Hazrat Rafi’ (may Allah have mercy on him) says that I received twenty dinars. I went to Hazrat Ibn Abbas (may Allah be pleased with them) and asked him about it. He (may Allah be pleased with him) said: Announce it for one year from a high place. If no one comes forward, then give it in charity. Then if its owner comes, he has the choice: either take the reward of the charity or take his loss upon himself.

It is narrated from Hazrat Abu Wa'il that Hazrat Abdullah (may Allah be pleased with him) bought a slave girl for seven hundred dirhams. The owner of the slave girl disappeared, so he announced about her for a year. Then he came to the mosque and gave her in charity and said: O Allah! This is for him; if he refuses, then it is for me. Then he said: Do the same with lost and found items.

It is narrated from Hazrat Amr bin Shu'aib (may Allah be pleased with him) that I heard a man from Muzaina ask the Holy Prophet (peace and blessings be upon him): "What should we do with something found lying on a populated (where there is frequent passage of people) road?" The Prophet (peace and blessings be upon him) said: "Announce it for one year; if its owner is found, that is good, but if not, then it is yours."

It is narrated from Hazrat Abdullah bin Amr (may Allah be pleased with him) that a person said, "I have found a dinar." Another person said, "Only a misguided person gives shelter to a lost thing." That person advanced to strike him, so Hazrat Abdullah bin Amr (may Allah be pleased with him) said to him, "Do not do so." He asked, "Then what should I do with this dinar?" He replied, "Announce it; if the owner is found, return it to him, otherwise give it in charity on his behalf."

Hazrat Ibn Umar (may Allah be pleased with both of them) was asked about luqatah (a lost and found item). He replied: Hand it over to the ruler of the time.

It is narrated from Hazrat Abu Safar, may Allah have mercy on him, that a person from Banu Ru’as says: I found three hundred dirhams, and I made a little announcement about them. At that time, I myself was in need. After making the announcement, when I did not find anyone (claiming them), I used them. Later, when I became capable (financially), I asked Hazrat Ali, may Allah be pleased with him, about this matter. He, may Allah be pleased with him, said: Announce them for one year; if the owner comes, hand them over to him. Otherwise, give them in charity on his behalf, and he has the choice to take its reward (of charity) or you compensate him for his loss.

It is narrated in a similar manner from Hazrat Ali (may Allah be pleased with him).

Hazrat Umar bin Khattab (may Allah be pleased with him) used to decree regarding lost property that it should be announced for one year; if the owner comes, then fine, otherwise give it in charity on his behalf. If later its owner comes, then he has the choice.

It is narrated from Hazrat Abu Aqrab, may Allah have mercy on him, that I found a purse of money. I went to Hazrat Umar, may Allah be pleased with him, and said, "O Commander of the Faithful! Please become my deputy to safeguard it." He, may Allah be pleased with him, said: "Announce it during the days of Hajj." I announced it during the days of Hajj. Then he, may Allah be pleased with him, said: "Make it public for a year." I publicized it, but did not find the owner. I then went again to him, may Allah be pleased with him, and said, "Please become my deputy to safeguard it." He, may Allah be pleased with him, said: "Shall I tell you a better way? Give it in charity. If later the owner comes and asks for his wealth, you will be responsible for any loss, and you will receive the reward of charity. And if he seeks the reward, then the reward will go to him, and you will receive according to your intention."

Hazrat Sha’bi (may Allah have mercy on him) says that the lost property should be announced for one year. If its owner is not found, then it should be given to the poor among the household, and it should be said to them that this is a loan upon you from its owner; if the owner comes, he has more right to it. And if he does not come, then it is charity on his behalf for you.