Is modern day interest haraam?

Q: I would like to know if riba falls under the category of western interest? A lot of scholars have said that it does not and it is permissible. I would like to know the reasoning behind this and why it is or is not permissible. I have been reading a lot about this topic and when the word riba is translated it can have a large number of meanings.

A: Yes, it falls under riba.

And Allah Ta'ala (الله تعالى) knows best.


Answered by:

Mufti Ebrahim Salejee (Isipingo Beach)