The argument is not from me, but from scholars and religious researcher and I am just forwarding it on HN. The money you put on your digital wallet should not m

The argument is not from me, but from scholars and religious researcher and I am just forwarding it on HN. The money you put on your digital wallet should not magically increase. It should be like your physical one. When you put $100, that’s what you get. When you put $100 and you get $110 without trade is riba. When you buy $100 for $110 is riba. Riba is when money magically appears without any effort/business. When you put money into a wallet, the terms is that you just want to store it, you don’t want the wallet to somehow circulate your money into investment, that’s not wallet, thats bank. If it is the business you do the deal with that provides cashback (you buy meat and the meat store give you 10% discount or 10% cashback) then it is allowed as they are the first party who were part of the transaction, you don’t “lend” them money at all. Credit card that charges interest/fee is already considered riba in Islam, no need to go into the cash back situation as it is already forbidden in the first place. The Al Quran clearly answers your questions. “God forbids riba and permitted trade/business”. Riba had 0 risk for the lender, while investment/trade/business has risk. It is unfair to invest but only wanted profits, in business there’s a risk of loss, and there’s a chance of profits. Investing time and skills, or money for other business is allowed. No one would label it riba. When you starts being unfair by investing and you wanted only profits in return, without risk of loss - then that’s loan, not investment. The etymology definition of riba is interest, but the actual ruling around it and the law is very complex. I agree that some financial institutions are just using the label Sharia and Halal while in actualities it is just conventional banking.