Shaikh al-Albani (may Allah have mercy upon him) said:

“Many of the jurists in this time, based on what comes in some of the books of the Mathaahib, say that usury is prohibited in the lands of Islam. As for the lands of war, then it is permissible for them. Therefore you find, as they say today, a double-standard in dealing with the Muslims who are [living] with the disbelievers. If it is in their interest to consider it a land of war, then they consider it a land of war in order to consume and pay usury. However, is it permissible to live in the land of war? It is not allowed of course. So they make halal and haram based on what they want and desire. So like this, I want to say it is not sufficient for a Muslim to be free of consuming usury [only], but rather it is obligatory upon him to be free from the three other characteristics as well. First: not to consume usury, second: not to consume the usury of others, third: not to be a scribe for usury. That is: not to support it and the meaning of this is not to be an employee in a bank, even if it is a bank which has ‘Islamic Bank’ written on it. This is because these names do not mean what they are describe/name. The fourth affair and it is the last: that he does not witness usury and that is due to his (ﷺ) statement:

لَعَنَ رَسُولُ اللَّهِ صلى الله عليه وسلم آكِلَ الرِّبَا وَمُوكِلَهُ وَكَاتِبَهُ وَشَاهِدَيْهِ

Allah’s Messenger (ﷺ) cursed the one who consumes usury and its payer, and the one who records it, and the two witnesses [Muslim no. 1598]”

[Silsilatul-Huda wan-Nur no. 490]

Translated by

Faisal bin Abdul Qaadir bin Hassan
Abu Sulaymaan