OIC Islamic Fiqh Academy: bank interest is riba (Resolution 10/2, 1985)
International Islamic Fiqh Academy (OIC)
What this source says
Any increase or interest on a matured debt in exchange for an extension of the maturity date, where the borrower is unable to pay, and the increase (or interest) on a loan at the inception of its agreement, are both forms of usury (riba) that are prohibited under Shariah. The Academy resolved that all such bank interest constitutes the riba forbidden in the Qur'an and Sunnah, and called for the establishment of Shariah-compliant alternatives.
Wording inside quotation marks is quoted from the source. The rest is this notebook’s summary of it — read the original before relying on it.
Provenance
- Source
- International Islamic Fiqh Academy, Resolution No. 10 (10/2), 2nd Session, Jeddah, 22-28 December 1985
- School / basis
- Comparative
- Added
- 2026-06-03
- Trust
- Quote read in full context and checked against the original source by hand.
Compiler’s note
Operative wording verified against the IIFA (OIC) resolutions site. One of the most widely cited collective rulings equating modern bank interest with prohibited riba.
Topics
ribaresolutionbankinginterestconsensus
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