Mentions of Al-Basit:

From Quran And Hadies (Hadith)

Arabic Root:
From the root ba-sin-ta (ب س ط), which has the following classical Arabic connotations: to expand, enlarge, extend, to grant abundance, to provide amply, to spread, widen, to make spacious, or to extend a hand.

In Arabic qabd means to clench, grasp, or seize whereas bast refers to openness. Think closed hand versus open hand, to withhold and to give. These names are often mentioned together for juxtaposition. This emphasizes how Allah سُبْحَٰنَهُۥ وَتَعَٰلَىٰ, in His infinite wisdom, is the one who either gives or withhold things to whomever He pleases.

مَّن ذَا ٱلَّذِى يُقْرِضُ ٱللَّهَ قَرْضًا حَسَنًۭا فَيُضَـٰعِفَهُۥ لَهُۥٓ أَضْعَافًۭا كَثِيرَةًۭ ۚ وَٱللَّهُ يَقْبِضُ وَيَبْصُۜطُ وَإِلَيْهِ تُرْجَعُونَ

Man zal lazee yuqridul laaha qardan hasanan fayudaa 'ifahoo lahoo ad'aafan kaseerah; wallaahu yaqbidu wa yabsutu wa ilaihi turja'oon

English Translation:
"Who is it that would loan Allah a goodly loan so He may multiply it for him many times over? And it is Allah who withholds and grants abundance, and to Him you will be returned."— (Qur'an 2:245)

Al-Qabid & Al-Basit:
To constrast with Al-Qabid, Al-Basit is a display of Allah's mercy of giving without any measure. When Allah سُبْحَٰنَهُۥ وَتَعَٰلَىٰ wants to give, it is free and infinite. There is no stopping nor restricting it.

۞وَلَوۡ بَسَطَ ٱللَّهُ ٱلرِّزۡقَ لِعِبَادِهِۦ لَبَغَوۡاْ فِي ٱلۡأَرۡضِ وَلَٰكِن يُنَزِّلُ بِقَدَرٖ مَّا يَشَآءُۚ إِنَّهُۥ بِعِبَادِهِۦ خَبِيرُۢ بَصِيرٞ

Wa law basatal laahur rizqa li'ibaadihee labaghaw fil ardi wa laakiny yunazzilu biqadarim maa yashaaa; innahoo bi'ibaadihee Khabeerun Baseer

English Translation:
"And if Allah had extended [excessively] provision for His servants, they would have committed tyranny throughout the earth. But He sends [it] down in an amount which He wills. Indeed He is, of His servants, Acquainted and Seeing."— (Qur'an 42:47)

The divine pairing of Al-Basit:
As we discussed previously, the perfection in meaning is best understood through viewing the names in pairs as they occur. This is the consensus among scholars, especially when the Names of Allah سُبْحَٰنَهُۥ وَتَعَٰلَىٰ are opposite in meaning. We should try our best to recite them in a similar manner as to avoid any perceived negative connotation. These names include Al-Qabid (The Constrictor) & Al-Basit (The Extender), Al-Awwal (The Very First from Eternity) & Al-Akhir (The very Last for Eternity), and Az-Zaahir (The Perceptible) & Al-Baatin (The Imperceptible), Al-Mu'izz (The Honourer-Bestower) & Al-Mudhill (The Abaser).

In a hadith narration, narrated by Anas ibn Malik: The people said: Messenger of Allah (ﷺ), prices have shot up, so fix prices for us. Thereupon the Messenger of Allah (ﷺ) said: Allah is the one Who fixes prices, withholds (the word used here is الْقَابِضُ - alqabid), gives lavishly (the word used here is الْبَاسِطُ - albasit) and provides, and I hope that when I meet Allah, none of you will have any claim on me for an injustice regarding blood or property. ^[1]

In Sahih Muslim, Abu Musa reported Allah's Messenger (ﷺ) as saying that Allah, the Exalted and Glorious, Stretches out His Hand during the night so that the people may repent for the fault committed from dawn till dusk and He stretches out His Hand during the day so that the people may repent for the fault committed from dusk to dawn. (He would accept repentance) before the sun rises in the west (before the Day of Resurrection). A hadith like this has been narrated on the authority of Shu'ba with the same chain of transmitters. ^[2]

Reflection:
The believers benefits from knowing Allah سُبْحَٰنَهُۥ وَتَعَٰلَىٰ is both Al-Qabid and Al-Basit. We can use these names in our supplication, asking Allah سُبْحَٰنَهُۥ وَتَعَٰلَىٰ to expand our hearts to be reminded in remembrance of Him. We can call upon these names for rizq as they are closely related. But remember the natural laws of contraction and expansion. We should not be overtly excited for the good provision and not be deeply saddened in times of constraint. Accept both as they come and always be grateful to Allah سُبْحَٰنَهُۥ وَتَعَٰلَىٰ for what remains. Whatever happens, do not rush to conclusions and say whether it is good or bad, but say it's from Allah سُبْحَٰنَهُۥ وَتَعَٰلَىٰ and He knows best.

ٱللَّهُ يَبۡسُطُ ٱلرِّزۡقَ لِمَن يَشَآءُ وَيَقۡدِرُۚ وَفَرِحُواْ بِٱلۡحَيَوٰةِ ٱلدُّنۡيَا وَمَا ٱلۡحَيَوٰةُ ٱلدُّنۡيَا فِي ٱلۡأٓخِرَةِ إِلَّا مَتَٰعٞ

Allaahu yabsutur rizqa limai yashaaa'u wa yaqdir; wa farihoo bilhayaatid dunyaa wa mal hayaatud dunya fil Aakhirati illaa mataa (section 3)

English Translation:
"Allah extends provision for whom He wills and restricts [it]. And they rejoice in the worldly life, while the worldly life is not, compared to the Hereafter, except [brief] enjoyment."— (Qur'an 13:26)

In the tafsir of Maududi, this verse refutes the disbelievers of Makkah, "They judged a man's worth by his wealth and worldly prosperity and not by his faith and righteous conduct. [...] Allah gives His provision to the people abundantly or sparingly for reasons different from those which they presumed and richness or poverty is no criterion by which to judge the worth of people. The real criterion of judging the worth of people is their beliefs and deeds."

References:
[1] Sahih (Al-Albani) Sunan Abi Dawud 3451
[2] Sahih Muslim 2759