- Interest (riba)
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Interest (riba)
Islam forbids both receiving and paying interest (riba). Many of us can end up accumulating interest through our bank accounts even if we don’t want it, so what should we do with it?
Since it is not permissible to use riba for one’s own benefit, we should donate it to charity. Although there is no religious reward for doing so, it at least disposes of the haram funds in a Shariah-compliant way.
What is considered riba in Islam?
In Islam, riba is interest gained or paid on transactions or savings. This includes:
- Any interest earned from savings accounts, individual savings accounts (ISAs) and other savings investments
- Interest earned by lending money, property or goods
- Payments of interest for credit card fees, loans or mortgages.
To donate riba to charity, you would be required to donate the amount of interest earned e.g. the money accumulated as savings interest.
What is difference between riba and interest?
There is no difference. ‘Riba’ is the Arabic word which is used in an Islamic context.
As with all Islamic affairs, we recommend consulting an Islamic expert on finance about any concerns or questions you may have.
Why riba is prohibited in Islam?
Allah (SWT) tells us in the Holy Qur’an to not engage in interest-based transactions/investments:
“O you who believe! Fear Allah and give up what remains [due to you] of interest, if you are true believers.”(2:278)
High levels of interest can lead to debt and financial insecurity, exploiting people on low incomes and without a financial safety net.
Islam instead encourages non-interest based giving, charity and long-term investments for the benefit of others such as sadaqah jariyahandwaqfprojects.
Zakat also ensures a social security net for people in need.
Is riba a major sin?
Riba is generally considered one of the major sins in Islam and is explicitly discouraged in the Qur’an.
What should we do with interest money?
Ideally, we should not invest or engage in interest-based activities. However, this may not always be possible.
In this case, you can keep note of any interest earned and donate the money to charity in a Shariah-compliant way (for halal purposes).
Here at Islamic Relief, your donations help us save and change lives and are implemented in Shariah-compliant projects.
Donate riba today
new director
Director of Network and Resource Development
Adnan joined Islamic Relief in 2004 as a regional fundraiser in the UK. He worked in multiple roles over 10 years at Islamic Relief UK, including setting up the first digital team and leading the growth of digital fundraising and engagement. Adnan also led numerous fundraising and marketing campaigns, which played a significant part in the growth of Islamic Relief UK.
Having moved to Islamic Relief Worldwide in 2014, Adnan has held different roles that have helped grow Islamic Relief’s global digital footprint into new geographic territories, supporting Islamic Relief members with their digital and marketing growth as well as developing new products and initiatives for the Islamic Relief family.
Adnan graduated in Industrial Design and Technology from Loughborough University. He has since completed an Advanced Diploma in Business Administration from Durham University and a Diploma in Digital Marketing from the Institute of Data and Marketing.
Nadeem Azhar
General Counsel
Nadeem joined Islamic Relief Worldwide in September 2022. He has worked in the charitable sector for over a decade.
He studied Modern History and Politics at Manchester University, and at the University of Law in London before qualifying as a solicitor in 2011.
Nadeem is an experienced corporate, commercial and governance lawyer, having worked with various faith-based and grant making charities as well those in health and education settings. He was a partner at a law firm in London before moving in-house where he focused on setting up and restructuring charities and social enterprises.
Most recently, Nadeem was Lead Counsel at Mind, a leading mental health charity, where he co-authored a new federation agreement, revamped legal processes, and played a major role in developing its strategic and fundraising partnerships.
Nadeem has been a charity trustee for the Seafarers Charity, as well as many grant-making bodies and theatrecompanies.
Adnan Hafiz
Director of Network and Resource Development
Adnan joined Islamic Relief in 2004 as a regional fundraiser in the UK. He worked in multiple roles over 10 years at Islamic Relief UK, including setting up the first digital team and leading the growth of digital fundraising and engagement. Adnan also led numerous fundraising and marketing campaigns, which played a significant part in the growth of Islamic Relief UK.
Having moved to Islamic Relief Worldwide in 2014, Adnan has held different roles that have helped grow Islamic Relief’s global digital footprint into new geographic territories, supporting Islamic Relief members with their digital and marketing growth as well as developing new products and initiatives for the Islamic Relief family.
Adnan graduated in Industrial Design and Technology from Loughborough University. He has since completed an Advanced Diploma in Business Administration from Durham University and a Diploma in Digital Marketing from the Institute of Data and Marketing.
Javed Akhtar
Director of Finance
Javed Akhtar has more than a decade of experience at Islamic Relief, having worked in a similar role between 2003-2014. In that role he strove to implement wide-ranging financial and accounting processes which aided in the transparent nature in which Islamic Relief now operates.Javed also has diverse experience across the private sector, having worked at American chemicals and pharmaceutical giant DuPont, shipping firm FedEX and technology consultancy company Accenture. In all his roles, he prioritises using the latest technologies to improve monitoring and reporting at every level. Javed’s commitment to embracing digital end-to-end technology, enhancing accountability to our stakeholders and promoting financial transparency is ensuring that we remain at the forefront of financial developments in the sector.By training, Javed is a chartered accountant with a Master’s degree in NGO Management with Charity Accounting and Financial Management from Cass Business School.
Affan Cheema
Director of International Programmes
Affan Cheema is an experienced leader who has spent 25 years working in the international aid sector on poverty eradication in Asia, Africa and the Middle East. He has worked in fast onset emergencies, protracted crisis and development environments whilst working for Islamic Relief Worldwide and Care International. He is also a trustee of South West International Development Network (SWIDN).Through his career Affan has held numerous roles including institutional fundraising, programme and grant management, and programme quality assurance. Affan’s leadership has helped Islamic Relief Worldwide secure the highly coveted Core Humanitarian Standard (CHS), seen as the sector’s premier benchmark for operational excellence.Affan completed his BA in Economics and Geography from University of London (School of Oriental and African Studies) and his MSc in Development Administration and Planning from the University of Bristol. He is PRINCE2 qualified, is a keen sportsman and recently co-edited a book entitled -Islam and International Development: Insights for working with Muslim Communities-.
Dr Hossam Said
Managing Director, Humanitarian Academy for Development (HAD)
For nearly three decades Dr Hossam has provided the strategic vision to manage, lead and develop a range of international humanitarian interventions around the world.At the start of his career, Dr Hossam served on the Board of Directors of the Egyptian Medical Syndicate, before moving to Islamic Relief Worldwide to manage the core global business activities as International Programmes Director.During this time the organisation increased its global reach, gaining both domestic and international repute and credibility. Dr Hossam has also served on the Islamic Relief Worldwide Board of Management and Executive Committee for the past 15 years; sharing responsibility for strategic organisational development and the change management process, whilst forging strong relationships with many other charities.Dr Hossam gained an MBA from Aston Business School in 2004 and graduated as a Medical Doctor from Cairo University in 1981.
Martin Cottingham
Director of External Relations and Advocacy
Martin Cottingham joined Islamic Relief in 2012 as IRUK Media Relations Manager, and was appointed Head of Communications in 2015 before taking up his current position as Director of External Relations and Advocacy for Islamic Relief Worldwide.
Martin has helped Islamic Relief to increase its mainstream media profile and expand its campaigning work, producing hard-hitting advocacy reports on floods in Pakistan (2011) famine in Somalia (2012) disaster risk reduction (2013) and aid to Afghanistan (2014). He has over 20 years’ experience working in media, communications and marketing roles for international development and environmental charities.
Martin graduated from the University of London with a degree in English and Drama (1982-85) then trained as a journalist with a postgraduate diploma at City University (1986-87). He has previously worked for Christian Aid as Editor of Christian Aid News and Media Relations Manager (1988-97) for Oxfam as Regional Campaigns Manager (1997-2000) and at the Soil Association as Marketing Director (2001-2006), as well as working for a wide range of organisations as a freelance writer, researcher and communications consultant.
Tufail Hussain
Director of Islamic Relief UK
Tufail Hussain has 17 years’ experience in the humanitarian and development sector, leading on marketing and fundraising campaigns for several organisations before joining Islamic Relief UK in 2016 as Deputy Director. Tufail was appointed Director of Islamic Relief UK in 2019 and in 2021 provided valuable leadership as interim CEO of Islamic Relief Worldwide.Tufail is driven by a passion for empowering disadvantaged youth and mentors a number of young people. He also works to strengthen engagement between British Muslims and wider society. Under his leadership, Islamic Relief UK has significantly increased its income and developed successful partnerships with communities across the country. He has travelled around the world to raise awareness of major emergencies such as the Syria, Yemen and Afghanistan crises and the floods in Pakistan and Sudan.A father to 5 daughters and a son, Tufail is also a sports enthusiast and passionate Liverpool FC supporter. Tufail has run the London Marathon twice, raising over £35,000 for humanitarian causes.Before joining Islamic Relief he was CEO of Orphans in Need, where he oversaw a new strategy that increased income from £2 million to £9 million in 3 years and opened up new UK and international offices. Tufail is also a trustee of the Muslim Charities Forum and a Director of TIC International (Islamic Relief Worldwide’s clothes recycling and trading arm).
Waseem Ahmad
Chief Executive Officer
Waseem Ahmad joined the Islamic Relief family over 24 years ago, serving as Programme Officer in the Balochistan province of south-western Pakistan before becoming Head of Programmes in Pakistan. Waseem then moved to Oxfam and Tearfund before returning to Islamic Relief to establish our mission in Malawi. Later serving as Head of Programme Funding and Partnerships, Waseem led the response to major crises across the globe, including the East Africa drought, Pakistan earthquake and the Indian Ocean Tsunami.
Waseem then served for nearly 6 years as our Director of International Programmes, during which time the charity secured and retained the coveted Core Humanitarian Standard certification in recognition of the quality of our programming. He was appointed CEO of Islamic Relief in May 2021.
With a special interest in community mobilisation and infrastructure, Waseem received an MSc in Project Planning and Management from the University of Bradford, as well as an MSc in Economics from Arid Agriculture University in Rawalpindi, Pakistan.
Waseem has also worked for Lepra Health in Action and is a member of the International Civil Society Centre’s Board of Trustees. The father-of-3 enjoys walking and playing football, and is a keen birdwatcher.
