Wala tajAAal yadaka maghloolatan ila AAunuqika wala tabsutha kulla albasti fataqAAuda malooman (surah Al Isra: 29)

Tafseer Tafheem-ul-Quran by Syed Abu-al-A'la Maududi

(17:29) (6). Do not tie your hand to your neck nor stretch without any restraint lest you should become blameworthy and left destitute. *29

Wa laa taj`al yadaka maghloolatan il `unuqika wa laa tabsut haa kullal basti fataq`uda maloomam mahsooraa

*29) "Do not tie your hand to your neck" is the 'literal translation of the Text which means: "Do not be parsimonious" ; "nor stretch it without any restraint" means, "Do not be extravagant" . If verses 27 and 29 are read together, it becomes obvious that the Qur'an desires the people to follow the golden mean, i.e., they should neither be so parsimonious as to prevent the circulation of wealth nor so extravagant as to destroy their own economy. On the contrary, they should learn to behave in a balanced manner so that they should spend money wherever it should be spent and refrain from becoming spendthrifts so as to involve themselves into trouble. As a matter of fact, it is ingratitude towards Allah's favour to spend money for the sake of show, luxury and sinful acts and similar things which are neither man's real necessities nor useful. Therefore, those people who spend money lavishly on such things as these are the brethren of Satan
These clauses coo, are not merely meant to be moral instructions for individuals. They are intended to safeguard the Islamic Society against extravagance by moral instruction, collective pressure and legal restrictions. Accordingly, in the Islamic State of AI-Madinah practical steps were taken to safeguard the community against extravagance. First, many forms of extravagance and luxury were forbidden by law. Secondly, legal measures were taken against it. Thirdly. social reforms were introduced to put an end to those customs which involved extravagance. The Government was empowered to prevent people from the obvious forms of extravagance. Above all, Zakat and voluntary charity helped to break parsimony and the lust of hoarding money. Besides these measures, a public opinion was created that enabled the people to discriminate between generosity and extravagance and thrift and parsimony: so much so that parsimonious people were looked down upon as ignominious and the thrifty people were regarded as honourable. This moral and mental attitude became a part and parcel of the Muslim society, and even today the parsimonious people and boarders are looked down upon in the Muslim society, while the generous people are respected everywhere.