In modern nations with secular economic systems, Riba or interest plays a vital role, even in the Western and modern world people cannot think about any economic system without riba.
Riba is strictly prohibited in Islam as it appears clearly in the Holy Quran. There is full unanimity among all the Islamic schools of thought on the prohibition of interest or Riba. Quran is the source of guidance in Islam in all matters and for all Muslims, and it is a fact that Islam has completely forbidden the practice of riba in society. The modern economic banking system is structured on the basis of a fixed payment that is called interest.
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