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What is Interest Money (riba)?
Any transaction or loan where the payment of an additional amount on the principal is made conditional to the advance of such a loan is called riba. The most common form of riba these days is interest paid on bank accounts or loans. Interest is strictly forbidden in Islam and to accept or deal in it is a major sin.
“That which you give as interest to increase the peoples’ wealth increases not with Allah; but that which you give in charity, seeking the goodwill of Allah, multiples manifold.” (Surah al-Rum, verse 39) “And for their taking interest even though it was forbidden for them, and their wrongful appropriation of other peoples’ property. We have prepared a grievous punishment for those among them who reject faith.” (Surah al-Nisa’, verse 161) “O believers, take not doubled and redoubled interest, and fear Allah that you may prosper. Fear the fire which has been prepared for those who reject faith, and obey Allah and the Prophet so that you may receive mercy.”
Riba in Hadith
From Jabir: The Prophet cursed the receiver and the payer of interest, the one who records it and the two witnesses to the transaction and said: They are all alike [in guilt]. (Tirmidhi) From Abdallah ibn Hanzalah: The Prophet, said: “A dirham of riba which a man receives knowingly is worse than committing adultery thirty-six times.” (Mishkat al-Masabih) From Abu Hurayrah: The Prophet said: “Riba has seventy segments, the least serious being equivalent to a man committing adultery with his own mother.” (Ibn Majah)
Fatwa (Islamic religious opinion)
Shaykh ‘Abd al-‘Azeez ibn Baaz (may Allah have mercy on him) said: “With regard to the interest that the bank has given to you, do not give it back to the bank and do not consume it yourself; rather spend it on charitable causes, such as giving it to the poor, repairing public washrooms, and helping debtors who are unable to pay off their debts.” Fataawa Islamiyyah (2/407).
FAQS
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Whilst donating your Riba will not carry any direct reward of charity for you, Allah (swt) may reward you for cleansing your income of haraam sources.
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