Bank Interest

11-9-2001 | IslamWeb

Question:

I want to ask you about bank interest: is it Haram or Halal?

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Answer:

All perfect praise be to Allaah, The Lord of the Worlds.  I testify that there is none worthy of worship except Allaah, and that Muhammad, sallallaahu ‘alayhi wa sallam, is His slave and Messenger.

Allaah has forbidden Ribaa (interest and/or usury) and threatened those who deal with it with a severe punishment; He Says (what means): {O you who believe, fear Allaah and give up what remains [due to you] of Ribaa, if you should be believers. And if you do not, then be informed of a war [against you] from Allaah and His Messenger, but if you repent, you shall have your capital sums. Deal not deal unjustly (by asking for more than your capital sums), and you shall not be dealt with unjustly (by receiving less than your capital sums).}[Quran 2:278-279]

Allaah also Says (what means): {Allaah will destroy Ribaa (interest or usury) and will give increase for charity. And Allaah likes not the disobedient.}[Quran 2:276]

Whoever deals in Ribaa is cursed by Allaah; the Prophet , said: “Allaah has cursed the one who consumes Ribaa (i.e. usury or interest), the one who gives it to others, the one who writes it down and the one who witnesses it.” [Muslim] The Prophet also said: “Knowingly consuming a Dirham of Ribaa is worse for a man than committing adultery thirty-six times.” [Ahmad]

Finally, it should be noted that the scholars agreed in consensus that bank interest is something forbidden.

Therefore, dear brother, you should fear Allaah in yourself and your family.

Allaah Knows best.