According to Dr Sharib:

'Al-Basit is the One Who widens and expands the means of subsistence
for whomsoever He likes and whenever He likes.'

'To emulate the name you should offer thanks to Allah for His sustenance
and for His various and multifarious blessings.'

Appropriate invocation is said to enable a person to be placed in more
affluent circumstances.

see 'The 99 Most Beautiful Names of Allah' by Dr Zahurul Hassan Sharib

Some other references:

Al-Ghazalli refers to Al-Qabid (the Contractor) and Al-Basit (the
Expander) together. He points out that He, God, appropriates alms for
the poor from the rich and extends sustenance to the weak. He also
extends sustenance to the rich until no need remains and witholds
sustenance from the poor until no strength is left.

He also says that among men the one who expands hearts is the one
who inspires by his wise speech.  

(Al-Ghazali - The Ninety-nine Beautiful Names of God. Trans. Burrel/Daher: ITS: 1992.)

Spiritual expansion serves the purpose of reminding the seeker on the
Way, of his goal, it renews the energy and enthuses him to continue his
service to mankind - which leads to the purification of the soul and the
pleasure of God. Such expansion is most readily acquired through the
blessings of the spiritual guide and the close contact with the 'friends of
God'. They may inspire by words, or by a look, or by other means.

With regard to material wealth it is advisable to accept that Al-Qabid and
Al-Basit imply that God distributes material wealth as He sees fit for His
purpose - to accept this with gratitude and to concentrate on the proper
use of whatever material resources are available to one, to the benefit of

Bismillah ir Rehman ir Rahim
Qur'an 13:26 (a derived Name)
The Expander,
The One Who Provides Means of Subsistence as He Wills,
The Rejoinder, The Spreader
Allah doth enlarge, or grant
By (strict) measure the Sustenance
(Which He giveth) to whom so
He pleaseth. (The worldly) rejoice
In the life of this world:
But the life of this world
Is but little comfort
Compared to the Hereafter.
'Allaahu yabsutur-Rizqa limany-yashaaa-'u
wa yaq-dir-Wa farihuu
bil-ha-yaatid-dunyaa. Wa
mal-ha-yaatud-dunyaa fil-'Aakhi-rati 'illaa

(Qur'an 13: 26)