Muslim Economy does not Need Riba Transactions

In response, we state that Muslims benefited from the Islamic economic system for the past fourteen centuries, long before banks ever existed. During this long period of time, the projects and industries that existed in the Muslim World did not rely on prohibited types of dealings. Further, we state the fact that in modern times, people do not need to deal in Riba to sustain their livelihood.

We should note here that all types of mistakes and injustices result from indulging in the prohibited types of dealings. This is especially true when the society is not fulfilling its obligations towards its members, such as being sincere, trustworthy and truthful with other people, while shunning all types of illegal dealings that entail Riba, Gharar [hidden inability to deliver promised goods and services], deceit and cheating.

By: Shaikh: Abdul ‘Aziz ibn Abdullah ibn Baz