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Are treasury bills at the Central Bank of Yemen permissible or forbidden, and are they considered usury?

1 min readAlso available in العربية

Treasury bills, bonds, investment certificates, and loan bonds are all names for one thing, which is in reality a long or short-term loan. The borrowing entity undertakes to repay its value on specific dates in exchange for guaranteed interest. This is forbidden because it is riba al-nasi'ah (usury of delay), which the Quran has prohibited. Islamic jurisprudence conferences and councils have ruled these bonds to be impermissible, such as the resolution of the Islamic Fiqh Academy in 1990 CE.

Summarized from the full answer at Ftawy · reviewed Sep 2, 2026

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