What is the ruling on interest?
It should be understood that taking and giving interest is counted as one of the gravest and heinous sins in Islam.
The Holy Prophet (saw) has said:
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“The Holy Prophet (saw) has cursed the person who takes interest, who gives interest, who writes it and who witnesses it.”
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“To take one dirham of interest knowingly is worse than committing adultery 36 times.”
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“A person who involves himself in usury will be afflicted wit 70 kinds of sins. The lightest in comparison with others is committing adultery with your own mother.”
In the Holy Quran Allah has said:
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“O’ you who believe! Be afraid of Allah and give up what remains of riba if you are believers. And if you do not do it, then be ready for war with Allah and his Prophets.”
(Cha.2 Verse 278)
It is clearly evident from the abovementioned Quranic verses and Hadith that dealing with and acquiring interest is haraam in Islam.