The interest taken by banks from borrowers
Q: What is the ruling on interest that is taken by banks? This has been a controversial issue here in Africa.
A: The interest that is taken by banks from borrowers, and that is paid to depositors, is prohibited Riba (usury/interest) which has been authentically prohibited in the Qur'an, the Sunnah (whatever is reported from the Prophet) and by Ijma` (consensus of scholars). May Allah grant us success. May peace and blessings be upon our Prophet Muhammad, his family, and Companions.
Depositing money of...
Tags:
Subscribe to our new courses