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Interest from Banks

What is the ruling for receiving and paying interest on savings and on loans from banks?

What is the ruling for receiving and paying interest on savings and on loans from banks?

The form of interest (ribā) that has been prohibited by the Quran is that which is exploitative in nature. (Quran 2:275) Accordingly, interest obtained from savings accounts in banks, and interest incurred from bank loans and mortgages, which are socially productive are permissible as they do not constitute the exploitive practice forbidden in Islam.

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