Salaam to you all,
I have not read in any Islamic web sites about the interest rates presently being charged by banks to be much in line with what is dictated in THE MOST SACRED BOOK.
Speculators will still make or loose money from many other sources, but at least the poor working class maybe able to borrow at a sensible interest rates for their needs.
Our WONDERFUL ALLAH, clearly forbid usury. When you consider the reality about any kind of interest being charged it is wrong when you consider that the money you are borrowing is only the surplus of the INVESTORS.
Take as an example... if your friend has a tool or machinery that they do not use and you borrow it, the friend would not aspect you to pay for that, unless you damaged the item or consumed it and the return of the item is all that you would be requested to do so. What is the difference if that friend lends you his/her surplus money, and then returns them after a given period? Perhaps if the money would have lost its buying capacity it would be acceptable to return the additional amount to cover the short fall.
Perhaps Our WONDERFUL ALLAH had something to do with our present low interest rate, who knows that it maybe just a way to show that THE MOST SACRED BOOK was right again and we could well live without USURY.
Your devote follower