Quran - The Audio Recitations

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What does Islam say about Interest Based Banking?

What does Islam say about Interest Based Banking?

Interest-based banking is not permissible in Islam. In Islamic finance, the charging or paying of interest (riba) is prohibited, as it is considered exploitative and unjust. This prohibition is based on the Qur'an, which prohibits usury and exploitation in financial transactions.

Islamic finance offers alternative modes of finance that are based on profit and loss sharing (Mudarabah and Musharakah) or asset-backed financing (Murabaha, Ijarah, and Sukuk). These modes of finance allow for investment and financing without charging or paying interest, and they are designed to promote risk-sharing and encourage investment in the real economy.

Islamic finance has gained global popularity in recent years, and many non-Muslim countries and institutions have also started to offer Islamic finance products and services. Some people are interested in Islamic finance because it offers a socially responsible and ethical approach to finance, while others may be drawn to its potential for stability and sustainability.

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