All praises be to Allah, Lord and Sustainer of the worlds, and may the peace and blessings of Allah be upon our Prophet Muhammad (peace be upon him) and upon his family and companions.

Interest is haraam and is one of the major sins in Islam, which can never become halaal at all. There is no argument or difference of opinion on this issue. Whoever makes a difference or dispute on this issue has differed from Allah and His Messenger (peace and blessings of Allah be upon him).

The seriousness of “interest” is shown by Aayaat of the Qur’an and many Ahadeeth of the Prophet (peace and blessings of Allah be upon him):

Allah (swt) says;
“O you who believe! Be afraid of Allâh and give up what remains (due to you) from Ribâ (usury) (from now onward), if you are (really) believers.” [al-Baqarah: 278]

And Allah (swt) says:
“Those who eat Riba (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Shaitan (Satan) leading him to insanity. That is because they say: Trading is only like Ribâ (usury), whereas Allah has permitted trading and forbidden Riba (usury). So whosoever receives an admonition from his Lord and stops eating Riba (usury) shall not be punished for the past; his case is for Allah (to judge); but whoever returns (to Riba (usury)), such are the dwellers of the Fire they will abide therein.” [al-Baqarah: 275]

And the Prophet (peace and blessings of Allah be upon him) said:
“A man’s eating of a dirham of interest is worse than his committing adultery thirty six times” reported by Imam Ahmad.

And he (peace and blessings of Allah be upon him) cursed the one who takes the interest, who gives it, who writes the contract and the two who witness it, and he said these are all equal. Reported by Muslim from Jabir (may Allah be pleased with him).

One common question is that, is interest permissible for those who live in a non-Muslim country?

Whether we live in a Muslim country or a non-Muslim country interest can never become permissible, in fact living in this country has a much higher standard for many people than if they had to live in a Muslim country. And people who make the interest permissible in this country would do the same in a Muslim country because the economic system of Muslim countries is no different from non-Muslim countries.

May Allah help and guide us to do all that He is pleased with and his Peace and blessings be upon His last Prophet Muhammad.