Usury

Usury is the practice of making unethical or immoral monetary loans that unfairly enrich the lender. The term may be used in a moral sense—condemning, taking advantage of others' misfortunes—or in a legal sense, where an interest rate is charged in excess of the maximum rate that is allowed by law. A loan may be considered usurious because of excessive or abusive interest rates or other factors defined by a nation's laws.

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Abbas Di Palma, Shaykh Abbas Di Palma holds a BA and an MA degree in Islamic Studies, and certifications from the Language Institute of Damascus University. He has also studied traditional Islamic sciences in... Answered 10 months ago

as salam alaikum

interest has been defined as "money paid at a particular rate for the use of money lent". It is one type of usury (riba) and it should be avoided.

Another type of usury/riba is an "exchange of the same good by unequal quantities or qualities" that some may still define as a form of interest but technically and according to common view has not been considered as such.

With prayers for your success.