Mintos.com Review

Based on checking the website, Mintos.com appears to be a platform for investing in various financial instruments, primarily focused on generating regular income through traditional and alternative investments.

However, from an Islamic perspective, the core offerings of Mintos.com, such as investing in “loans” that inherently involve interest riba, and “bonds” which are typically interest-bearing debt instruments, render the platform unsuitable.

The concept of “Smart Cash” offering up to 2.25% interest also falls under this category.

While it promotes diversification and passive income, the methods employed are not aligned with Islamic finance principles that prohibit riba.

Here’s an overall review summary:

• Overall Recommendation: Not recommended for Muslim investors due to reliance on interest-based financial instruments.
• Key Offerings: Investing in loans, bonds, real estate, Smart Cash interest-bearing, and ETFs.
• Target Audience: Individuals seeking passive income and diversified investment portfolios.
• Regulatory Status: Authorized investment firm in the European Union under MiFID.
• Investor Protection: Up to €20,000 protection for cash and securities under a national investor compensation scheme doesn’t cover losses due to price changes or liquidity.
• Ethical Compliance Islamic Finance: Fails to comply due to the pervasive presence of interest riba in its primary investment products.

The platform positions itself as a leading European platform for passive income investing, boasting over 500k registered users and €700m+ assets under management.

It highlights automated portfolio options for new investors and full control for experienced ones.

While features like commission-free investing and mobile app access might seem attractive, the underlying mechanisms of generating returns—specifically through interest—are a significant concern for those adhering to Islamic finance principles.

Investing in loans and bonds typically involves fixed or variable interest payments, which are strictly forbidden in Islam.

Even the “Smart Cash” feature, advertised with an interest rate, falls under this prohibition.

Therefore, while the platform might offer financial gains, the method of achieving these gains is fundamentally at odds with Islamic ethical guidelines, which emphasize risk-sharing, tangible assets, and the avoidance of exploitative practices like riba.

It’s crucial for Muslim investors to seek out truly Sharia-compliant alternatives that focus on ethical investments such as equity-based financing, halal real estate, and ethical businesses.

Here are some best alternatives that are ethical in Islam and do not fall into forbidden categories:

• Islamic Art & Calligraphy:

  

  • Key Features: Hand-painted canvases, framed prints, sculptures featuring Quranic verses, Islamic geometric patterns, and traditional motifs. Promotes contemplation and beauty.
  • Average Price: $50 – $5000+, depending on size, artist, and materials.
  • Pros: Promotes Islamic heritage and beauty, can be a form of sadaqa jariyah ongoing charity if purchased from ethical sources supporting artists, beautifies the home in a permissible way.
  • Cons: Can be expensive for high-quality pieces, requires careful selection to ensure authenticity and avoid misrepresentations.

• Halal Skincare Products:

  • Key Features: Formulations free from alcohol, pork derivatives, animal by-products unless halal slaughtered and certified, and harmful chemicals. Often uses natural ingredients.
  • Average Price: $15 – $100 per product.
  • Pros: Adheres to Islamic dietary and purity laws, generally healthier and more natural formulations, promotes self-care without compromising faith.
  • Cons: Limited availability compared to conventional brands, some products may have higher price points due to specialized ingredients and certification.

• Modest Fashion & Apparel:

  • Key Features: Clothing designed to cover the body respectfully, including hijabs, abayas, long dresses, and loose-fitting attire for both men and women. Emphasizes modesty and dignity.
  • Average Price: $20 – $200 per item.
  • Pros: Encourages modesty, aligns with Islamic values of appropriate dress, can be stylish and comfortable, supports ethical fashion brands.
  • Cons: Styles might not appeal to everyone, requires understanding of specific modesty requirements, quality varies among brands.

• Islamic Educational Books & Resources:

  • Key Features: Books on Quranic studies, Hadith, Islamic history, fiqh jurisprudence, biographies of prophets and scholars, and self-help guides based on Islamic principles.
  • Average Price: $10 – $50 per book.
  • Pros: Increases Islamic knowledge, promotes personal and spiritual development, provides guidance for daily life, a form of continuous learning.
  • Cons: Requires commitment to reading and study, availability of high-quality, authentic translations and interpretations can vary.

• Prayer Rugs & Accessories:

  • Key Features: Decorative and comfortable rugs for daily prayers, tasbeeh prayer beads, Quran holders, and other items that facilitate worship and spiritual connection.
  • Average Price: $15 – $70 for prayer rugs, $5 – $20 for accessories.
  • Pros: Enhances the prayer experience, can be aesthetically pleasing, serves as a reminder for daily worship, durable and practical.
  • Cons: Quality varies, some designs might be overly ornate, requires regular cleaning.

• Ethical Home Decor Non-Figurative:

  • Key Features: Decor items like geometric patterns, natural wood crafts, ceramic vases, and ethical textiles throws, cushions that do not depict animate beings or religious symbols from other faiths. Focuses on permissible beauty.
  • Average Price: $20 – $150 per item.
  • Pros: Creates a comfortable and aesthetically pleasing home environment, adheres to Islamic guidelines regarding imagery, supports artisans and sustainable practices.
  • Cons: Limited range of figurative art, requires careful selection to ensure ethical sourcing and design.

• Charcoal Water Filters:

  • Key Features: Filters that use activated charcoal to remove impurities, chlorine, and odors from tap water, providing cleaner and better-tasting drinking water. Focuses on health and purity.
  • Average Price: $20 – $100 for pitcher filters, $50 – $300+ for faucet or counter-top systems.
  • Pros: Improves water quality, promotes healthier hydration, reduces reliance on bottled water environmentally friendly, practical household item.
  • Cons: Requires regular filter replacement, initial cost can be higher for advanced systems, doesn’t remove all types of contaminants e.g., heavy metals for some basic filters.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Mintos.com Review: A Deep Dive into a Questionable Investment Platform

When we talk about platforms like Mintos.com, it’s crucial to peel back the layers and understand what’s really happening under the hood.

Based on looking at the website, Mintos positions itself as a gateway to “regular income” through “traditional and alternative investments.” They claim to be Europe’s leading platform, boasting over 500,000 registered users and €700 million in assets under management.

But for those of us who prioritize ethical dealings, particularly within the framework of Islamic finance, a closer look reveals significant red flags.

The primary offerings, specifically “invest in loans” and “invest in bonds,” inherently involve interest riba, which is strictly prohibited in Islam.

This alone makes the platform unsuitable for a Muslim investor.

While they mention “real estate” and “ETFs,” the predominant focus and advertised products revolve around interest-bearing mechanisms.

What is Mintos.com and Why It’s a Concern

Mintos.com presents itself as a platform enabling individuals to invest in various asset classes to generate passive income.

They market themselves as a way to “turn your money into regular income” and “build your wealth.” The core mechanism described is investing in loans and bonds, which are typically interest-bearing financial instruments.

From an Islamic perspective, this is problematic because interest riba is forbidden.

Riba is seen as an exploitative practice that generates wealth without real productive effort or genuine risk-sharing. Ceruleancardinfo.com Review

It concentrates wealth in the hands of a few and creates economic instability.

• The Riba Problem:
  • Interest on Loans: When you “invest in loans” on Mintos, you are essentially participating in a system where money is lent out, and a predetermined amount of interest is charged. This interest is the core issue.
  • Bonds as Debt Instruments: Bonds are essentially loans made to a company or government, where the borrower promises to pay back the principal amount along with regular interest payments. This also falls under the prohibition of riba.
  • Smart Cash: The “Smart Cash” feature, offering “up to 2.25% interest on your cash,” is another clear example of an interest-based product.
• Lack of Risk Sharing: Islamic finance emphasizes risk-sharing between the investor and the entrepreneur or borrower. In interest-based systems, the lender receives a fixed return regardless of the project’s success or failure, placing all the risk on the borrower.
• Ethical Implications: Beyond the religious prohibition, riba is often associated with economic inequality and financial crises. It can lead to unsustainable debt burdens and speculative bubbles, which are detrimental to societal well-being.

Mintos.com’s Stated Features and Their Islamic Finance Implications

Mintos highlights several features on its homepage, aiming to attract a broad base of investors.

While some features like “diversification” or “automated portfolios” might sound appealing in general financial terms, their application within an interest-based framework is what raises concerns for an ethical Muslim investor.

• “Earn regular returns, diversify your portfolio, and build your wealth with traditional and alternative investments.”
  • Analysis: The “regular returns” are predominantly derived from interest, which is impermissible. Diversification across interest-bearing assets does not make them permissible.
• “Start passive income investing on Europe’s leading platform today.”
  • Analysis: The “passive income” is generated through mechanisms that contravene Islamic ethical guidelines.
• “Up to €20 000 protection for your cash and securities.”
  • Analysis: While investor protection is generally positive, it pertains to the safety of funds within a system that is fundamentally flawed from an Islamic perspective. This protection does not legitimize the underlying interest-based transactions.
• “Invest your way… Save time with our ready-to-go, fully automated portfolios. Or take full control of your investments.”
  • Analysis: Whether automated or controlled, if the underlying investments are interest-based, the method of management does not change their impermissible nature.
• “Unique asset mix: Invest in loans, Invest in bonds, Invest in real estate, Invest in Smart Cash, Invest in ETFs.”
  • Analysis:
    • Invest in loans & bonds: Explicitly riba-based.
    • Invest in real estate: This could be permissible if structured correctly e.g., direct ownership, rental income without interest-based financing, or Sharia-compliant REITs. However, Mintos’s primary focus and simplified description do not provide enough detail to ascertain Sharia compliance. Often, real estate investments on such platforms might involve underlying interest-based mortgages or financing.
    • Invest in Smart Cash: Clearly interest-bearing.
    • Invest in ETFs: ETFs are funds that hold a basket of assets. While some ETFs can be Sharia-compliant e.g., those tracking Islamic equity indices that filter out impermissible businesses, Mintos does not specify that its ETFs are Sharia-compliant. Given their other offerings, it’s highly improbable they prioritize this screening.

The Consequences of Engaging with Interest Riba

Engaging in interest-based transactions, whether as a borrower or a lender, carries significant consequences from an Islamic viewpoint, both in this life and the hereafter.

It’s not merely a matter of religious prohibition but a fundamental principle that guides economic justice and societal well-being.

The Quran and Hadith strongly condemn riba, equating it to fighting against Allah and His Messenger.

• Spiritual Detriment:
  • Displeasure of Allah: The primary consequence is incurring the displeasure of Allah SWT. This impacts one’s spiritual state and can lead to a lack of barakah blessings in wealth and life.
  • Loss of Barakah: Wealth accumulated through riba is considered devoid of true blessings. Even if it appears to grow in quantity, it often lacks spiritual benefit and may lead to negative outcomes in the long run.
  • Severe Warnings: The Quran warns, “Allah destroys riba and gives increase for charities” Quran 2:276. This indicates that wealth derived from interest is ultimately unsustainable and destructive.
• Economic Inequality and Injustice:
  • Exploitation of the Needy: Riba allows wealth to accumulate without productive effort, often at the expense of those in need who have to pay back more than they borrowed.
  • Concentration of Wealth: It tends to concentrate wealth in the hands of a few, widening the gap between the rich and the poor.
  • Inflation and Economic Instability: Interest-based systems can fuel inflation and contribute to economic bubbles and crises, as seen historically with various financial downturns.
• Moral Decay:
  • Erosion of Compassion: The practice of riba can harden hearts, diminishing compassion and mutual help within society, as the focus shifts to maximizing profit regardless of ethical considerations.
  • Encouragement of Greed: It fosters a culture of greed and materialism, where financial gain becomes the sole driving force.

Mintos.com Alternatives: Ethical Paths to Financial Growth

Given the serious concerns with Mintos.com’s interest-based model, it’s essential to explore Sharia-compliant avenues for financial growth.

Islamic finance offers robust and ethical alternatives that align with divine principles, promoting justice, risk-sharing, and community development.

• Halal Equity Investments:
  • Direct Stock Ownership: Investing in individual stocks of companies that operate ethically and do not derive significant income from impermissible activities e.g., alcohol, gambling, interest-based finance. This requires careful screening.
  • Sharia-Compliant ETFs/Mutual Funds: These funds are professionally managed portfolios that invest in a diversified basket of stocks screened for Sharia compliance. They avoid companies involved in riba, pornography, gambling, alcohol, conventional insurance, etc., and also cleanse any minor impermissible income.
  • Example Platforms: Seek out platforms that specifically offer Sharia-compliant investment funds or allow for individual stock trading with robust screening tools.
• Sukuk Islamic Bonds:
  • Not Conventional Bonds: Sukuk are not interest-bearing bonds but rather Sharia-compliant certificates that represent ownership in tangible assets or a share in a business venture.
  • Asset-Backed: Unlike conventional bonds, Sukuk are backed by real assets, and returns are generated from the performance of these assets, reflecting a true profit-sharing arrangement.
  • Types: Ijara Sukuk leasing, Mudaraba Sukuk profit-sharing, Musharaka Sukuk joint venture.
• Halal Real Estate Investments:
  • Direct Property Ownership: Purchasing properties for rental income or capital appreciation, financed through permissible means e.g., cash, Murabaha or Musharaka financing from Islamic banks.
  • Crowdfunding for Halal Real Estate: Some platforms specialize in crowdfunding for real estate projects that are structured ethically, avoiding interest. These platforms typically involve profit-sharing or lease-to-own models.
  • Halal REITs: Real Estate Investment Trusts REITs that invest in Sharia-compliant properties and operate under Islamic finance principles.
• Ethical Crowdfunding for Businesses:
  • Equity-Based Crowdfunding: Investing in startups or small businesses in exchange for equity ownership shares rather than a loan with interest. This aligns with risk-sharing.
  • Profit-Sharing Mudaraba/Musharaka: Participating in ventures where returns are based on actual profits, and losses are shared proportionally.
• Commodity Trading Halal Compliant:
  • Spot Trading: Engaging in spot trading of permissible commodities e.g., agricultural products, metals where immediate exchange and possession of the commodity occur, avoiding speculative and future contracts involving interest or excessive uncertainty gharar.
• Islamic Microfinance:
  • Empowering the Poor: Investing in microfinance initiatives that provide small, interest-free loans or equity financing to entrepreneurs in developing countries, fostering economic empowerment and social good.

These alternatives not only adhere to Islamic principles but often promote a more stable and equitable economic system.

They shift the focus from mere monetary gain through interest to genuine wealth creation through productive assets and shared risk. Dailypay.com Review

How Mintos.com’s Regulatory Status Works and Why It Doesn’t Address the Core Issue

Mintos.com proudly states that it is an “authorized investment firm in the European Union under MiFID” Markets in Financial Instruments Directive. This regulatory status aims to provide a layer of investor protection and transparency within the European financial markets.

They also highlight “up to €20,000 protection for your cash and securities” under a national investor compensation scheme, implying a level of security for users.

• MiFID Authorization:

  • Purpose: MiFID is a legislative framework initiated by the European Union to regulate financial markets and improve investor protection. Being authorized under MiFID means Mintos must adhere to specific rules regarding transparency, best execution of trades, client categorization, and conduct of business.
  • Investor Protection: This typically includes requirements for safeguarding client assets, providing clear information about products and risks, and having internal dispute resolution mechanisms.

• Investor Compensation Scheme:

  • Functionality: The mentioned scheme established under Directive 97/9/EC provides compensation if an investment firm fails to return financial instruments or cash to investors due to its own insolvency or misconduct. The compensation is limited, in Mintos’s case, to €20,000.
  • Limitations: Crucially, the website explicitly states: “The scheme doesn’t compensate for losses due to changes in the price or liquidity of financial instruments.” This is a standard limitation for such schemes, meaning it protects against the firm’s failure, not against investment losses.

• Why It Doesn’t Address Islamic Concerns:

  • Focus on Process, Not Product: While MiFID and investor compensation schemes are designed to regulate the process and provide a safety net against firm failure, they do not evaluate the permissibility or ethical nature of the financial products themselves from an Islamic perspective.
  • Interest Remains: The underlying products offered by Mintos—loans, bonds, and Smart Cash—remain fundamentally interest-based, regardless of the regulatory oversight. Regulation ensures that these impermissible products are offered in a transparent and legally compliant manner within the conventional financial system. It does not magically transform them into Sharia-compliant instruments.
  • No Sharia Compliance Audit: Regulatory bodies like those overseeing MiFID do not conduct Sharia compliance audits. Their mandate is to ensure adherence to conventional financial laws, which often differ significantly from Islamic ethical principles.

In essence, while Mintos’s regulatory status might offer some peace of mind for conventional investors concerning operational legitimacy and fund security, it provides no comfort whatsoever for a Muslim investor looking for Sharia-compliant investment opportunities.

The fundamental issue of riba remains untouched by these regulatory frameworks.

Mintos.com Community and Support: Engagement in a Flawed System

Mintos.com hints at a “Mintos community” and offers various support channels like an FAQ, blog, and a “Ask a question” feature.

While a robust community and accessible support are generally positive aspects of any platform, when the core offerings are ethically problematic, engagement within such a “community” inadvertently normalizes and perpetuates participation in impermissible financial activities.

• Mintos Community Forum: The existence of a “Mintos community forum” implies a space where investors discuss strategies, share experiences, and seek advice. For a Muslim, engaging in such a forum would mean discussing and potentially advocating for interest-based investments, which is not advisable. It can lead to internal conflict or confusion about permissible earnings.
• Blog and Learning Resources: Mintos’s blog is presented as a place to “get you up to speed with the basics of investing” and “start learning.” While financial literacy is valuable, if the lessons revolve around optimizing returns from interest-bearing instruments, the knowledge gained would be misdirected from an Islamic perspective.
• Customer Support: The “Ask a question” feature leading to a help center is a standard customer service offering. While it’s good to have support, questions about Sharia compliance would likely not be adequately addressed, as the platform operates within a conventional financial framework.

The issue isn’t the presence of a community or support per se, but rather the subject matter of that community and support. If the foundation is built on impermissible transactions, then participation, even in the “community” aspect, can become a means of tacit endorsement or normalization of such activities. A Muslim seeking financial advice or community should look towards forums and platforms dedicated to Islamic finance, where discussions revolve around Sharia-compliant investments, ethical business practices, and halal wealth management. Roostermoney.com Review

Mintos.com’s Pricing and Commission Structure: The Cost of Compromise

Mintos mentions “commission-free investing starting from just €50” on its homepage.

While the idea of commission-free investing might seem attractive at first glance, it’s crucial to understand how platforms like Mintos generate revenue and, more importantly, whether the underlying financial products align with ethical principles.

• “Commission-Free Investing”:

  • How They Make Money: Platforms often claim “commission-free” trading or investing, but they still have revenue streams. These can include:
    • Spread on Transactions: Earning a small difference between the buy and sell price of an asset.
    • Fees from Lending Companies: Mintos, being a marketplace for loans, likely earns a fee from the lending companies that originate the loans listed on its platform. This fee is often tied to the volume or success of the loans.
    • Currency Exchange Fees: If investors are dealing with multiple currencies, the platform might charge a fee or apply a less favorable exchange rate.
    • Withdrawal Fees: Some platforms charge fees for withdrawing funds.
    • Premium Features/Subscriptions: Offering advanced tools or services for a fee.

• Minimum Investment: The stated minimum investment of €50 makes the platform accessible to a wide range of individuals, appealing to those with smaller capital looking to “start building wealth.”

• The Cost of Compromise from an Islamic Perspective:

  • Price vs. Permissibility: While the monetary cost commissions, fees might be low or seemingly non-existent, the spiritual and ethical cost of engaging with an interest-based system is immense. The benefit of “commission-free” investing is overshadowed by the impermissibility of the underlying transactions.
  • Revenue from Riba: Even if an investor doesn’t pay a direct commission, the platform’s profitability is intertwined with the successful generation of interest from the loans and bonds it facilitates. Therefore, by using the platform, one indirectly supports and benefits from a riba-based ecosystem.
  • False Economy: From an Islamic perspective, saving a few euros in commissions is negligible compared to the spiritual and ethical compromise of engaging in riba. True wealth is not just about quantity but also about barakah blessings, which is absent in wealth acquired through impermissible means.

Therefore, for a Muslim investor, focusing on the “commission-free” aspect is a distraction from the fundamental ethical conflict.

The structure of the platform’s revenue, and more importantly, the nature of its primary investment products, make it a non-starter regardless of how “cheap” it is to use.

FAQ

What is Mintos.com?

Mintos.com is an online platform that describes itself as Europe’s leading marketplace for investing in various financial instruments, primarily loans and bonds, to generate passive income.

Is Mintos.com Sharia-compliant?

No, Mintos.com is not Sharia-compliant. Bannerbuzz.com Review

Its core offerings, such as investing in loans and bonds, and its “Smart Cash” feature, involve earning or paying interest riba, which is strictly prohibited in Islam.

Can I invest in real estate on Mintos.com ethically?

While Mintos.com lists “invest in real estate” as an option, the platform’s predominant model and general approach to investments suggest that underlying real estate financing might involve interest, making it potentially problematic from an Islamic perspective.

Without explicit Sharia-compliant structuring and certification, it cannot be considered ethical.

What are the main risks associated with investing on Mintos.com?

Beyond the ethical concerns, Mintos.com explicitly states that its investor compensation scheme “doesn’t compensate for losses due to changes in the price or liquidity of financial instruments.” This means investors bear the risk of losing capital due to market fluctuations, loan defaults, or liquidity issues, in addition to the inherent ethical risks.

What does MiFID authorization mean for Mintos.com?

MiFID Markets in Financial Instruments Directive authorization means Mintos.com operates under a European Union regulatory framework designed to ensure transparency, investor protection against firm failure, and fair conduct in financial markets.

However, this authorization does not imply Sharia compliance.

What are some ethical alternatives to Mintos.com for investment?

Ethical alternatives include investing in Sharia-compliant equity funds, Sukuk Islamic bonds, direct ownership of halal real estate, ethical crowdfunding for businesses equity-based, and Sharia-compliant commodity trading, all of which avoid interest and promote risk-sharing.

Does Mintos.com offer commission-free investing?

Yes, Mintos.com states it offers “commission-free investing starting from just €50.” However, their revenue streams likely come from fees charged to lending companies or through spreads, and the underlying investment products remain interest-based.

What kind of investor protection does Mintos.com provide?

Mintos.com offers up to €20,000 protection for cash and securities under a national investor compensation scheme, which applies if Mintos itself fails to return financial instruments or cash to investors.

This protection does not cover investment losses due to market performance. Crepeerase.com Review

How does Mintos.com generate returns for investors?

Mintos.com primarily generates returns for investors through interest payments from loans and bonds, as well as interest on “Smart Cash” deposits.

These methods are not permissible in Islamic finance.

Is Mintos.com suitable for beginners in investing?

Mintos.com positions itself as suitable for beginners, offering “ready-to-go, fully automated portfolios” and learning resources.

However, for Muslim beginners, it is not suitable due to the ethical impermissibility of its core investment products.

What is “Smart Cash” on Mintos.com?

“Smart Cash” on Mintos.com is a feature that offers up to 2.25% interest on cash held on the platform.

This is an interest-bearing product and therefore not permissible in Islam.

Can I track my investments on the go with Mintos.com?

Yes, Mintos.com provides a mobile app that allows users to “create a portfolio and track your investments on the go,” enabling access anytime, anywhere.

Does Mintos.com facilitate profit-sharing investments?

Based on the website’s description, Mintos.com’s primary investment offerings focus on interest-based returns from loans and bonds, rather than profit-sharing models like Mudaraba or Musharaka which are central to Islamic finance.

Where can I find Sharia-compliant investment opportunities?

Sharia-compliant investment opportunities can be found through specialized Islamic banks, Islamic wealth management firms, platforms offering Sharia-compliant ETFs or mutual funds, and ethical crowdfunding platforms focused on equity-based investments.

What is the minimum investment amount on Mintos.com?

The minimum investment amount stated on Mintos.com’s homepage is €50. Wild.io Review

Does Mintos.com provide financial advice?

Mintos.com offers learning resources and customer support, but it primarily functions as a marketplace for investments rather than a direct provider of personalized financial advice.

Investors are typically expected to make their own investment decisions or use automated portfolios.

What is the “Mintos community”?

The “Mintos community” refers to a potential forum or online space where users can discuss their experiences and strategies related to investing on the Mintos platform.

How can I learn more about ethical Islamic investing?

You can learn more about ethical Islamic investing by consulting Islamic finance scholars, reading books and academic papers on Islamic economics, attending webinars by Islamic financial institutions, and exploring reputable Sharia-compliant investment platforms.

Is Mintos.com regulated internationally?

Mintos.com states it is an “authorized investment firm in the European Union under MiFID,” implying its operations are regulated within the EU financial framework, which covers its services across member states.

Why is interest riba forbidden in Islam?

Interest riba is forbidden in Islam because it is seen as an exploitative practice that generates wealth without real productive effort or genuine risk-sharing.

It can lead to economic inequality, instability, and is considered unjust, violating principles of fairness and compassion in financial dealings.