I prefer the so-called Islamic banks being called “Ethical Banks”. It makes more sense. There is no way a bank, whether Islamic or conventional, is going to avoid interest in this “fiat currency system” that derives its value extrinsically as opposed to the system of gold and silver of the time the prophet that derives its value intrinsically. Here is the dilemma for me, not yet a trilemma even though that is brewing as well. So, the issue of Riba. It’s either we agree the paper currency or fiat system is Riba-based or otherwise. It’s binary. If there is Riba in it, then no amount of kwaskwarima in the name of Islamic banking would make it Riba-free. Think, the multiplier effect of fiat in the Fractional Reserve System. The other spectrum of the binary, which is, no Riba in the fiat system. If there is no Riba in it, then Ethical way of doing business that mirrors the spirit of the Shariah comes into play (Count me in here). But then, how I see it, our Islamic banks believe there is Riba in paper currency which operates in a fiat system backed by fractional reserve system which Riba is almost unavoidable (knowingly or unknowingly). In conclusion, it’s either we agree there is no Riba in fiat; and we opt for ethical way of doing business, or we agree there is Riba in fiat and almost no amount of window dressing it in would make it Riba-free. I may be wrong, but that’s how I see it. 😅