Why Is Interest Haram?
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In Islamic finance, paying of interest, also known as “Riba,” is considered Haram (forbidden). This prohibition is based on several verses in the Quran and best sayings of the Prophet Muhammad (peace be upon him) that emphasize the unjust and exploitative nature of Riba. One of the fundamental reasons why Riba is considered Haram is because it results in unjust enrichment at the expense of others. Charging interest on loans can lead to a cycle of debt and economic exploitation, especially for those who are already in vulnerable financial positions.