Riba is not Permitted, Because Allah did not Permit it
The answer to this portion of Dr. Ibrahim’s research, is that the Faqihs, i.e., the scholars who have knowledge in the religion, have considered usury `Haram (impermissible) because [various versus of the Quran and] authentic Hadiths of the Prophet, salla allahu `alaihi wa-sallam, rendered it `Haram. Surely, there are several authentic Hadiths that clearly state that any loan that incurs interest, even if the interest was minute, is `Haram (impermissible). Yet, this writer, Ibrahim, may Allah guide him back to the True Path, chose to ignore all these Hadiths and only discusses the Texts in the Quran on this subject, which are general in meaning.
He tried to restrict the impermissible Riba to only one type that involves lending money to a needy person with interest. As for the other types of Riba, he tried to classify them under the `Halal (allowed) transactions, claiming that people need these types of dealings in the present time! He also claims that in present times, both financial institutions and mankind need Riba transactions to fulfill their needs and to succeed in their businesses. [as if Riba constitutes the entire economic activity in complex Western economies]
By: Shaikh: Abdul ‘Aziz ibn Abdullah ibn Baz