Extravagant spending leads to financial hardship and plunges people into a deep pit, today's Friday sermon warned.
The Friday sermon, delivered on the theme of “Honesty in financial dealings”, said wealth was among the great blessings bestowed on humanity by Allah, glorified and exalted be He. Besides enabling people to live in dignity and meet all their worldly needs, wealth was a trust placed in their care. The sermon also cited the Prophet's teaching that, on the Day of Judgement, Allah, glorified and exalted be He, would question people about how they acquired and spent their wealth.
Noting that spending should involve neither extravagance nor miserliness, the sermon said moderation in spending was a means through which Almighty Allah would bless and safeguard one's wealth. It also stressed the importance of saving for the future to guard against financial hardship and having to beg when faced with circumstances such as illness or financial difficulties.
Noting that people went too far in borrowing without any need or any means of repayment, the sermon urged caution in dealings involving debt. It said debt was a trust borne by the borrower and a right owed to the lender, and that people should therefore borrow only when absolutely necessary and when they had sufficient means to repay it.
Explaining the importance of repaying debts, the Prophet said, in words meaning:
“Until a believer's debts are repaid, their soul remains in suspense, with the blessings due to it withheld.”
The sermon said that if circumstances made borrowing necessary, people must avoid interest-bearing loans, as avoiding transactions involving interest was an obligation upon every Muslim.
The sermon further said that providing for one's dependants was an important area of spending, as obligatory expenditure on one's wife and children was their rightful share of one's wealth. It also said people must provide for their wives and children according to their means, allowing them to live in dignity.
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