Upon this Allah Ta‘ala revealed the following verses:

فَاَمَّا مَنۡ اَعۡطٰی وَ اتَّقٰی ۙ﴿۵﴾ وَ صَدَّقَ بِالۡحُسۡنٰی ۙ﴿۶﴾ فَسَنُیَسِّرُہٗ لِلۡیُسۡرٰی ؕ﴿۷﴾ وَ اَمَّا مَنۡۢ بَخِلَ وَ اسۡتَغۡنٰی ۙ﴿۸﴾ وَ کَذَّبَ بِالۡحُسۡنٰی ۙ﴿۹﴾ فَسَنُیَسِّرُہٗ لِلۡعُسۡرٰی ﴿ؕ۱۰﴾ وَ مَا یُغۡنِیۡ عَنۡہُ مَا لُہٗۤ اِذَا تَرَدّٰی ﴿ؕ۱۱﴾ اِنَّ عَلَیۡنَا لَلۡہُدٰی ﴿۫ۖ۱۲﴾ وَ اِنَّ لَنَا لَلۡاٰخِرَۃَ وَ الۡاُوۡلٰی ﴿۱۳﴾ فَاَنۡذَرۡتُکُمۡ نَارًا تَلَظّٰی ﴿ۚ۱۴﴾ لَا یَصۡلٰىہَاۤ اِلَّا الۡاَشۡقَی ﴿ۙ۱۵﴾ الَّذِیۡ کَذَّبَ وَ تَوَلّٰی ﴿ؕ۱۶﴾ وَ سَیُجَنَّبُہَا الۡاَتۡقَی ﴿ۙ۱۷﴾ الَّذِیۡ یُؤۡتِیۡ مَالَہٗ یَتَزَکّٰی ﴿ۚ۱۸﴾ وَ مَا لِاَحَدٍ عِنۡدَہٗ مِنۡ نِّعۡمَۃٍ تُجۡزٰۤی ﴿ۙ۱۹﴾ اِلَّا ابۡتِغَآءَ وَجۡہِ رَبِّہِ الۡاَعۡلٰی ﴿ۚ۲۰﴾ وَ لَسَوۡفَ یَرۡضٰی ﴿٪۲۱﴾

As for the one who gives (in charity), and fears Allah, and believes in the best (i.e. the religion of Islam), We will facilitate for him the way to extreme ease (i.e. virtuous deeds that will lead him towards Jannah). And as for him who is miserly, and considers himself self-sufficient, and he rejects the best (i.e. the religion of Islam), We will make easy for him the pathway to extreme distress. And his wealth will not avail him when he will fall down (into Jahannum). Verily, in Our power alone lies guidance, and in Our control is the Hereafter and this world. So I am warning you of a blazing fire. None shall enter it except the most wretched who disbelieves and turns away. And the one with the most taqwa (i.e. Hazrat Abu Bakr (radhiyallahu ‘anhu)) will be saved from it (the fire of Jahannum), he who spends his wealth in order to gain purification (in charity e.g. through purchasing and freeing slaves). There is no favour (that he does to anyone) in exchange of which he expects a recompense) except (he does whatever he does) with the intention of earning the pleasure of His Lord, the Most-High, and surely he will soon be happy (with the rewards that His Lord will bestow upon him). (Surah Layl v. 5-21)

It is unanimously agreed that the aforementioned verses were revealed in regard to Hazrat Abu Bakr Siddeeq (radhiyallahu ‘anhu) wherein he is referred to as “Al-Atqaa” which means “the person with the most taqwa”.

In Surah Hujuraat, Allah Ta‘ala says:

اِنَّ اَکۡرَمَکُمۡ عِنۡدَ اللّٰہِ اَتۡقٰکُمۡ

Indeed, the most noble among you (in the sight of Allah Ta‘ala) is the one who possesses the most taqwa. (Surah Hujuraat v.13)

From this, we understand that after Rasulullah (sallallahu ‘alaihi wasallam), the most pious person of this ummah is Hazrat Abu Bakr (radhiyallahu ‘anhu), and he has the highest rank in the ummah after Rasulullah (sallallahu ‘alaihi wasallam).

From the very inception of Islam, he sacrificed his life and his wealth for Islam and regularly purchased and freed slaves. It is said that in the first thirteen years of Islam, he spent a capital amount of forty thousand dirhams for the benefit of Islam and the Muslims. Whatever wealth he had left was spent in performing hijrah and purchasing the land for the construction of Musjid-e-Nabawi. Finally, when he had spent everything for Islam and had no clothing left, he wrapped a shawl over himself, appeared before Rasulullah (sallallahu ‘alaihi wsallam) and declared, “I am extremely pleased with my Lord.”

(Extracted from Seeratul Mustafa 1/232-234)