If I may continue this just a little further...
How do you invest your money? And where do you put your cash?
Even if you put your cash in the average bank, it earns some interest (albeit a very low amount in today's world). Do you find safe places to put money, where interest isn't applied?
And do stock dividends count as interest? I'm wondering if you can go the stock market route, but find stocks that don't have dividends.
As I said earlier, I had no idea. I do a lot of investing and home buying and such. I find this really interesting.
Well, it's quite difficult in North America. Very easy in the Middle East because interest is forbidden there so the stocks/real estate/etc investments are easy to make. Whereas here, you've got to be very, very shrewd in your business moves.
Any stock that accumulates interest or were founded using interest (i.e. company started by taking out a loan, paid interest and is now profitable) is forbidden. Which is, like, 95% of the stocks out there in North America. So it's very tricky to invest in stocks.
As far as real estate goes, you simply have to have a lot of money. Here in Edmonton the wealthiest Muslims, at least that I know, are doctors/dentists/optometrists who have no only made a lot of money over their careers but have outright purchased homes without mortgages and began to rent them out to people. That, and they purchase residential buildings/plazas and make their money that way. There is one specific man who started out a bakery on his own with no interest involved, grew to be the most popular bakery in North Edmonton, and accumulated so much wealth that he bought the entire strip. Now, on top of his bakery he owns the plaza where 7 other businesses call home, and he did it all interest-free.
It's a very, very tough route to go though especially nowadays. It's why I personally want to move to the Middle East some day. Just fits my preferred style of living more than North America.
As far as banks go, I have all my money in a bank. I've got a chequing and a savings account (insert Kevin Hart joke), but when I opened it I specifically asked the bank to remove all interest accrued from my savings account. So I don't generate any interest whatsoever with any of my accounts.