is it haram

Is It Haram to Save Money? Breaking Down Islamic Perspectives

Many people question whether it is haram (forbidden) to save money according to Islamic teachings. In Islam, there are several perspectives and interpretations surrounding this topic. To gain a deeper understanding, let’s break down the Islamic perspectives on saving money.

Understanding the Concept of Haram

In Islam, the concept of haram refers to actions that are explicitly prohibited by Allah in the Qur’an or deemed forbidden by the Prophet Muhammad (peace be upon him) in the Hadith. Haram actions are sinful and can lead to negative consequences in this life and the Hereafter.

It is important to note that not everything that is not explicitly mentioned as haram is automatically considered halal (permissible) in Islam. There is a gray area known as mushbooh (doubtful), where further investigation and analysis are required to determine the ruling.

is it haram
is it haram why

The Importance of Saving Money

Saving money is generally encouraged in Islam as it promotes financial stability, security, and the ability to fulfill one’s obligations towards themselves, their families, and the community. Islam emphasizes the importance of being moderate in all matters, including financial matters.

By saving money, individuals can prepare for unexpected expenses, future goals, and contribute to charitable causes. Islam promotes responsible financial behavior, which includes saving for the future and avoiding excessive spending or extravagance.

is it haram
is it haram why

The Prohibition of Hoarding and Stinginess

While saving money is encouraged, Islam also discourages hoarding wealth and adopting a stingy or selfish attitude towards it. Hoarding refers to accumulating wealth without any intention of spending or utilizing it for productive purposes.

Islam promotes a balanced approach to wealth, advocating for generosity, charitable giving, and using wealth to benefit oneself and others. Hoarding wealth out of fear or greed is discouraged, as it neglects the concept of wealth circulation and the responsibility of wealth distribution in society.

is it haram
is it haram why

The Intention Behind Saving Money

When determining whether saving money is haram or not, it is essential to consider the intention behind it. If the intention is to provide financial security, fulfill obligations, and contribute to the well-being of oneself and others, then saving money becomes a commendable act in Islam.

However, if the intention is driven by greed, a love for material possessions, or to hoard wealth without any intention of using it for beneficial purposes, then it becomes a problematic behavior that goes against Islamic teachings.


In conclusion, saving money is generally encouraged in Islam as long as it is done with the right intention and in moderation. Islam promotes financial responsibility, generosity, and using wealth for the betterment of oneself and society.

is it haram
is it haram why

Faqs about “is it haram to save money”

Is it haram to save money?

According to Islamic teachings, saving money is not haram (forbidden) in itself. Islam encourages believers to be responsible with their financial resources and to secure their future through savings. However, it is important to acquire and save money through lawful means and to use it in a responsible and ethical manner. Hoarding wealth and being excessively attached to material possessions are discouraged. It is recommended to give charity and help others in need from one’s savings.

Can Muslims invest their savings?

Yes, Muslims can invest their savings in permissible investment opportunities. Islam promotes entrepreneurship and encourages believers to engage in lawful businesses and investments. However, it is crucial to ensure that the investments comply with Shariah principles, which means avoiding interest (riba), forbidden industries (e.g., alcohol, gambling), and unethical practices. Consulting with scholars or experts knowledgeable in Islamic finance can help determine which investment options are halal (permissible).

Is saving money in a bank halal?

Saving money in a bank can be halal as long as the bank operates in accordance with Islamic principles. Conventional banks that deal with interest-based transactions (riba) are not permissible for Muslims. However, Islamic banks, also known as Shariah-compliant banks, offer halal banking services that adhere to Islamic finance principles. These banks provide various types of savings accounts and investment options that are free from interest and follow ethical guidelines.

Are there any restrictions on saving money in Islam?

While saving money itself is not prohibited, there are certain guidelines and restrictions to follow in Islam. One should acquire and save money through lawful means, avoiding any form of dishonesty, fraud, or illegal activities. Additionally, it is important to use the saved money in a responsible and ethical manner, considering the needs of one’s family, community, and society. Hoarding wealth and being excessively attached to material possessions are discouraged.

Should Muslims prioritize saving over charity?

In Islam, both saving and giving charity are important. Muslims are encouraged to strike a balance between the two. While saving for one’s future and securing the financial well-being of oneself and their family is important, charity holds immense significance in Islam. Muslims are advised to give a portion of their wealth as obligatory (zakat) and voluntary charity (sadaqah) to help those in need and contribute to the betterment of society. It is recommended to prioritize giving charity while ensuring responsible savings.

Is it permissible to save money for hajj pilgrimage?

Saving money specifically for the purpose of performing the hajj pilgrimage is permissible and encouraged in Islam. Hajj is one of the Five Pillars of Islam, and it is obligatory for those who are financially and physically capable. Muslims are advised to save and set aside funds for the hajj journey, as it is a significant spiritual experience. However, it is important to make sure the funds are acquired through lawful means and not from any prohibited or unethical sources.

Are there any benefits to saving money in Islam?

Saving money in Islam offers several benefits. It enables individuals and families to achieve financial stability, plan for the future, and handle unexpected circumstances. Saving also provides a sense of security and freedom from debt and dependency. Additionally, Islam encourages believers to use their savings to support good causes, help others in need, and contribute to the betterment of society.

Should Muslims avoid extravagant saving habits?

While saving money is encouraged in Islam, excessively saving and hoarding wealth with no intention of benefiting others or fulfilling one’s responsibilities is discouraged. Islam promotes moderation and balance in all aspects of life, including finances. Muslims should save responsibly, keeping in mind the needs of their families, communities, and the less fortunate. It is recommended to avoid stinginess and be generous when appropriate.

Is it haram to seek professional financial advice?

Seeking professional financial advice is not haram in Islam. In fact, it is advisable to seek guidance from qualified experts in matters of personal finance, investments, and financial planning. Muslims can consult with professionals who are knowledgeable about Islamic finance principles to ensure their financial decisions align with shariah guidelines. Obtaining expert advice can help individuals make informed and halal financial choices.

Is it better to save or pay off debts first?

When facing the decision between saving money or paying off debts, it is generally recommended to prioritize debt repayment. Debts, especially those involving interest (riba), are considered financial liabilities in Islam. Clearing off debts helps alleviate the burden and ensures financial freedom. However, it is also advisable to maintain a small emergency savings fund while repaying debts to handle unexpected expenses. Striking a balance between debt repayment and savings is essential.


Surah Yaseen is a beautifully composed chapter in the Quran that holds immense spiritual importance for Muslims. It is often referred to as the "Heart of the Quran" due to its deep spiritual meanings and messages. The Surah starts with the Arabic letters "Ya Seen," and its verses are filled with divine wisdom and guidance for humanity.
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