Why is interest haram? As a practicing Muslim, you are probably well aware of the Islamic prohibition on interest. This is known as riba, and it is considered one of the most serious offenses in the religion. Why is this the case? Let’s take a closer look at the reasons behind this ban.
A Closer Look
What is Haram?
Haram behaviour is any behaviour that goes against the teachings of Islam. This can include things like lying, stealing, cheating, or behaving in a disrespectful way towards others. Muslims are expected to follow the rules of Islam in all aspects of their lives, and this includes their behaviour towards others.
Behaving badly is not only harmful to yourself and those around you, but it also goes against the teachings of Islam. When Muslims behave in a haram way, they are not living up to their responsibilities as members of the Muslim community. Haram behaviour is often seen as sinful, and those who engage in it may be punished by Allah.
Why Is Interest Haram?
Interest, or riba, is haram in Islam because it goes against one of the fundamental principles of the faith: equality. Allah has ordained that all humans are equal, and interest violates this by giving some people an unfair advantage over others. It also creates a lot of debt and suffering, which is why Allah has prohibited it.
There are many other reasons why interest is haram in Islam. For instance, it goes against the principle of trust. When you take out a loan, you are essentially telling the lender that you trust them enough to repay the money plus interest. However, this trust is often broken when people are unable to repay their loans. This can lead to a lot of hardship and suffering, which is why Allah has prohibited interest.
Also Read: Is Mortgage Haram?
Interest also leads to a lot of exploitation. Lenders often take advantage of people who are in need of money and charge them exorbitant interest rates. This can trap people in a cycle of debt that is very difficult to escape from. This is why Allah has prohibited interest, as it causes a lot of harm and suffering.
So, these are some of the reasons why interest is haram in Islam. It goes against the principles of equality and trust, and it leads to a lot of exploitation and hardship. Interest is a major problem in our world today, and Allah has prohibited it in order to protect us from its harmful effects.
Reference – The above information is verified via Islamic Finance Guru.
Why Is Interest Haram? – Bottom Line
In conclusion, interest is considered haram for a number of reasons. Firstly, it is seen as a form of exploitation, as it allows the lender to gain more money than they initially invested. Secondly, it can lead to inflation and financial instability. Finally, it goes against the teachings of Islam, which state that money should be used to help others, not to make a profit. Interest is a complex and controversial issue, but for many Muslims it is simply seen as forbidden. Thanks for reading!