Surah 2 · Verse 276

[2:275-281] It is common wisdom that "high" interest rates are not healthy for a good economy. The interest that the Quran prohibits is not the interest collected from money lent for businesses, but rather the money lent for consumption of necessities. When considered with its context, this prohibition is about usury. The Quran does not treat this subject in the context of business or trade, but in the context of the charity to the needy. Those who exploit the basic needs of individuals may attempt to justify their usury as free market trade. The interest charge on credit cards used by needy consumers should be considered usury, since the money borrowed is not invested for profitable business enterprise, but spent on basic needs. Modern banks charge obscene amounts of fees and interest (usury) to their customers who need the money the most. They have developed extensive tricks to steal from their needy victims. Unfortunately, banks have the power to legalize their robberies by buying the elected legislators. Through constant and cunning propaganda, they have even succeeded in legitimizing their exploitation and theft, even to their victims. See 3:130; 4:161. The Bible prohibits usury (Leviticus 25:36-37), and considers it a great crime (Psalms 15:5; Pr 28:8; Jeremiah 15:10). However, it uses a double standard: "Do not charge your brother interest, whether on money or food or anything else that may earn interest. You may charge a foreigner interest, but not a brother Israelite, so that the Lord your God may bless you in everything you put your hand to in the land you are entering to possess" (Deuteronomy 23:20). Also, see Exodus 22:25; Deuteronomy 23:19-20; Nehemiah 5:7,10; 5:9- 13; Isaiah 24:2; Ezekiel 18:8,13,17; 22:12.