Selling dirhams for dirhams

Q: A Muslim man came to me and asked me to lend him 3,000 Riyals. I asked him how much he would pay me in return for this, and he said that he had no idea. We agreed on 5,500 Riyals divided in installments for a year, 2,750 Riyals every six months. I had no idea that it is Haram (prohibited) to sell money for money. When I asked a friend of mine, he told me that it is Haram. What is the ruling on this?

A: This is the prohibited Riba (usury), as Allah says, ...whereas Allâh has permitted trading and forbidden Ribâ (usury). You should take your original sum of money, which is 3,000 Riyals. If you have taken all the money, you should return the excess to its owner if possible. Otherwise, you should give it as Sadaqah (voluntary charity) to the poor or other charitable forms. (Part No. 13; Page No. 373) May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.