Riba is usury i.e. excessive shameful interest but not most of modern day banking?

[peace800]

Allah (swt) mentions Riba which means usury but not faida which means interest. But many scholars have called all interest haraam but i dont know if this may be the case. Usury is exploitative interest but modern day banking especially in the west are not necessarily usury and they only lend if they are certain that ppl can afford and also their interest rates are not necessarily usury.

There are conflicting views, there are articles such as the one below that say that usury may not really be interest and there is a difference but it has been already called all forms of interest. A conventional mortgage may not be haram if the rates are not exploitiative. There is not concrete stand on the issue but many scholars have straight away labelled all interest usury but in fact ususry is exploitative ridicilous interest, some scholars also point that out.

http://globalwebpost.com/farooqm/writings/islamic/riba_interest.html

Your thoughts?

 

[islamirama]

Interest is interest. haraam is haraam, whethere one drop or an ocean. Riba is interest, usury is excessive interest. What does it matter, it's major sin either way. Many schoalrs called all interest haraam becuase it is haraam. Modern day banking is based on interest, you pay more than you owe. Whethere you pay 2% or 20% APR or APY or what not.

There's the islamic way, the grey area and haraam way. This is clear cut as to where it falls. Whose willing to take a chance and risk jannah for this?