The Islamic alternatives could very well be an answer. That's what I'm seeking; to learn what the alternatives are. As br. Cold_Fire pointed out the things he does to avoid indulgence in Riba as much as possible.
As for your previous question, I personally believe Riba is Riba. Significance of time (Ancient vs. Today) does not matter, because we have been foretold of a time when it would be unavoidable for us to abstain from being involved in Riba (as stated in a hadith).
But, I suppose the goal of this thread, and core of my question is What can we do to ensure that it is minimal, if even that.
I hope that clears any confusion..
The Islamic alternatives are no better than the conventional methods in that they focus on contractual language from classicalk contracts yet they do not preserve the benefit that the prevention of Riba is supposed to accomplish, which is why I had mentioned that the economic substance related to Riba is of utmost importance in understanding and creating a legit Islamic finance system.
Can you please quote the hadith?
In todays world, the decision is entirely personal to avoid Riba. Simply don't do it. As for creating an Islamic system of finance, we have fallen short because they do not really provide any benefit as compared to a conventional system of banking today. Islamic finance must evolve from Islamic jurisprudence which should pick the better of two benefits and the lesser of two evils. Arbitrage in contractual language of Islamic finances has not yet changed the economic injustice they do to muslims, which is the primary purpose of forbidding Riba.