Prohibition of Interest (Riba) in Holy Scriptures
The Holy Qur’an is the book of Allah (swt). Allah mentions in many places in His glorious book that, Riba is Haram (forbidden).
“Allah destroys interest and gives increase for charities. And Allah does not like every sinning disbeliever” (Quran 2:276).
Allah has also declared war against Interest. Allah says:
“O you who have believed, fear Allah and give up what remains [due to you] of interest if you should be believers. And if you do not, then be informed of a war [against you] from Allah and His Messenger. But if you repent, you may have your principal – [thus] you do no wrong, nor are you wronged.”
The word “Riba” is mentioned in the Quran 8 times.
In verse 30:39,4:161,3:130, 2:276,2:278 and three times in Surah baqarah:275. For more verses of Interest from Quran please click here.
Also, Prophet Muhammad (pbuh) classified it along with the seven major sins.
Narrated Aboo Huraira (ra): The Prophet (Saw) said,
” Avoid the seven great destructive sins.” The people enquired, ” O Allah’s Messenger (Saw)! What are they?” He said,
1. To join others in worship along with Allah;
2. To practice sorcery
3. To kill the life which Allah has forbidden except for just
cause (according to Islamic Law);
4. To eat up Riba [usury];
5. To eat up an orphan’s wealth;
6. To show one’s back to the enemy and fleeing from the
battlefield at the time of fighting, and
7. To accuse chaste women, who never even think of anything
touching chastity and are good believers.
[Saheeh Al-Bukhaari, Hadeeth No. 28, Vol. 4]
Not only in Quran, but previous scriptures also talks about “interest”. The Holy Bible says:
“Do not charge your brother interest, whether on money or food or anything else that may earn interest.” (Deuteronomy 23:19)
“If you lend money to one of my people among you who is needy, do not be like a moneylender; charge him no interest” (Exodus 22:25).