Islam's view of Fractional Reserve Banking

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   Hi, Assalamualaikum! 

 I had a question about the way finance works in the modern world, with regard to how money is made. 

 The money we use is created in the economy through what is called, 'Fractional Reserve Banking' System. 
 Here's the Wikipedia link ... 
 https://en.wikipedia.org/wiki/Fractional-reserve_banking

 The system is interest-based, which means that it is essentially what's called 'Riba' in Islam. Since this is the case, what is Islam's view on Fractional Reserve Banking? Is it to be considered as 'Riba' and because of this, 'Haram'? 

 And by the way, please look up on what is 'Fractional Reserve Banking' if you don't understand how it works ... 

 Sincerely, 
 -  Truth_Seekr

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Truth_Seekr Members Profile Send Private Message Find Members Posts Add to Buddy List Starter. Joined: 18 March 2018 Status: Offline Points: 7	Post Options Post Reply Quote Truth_Seekr Report Post Thanks(0) Quote Reply Topic: Islam's view of Fractional Reserve Banking Posted: 21 April 2018 at 9:52pm
	Hi, Assalamualaikum! I had a question about the way finance works in the modern world, with regard to how money is made. The money we use is created in the economy through what is called, 'Fractional Reserve Banking' System. Here's the Wikipedia link ... https://en.wikipedia.org/wiki/Fractional-reserve_banking The system is interest-based, which means that it is essentially what's called 'Riba' in Islam. Since this is the case, what is Islam's view on Fractional Reserve Banking? Is it to be considered as 'Riba' and because of this, 'Haram'? And by the way, please look up on what is 'Fractional Reserve Banking' if you don't understand how it works ... Sincerely, - Truth_Seekr