Abu Sa’id Al-Khudri radiallahu anhu reported:
While we were travelling with the Prophet peace be upon him, a rider came and began to stare on the right and on the left. The Prophet peace be upon him, said, ''He who has an extra mount should hand it over to one who has none, and he who possesses surplus provision, should give it to him who is without provision.'' He named various kinds of possessions until we began to think (realise) that none of us had any right to anything surplus.
Nowadays, there is a great fanfare of money-lending institutions such as cooperative societies, the financing companies and insurance companies which are apparently helpful in resolving the financial crises of people. But all are rooted in the interest system which is rejected outright by Islam for its exploitative nature.
These so-called cooperative institutions are indeed like blood-sucking leeches which ruin man.
Islam, on the contrary, has given us a positive, simple and man-orientated formula of mutual cooperation. It teaches us that what can be spared should be given to those who need it. This obviates the chances of hoarding as well as the concentration of wealth in a few hands.
No doubt, it is a moral instruction. If Muslims, called as a single body, develop a true sense and awareness of it, wonderful results can accrue from it on a large social scale.
What is more, the sublimity of man’s Faith and moral behavior stands on it. One who is indifferent to the perfection of Faith and morality may set it aside. But a man who rates Faith above everything can hardly afford to avoid putting this moral advice into practice.