Why interest is Haram in Islam?
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In Islam, both receive and pay interest (Riba) is forbidden for Muslims
According to Surah Al ‘Imran, verses 13–132 in the Quran:
“O believers, take not doubled and redoubled interest, and fear God so that you may prosper”
As it’s a major sin in Islam for receiving or paying interest.
The main reason Riba/Interest is prohibited in Islam is the concept that it makes the rich richer and the poor poorer.
Someone who is forced to borrow charge interest to meet his essential consumption requirements is considered as an exploitative practice in Islam. Also charging interest on loans for productive purposes is prohibited as it’s not an equitable form of transaction
Interest (riba in Arabic) is considered haram (forbidden) in Islam because it is seen as a form of exploitation and a violation of the principles of equality and justice. According to Islamic teachings, money should only be used as a medium of exchange and should not be used to generate more money through interest. This goes against the concept of risk-sharing and mutual cooperation in economic transactions, which is seen as a more ethical and equitable way of conducting business in Islam. Additionally, charging or paying interest is seen as a form of greed and a desire for unlimited material gain, which goes against the teachings of moderation and balance in Islam.