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I've heard that Allah does not like someone who stores his money and do not spend on poor.

I think this is based on the verses 104:1-2:

Woe to every scorner and mocker

Who collects wealth and [continuously] counts it.

Question: Are we allowed to save money?

With saving money, I could refer to money for a gift to someone, to buy a car, a house, an education and so on... Good to mention is if there are any limits of how much one may save.

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I found the answer I was looking for. As written here https://islamqa.info/en/96115:

Islam does not forbid saving up wealth in all cases, rather what is forbidden and what a stern warning is issued against is not paying zakaah on one’s wealth. But if a person pays zakaah, he is not included in the condemnation.

May Allah help us to be stern in our faith.

Aameen.

  • Your question was about hoarding money. The answer you wanted to hear was about paying zakat. This can be a bit confusing. Hoarding money, even if you pay zakat, is considered haram. Read the verse again continuously counting - Arabic words sometimes have nuances that are not always conveyed in a translation. – Ely Aug 1 '17 at 19:34
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Those verses (and other linked transmissions) mean hoarding money is considered a sin, e.g. forbidden.

Saving money is ok, and there are cases that encourage to save money. E.g. if you want to buy a house; in some economic systems you would need to get money, and the only accessible way is to take a credit, which involves interest. One way to avoid that would be to save money so that you can buy a house one day. Saving money with an objective or for an investment is perfectly fine.

Hoarding money on the other hand is not right.

This usually doesn't really happen to the average person. There are so many ways to spend money nowadays.

It's meant for people who have more money than they can spend, i.e. very rich people, and they shall keep the cash flowing. Hoarding it (thus the word counting on the verse) is wrong; if you have too much then it's better to distribute the extra to the poor or needy or charity or ...

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Surah At-Tawbah provides a more precise description of hoarding.

O you who have believed, indeed many of the scholars and the monks devour the wealth of people unjustly and avert [them] from the way of Allah. And those who hoard gold and silver and spend it not in the way of Allah - give them tidings of a painful punishment. The Day when it will be heated in the fire of Hell and seared therewith will be their foreheads, their flanks, and their backs, [it will be said], "This is what you hoarded for yourselves, so taste what you used to hoard." (At-Tawbah 9:31-32)

Under this description, hoarding is described as being selfish and not wanting to spend wealth in the way of Allah. Zakat is one way among many in which you can spend it on the way of Allah.

But it would also apply, for example, to someone who refuses to jihad in order to hoard wealth, or refuses to give to charity what they have in abundance.

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