What is Riba (interest)?
Riba is an additional and conditional payment on the advance of any loan or transaction. The most popular form of Riba in today’s world is interest rate paid on loans or bank accounts. Interest or Riba is strictly forbidden in Islam.
Why is interest forbidden?
Riba or interest is strictly forbidden in Islam because it is a social money lending mechanism which is unjust. On one hand Riba is detrimental to the poor segment of the society and beneficial to rich people, on the other hand, it does not involve any risk of investment for the party lending the money.
I have interest money or my bank account pays interest, what should I do?
If you are in possession of interest money or if your bank account pays interest, you must donate the money for charitable cause with a clear understanding that you will not receive any reward for this donation. On the other hand, organization receiving the money must use the money only for helping the poor and the needy and not for projects like building mosques.
Can I donate interest money to Qurbani Foundation?
Yes, you can always donate your interest money to Qurbani Foundation. We always make sure that this interest money that we receive is used only for serving the poor and the needy and not on projects like mosque building.
How do I donate my interest?
Interest money or Riba can be donated either over the phone or online. While online donation, you need to make sure that you select