This Hadith clearly indicates that interest (riba) is considered a grave sin in Islam and is strongly condemned by Allah and His Prophet. It shows that not only is the person who consumes interest held accountable, but also those who facilitate or assist in the process of interest-based transactions.

Islam promotes fair and ethical dealings and discourages any form of exploitation, oppression, or injustice in financial transactions. Therefore, Muslims are encouraged to avoid any involvement in interest-based transactions and seek halal (lawful) alternatives.

In Islam, interest (riba) is considered a major sin and is strictly prohibited. The harms of interest are many, and they affect individuals, families, communities, and even entire economies. Here are some of the main reasons why Islam prohibits interest:

1. It causes economic inequality: Interest-based transactions create a gap between the rich and the poor. Those who have wealth can earn more money by investing in interest-bearing transactions, while those who are poor are left behind. This results in economic inequality and social injustice.
2. It promotes exploitation: Interest-based transactions allow one party to exploit the other by charging exorbitant interest rates. This leads to a vicious cycle of debt, as the borrower is unable to repay the loan due to high interest rates.
3. It discourages productivity: Interest-based transactions discourage productive economic activity, as investors are more interested in earning a passive income through interest rather than investing in businesses that create jobs and add value to the economy.
4. It undermines moral values: Interest-based transactions promote a culture of greed and materialism, which undermines moral values such as generosity, honesty, and social responsibility.
5. It is against the teachings of Islam: The Quran and the Sunnah of the Prophet Muhammad (peace be upon him) explicitly prohibit interest-based transactions. Muslims are commanded to conduct their financial affairs in a manner that is just, fair, and beneficial to all.

In conclusion, the harms of interest are many, and they have been recognized by both Islamic scholars and economists alike. Islam promotes a just and ethical economic system that encourages productive economic activity, social responsibility, and the well-being of all members of society.

Eternal Aid is a Leading Charity based in the United Kingdom, working across the globe.

A group of volunteers came together on this charity initiative and spent the next few years supporting various campaigns and appeals across the world.

These volunteers were inspired by the depths of deprivation and need, as well as the opportunity to make a significant difference to communities all over the globe in desperate circumstances.

They decided to make it a permanent venture and thus Eternal Aid was born. In the last few years, Eternal Aid has been successfully working in many countries. Eternal Aid has provided essentials such as food, water, clothing, medical equipment, education as well as developing sustainable projects.

Thanks to our regular donors the wheels of our organization continue to turn so effectively. By joining the Eternal Aid Family Scheme with a monthly direct debit, no matter how small, you are enabling us to maintain our projects and plan ahead for the future so that when disaster strikes anywhere in the world, we are ready and our delivery can be immediate and efficient.