Re: Heroes of Bangladesh ( Must read )
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There are ways to make profits without interest. My father works for a Bahraini bank heavily involved with Islamic banking and from the multi-million dollar profits the bank is making from interest-free banking (and that's multi-million per deal... it adds up to an aweful lot over a fiscal year).... it's very profitable.
This a bit of a simplification, but the core of profitable Islamic interest based banking is the injunction from Hadith that interest is any loan from which a profit is made
Islamic interest-free banking is focused on finding ways to finance things without anyone paying back more of a loan than they borrowed. It's about achieving the same end state through a different means.
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How does an 'islamic bank' make a profit off of a loan if it expects the borrower to only pay back the amount it lent?
Also, as you yourself have defined riba as any loan from which profit is made, how is the 'islamic bank', which makes a profit off of lending money, not committing riba?