Riba, Why is Interest Haram in Islam?
Why is Interest Haram in Islam? Interest (Riba) is considered haram (forbidden) in Islam, as it goes against the fundamental principles of fairness, justice, and social welfare that are deeply ingrained in the Islamic economic system. Books on Islamic banking The Definition of Interest (Riba) Interest, or Riba, is defined as the predetermined excess payment received by a lender over and above the principal amount of a loan, without…