Rid Your Riba

What is considered Riba in Islam?

In Islam, Riba is interest gained or paid on transactions or savings. This includes:

• Any interest earned from savings accounts, ISAs and other savings investments.
• Interest earned by lending money, property or goods
• Payments of interest for credit card fees, loans or mortgages

Why Is Riba Forbidden?
In the Quran, receiving or paying interest is considered a major sin because it promotes inequality. Interest is said to increase the gap between the rich and poor in society and anyone who receives it is expected to donate that money to a charitable cause.

“Fear Allah, and give up outstanding interest if you are ˹true˺ believers. If you do not, then beware of a war with Allah and His Messenger!” (Surah Al-Baqarah 2:278)

What should we do with interest money?

Ideally, we should not engage in interest-based activities. However, in this day and age it may not always be possible.

In this case, you can keep note of any interest earned and deposit the money to charity. There is no religious reward for this however it will be utilised in a halal way.

Get rid of your riba, deposit with us today and we will use it towards projects helping the poor and less fortunate, interest will not be spent on projects such as building mosques or printing Quran as this is not permissible.

For more information, visit our Rid Your Riba project page.