Question

Interest from Banks

324

Question

Is taking interest from banks haram or halal?

Related Fatwa

No Harm in Spending the Interest on Poor and Needy Relatives and the Indebted amongst Them

Took Loan with High Interest When He Was Young

His Parents Deal in Riba

Dealing with interest-based banks with intention of empowering Muslims

Answering a misconception about bank interests

Considering Riba as giving fees for using other people’s money

Governments taking loans with Ribaa

Accepted Answer

All perfect praise be to Allah, The Lord of the Worlds. I testify that there is none worthy of worship except Allah, and that Muhammad is His slave and Messenger.

All kinds of usury are forbidden in Islam, be they from a bank or from any other sources.

Allah Says (what means): {O you who have believed, fear Allah and give up what remains [due to you] of interest, if you should be believers.} [Quran 2:278]

Allah Says (what means): {But Allah has permitted trade and has forbidden interest.} [Quran 2:275]

Allah knows best.

Fatwa

Interest from Banks

Question

Answer

Related Fatwa

No Harm in Spending the Interest on Poor and Needy Relatives and the Indebted amongst Them

Took Loan with High Interest When He Was Young

His Parents Deal in Riba

Dealing with interest-based banks with intention of empowering Muslims

Answering a misconception about bank interests

Considering Riba as giving fees for using other people’s money

Governments taking loans with Ribaa

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