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Does Quran Prohibits Usury Or Interest?
Many translations of Quran translate usury as prohibited, but many others talk about interest on borrowed amount. These are two completely different terms. Which one is correct and why?
Usury= Charging very high interest rate and sometimes compounding of interest is involved.
Interest= Profit or charge for using others money
Also in Islam charging very high prices or adding extraordinary profit margin on general commodities seems to be prohibited too. Doesn’t this rule seem to extend to borrowing money where normal interest rate may be ok, but usury is not?
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Does Quran Prohibits Usury Or Interest?
updated 3 years, 10 months ago
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