Consequences of Hoarding
Hoarding silver and gold is allowed as long as that person doesn’t forget about his obligation to pay for the zakat. But when he forgets, whether it’s on purpose or he doesn’t do it on purpose, he must face the consequences.
“On the day their wealth will be heated in hell fire, and with which their foreheads, flanks and backs will be branded” - At-Tauba: 35
7. Severe Punishment for Hoarding
A Muslim who hoards money and accumulated it, he has been warned by Allah SWT. Allah hates the act so much, and for those who hoards goods, Allah has promised a severe punishment.
Also read: Punishments to Leaving Shalat Intentionally
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8. The Goods that are Hoarded
The punishment for someone who hoards money involving the goods that were hoarded.
On the Day when that will be heated in the fire of Hell and with it will be branded their foreheads, their flanks, and their backs, (and it will be said unto them:) “This is the treasure which you hoarded for yourselves. Now taste of what you used to hoard.” - At Tawba: 35
9. Hoarding of Gold and Silver
It is allowed to hoard gold and silver for family and not to be sold in a high price. But the zakat of the goods must be paid and it must be spent in the way of Allah.
O you who believe! Verily, there are many of the Ahbar (rabbis) and the Ruhban (monks) who devour the wealth of mankind in falsehood, and hinder (them) from the way of Allah. And those who hoard up gold and silver and spend them not in the way of Allah, announce unto them a painful torment.
Also read: Benefits of Good Deeds in Islam
10. Not Every Wealth are Considered Hoarded
For rich people, they are not always considered as hoarding fortune once the zakat is fulfilled and paid.
“Take from their wealth a Sadaqah that would purify them.” [At-Tauba: 103]
11. Wealth Should be Spent in the Way of Allah
A painful and severe punishment awaits for them who doesn’t spent their wealth and fortune in the way of Allah.
Conditions Where Hoarding is Allowed
Even though there are strong prohibition of hoarding in Islam, it is not actually prohibited. Here are some conditions where hoarding is allowed in Islam and not cause a sin.
- When many people are not in the need of a certain goods, then hoarding is allowed. Stocking up that goods and save it until people start to need is permissible. The goods are being sold under the intention to lighten the hardship of people, not solely to seek for fortune.
- After some goods were hoarded while people doesn’t need of it, selling the goods later should follow the price rule on the market, not making their own price and taking advantages from desperate people.
- If someone hoarding fortunes for his own family and for the sake of their future, it is surely permissible. The goods are not intended to be sold, but for his own family in the future.
- If the hoarded wealth and goods are to be used on their own, then it is not Haraam. But if it sold at the higher price when people are in need, it will become the worst sin.
So those are all the explanation of prohibition of hoarding in Islam. Hoarding may cause hardship to people, so as a Muslim we must never cause such conditions. May we always walk in the path that Allah bless.