I’m not convinced that modern day banking interest is the same thing as the prohibited ‘riba’.

There are lots of ways for so-called Islamic banks to make money by providing finance:

“ Ijara is when banks buy an asset, such as a car, and leases it to the customer. Ownership remains with the bank until the lease is paid off by the customer. During this time, the bank is responsible for maintenance of the asset.

Murabaha means the bank acts as an intermediary to buy the asset, which is then sold to the customer, plus profit. The customer buys the asset with deferred payments.

Wakala refers to a contract of agency or delegated authority in which the bank is appointed much like an individual agent to carry out a specific task on the customer’s behalf. The bank lends its expertise for a set duration for an agreed upon profit.

Salam could be considered forward-financing, or as a kind of debt – the institution pays for specified assets in advance, which the seller will then supply to a quality, quantity, and time the parties have pre-agreed.”