Zaid b. Khalid al-Juhani relates that a person asked Allah’s Apostle (peace and blessings of Allah be to him) about picking up stray articles, whereupon he said, “Make announcement about it for a year, and recognise well the strap and the bag (containing that); then spend that; and if its owner comes, make him the payment of that.” He (the inquirer) said: “Messenger of Allah, what about the lost goat?” He said: “Take it, for that is yours or for your brother, or for the wolf.” He (again) said: “(What about) the lost camel?” The Messenger of Allah (peace and blessings of Allah be to him) was enraged until his cheeks became red and then said: “You have nothing to do about that; it has feet and a leather bag (to quench its thirst) until its owner finds it.”
(Sahih Muslim)
Luqta signifies the property which a person finds lying upon the ground and takes away for the purpose of preserving it, as a trust. It is meritorious to keep it under one’s custody if one happens to find it.
According to some jurists, it becomes binding for a man to take the stray thing in his charge if it is liable to perish in case it is not preserved. The period of its preservation can be extended up to three years, keeping in view the nature of the commodity. If the commodity is valuable and it is easy to preserve it, then the period is longer, otherwise it is short. Then the trustee should make regular advertisement about it.