A Life Without Bank Accounts (Sort Of)

A Shady Bank

I've been wondering if it's possible to live without the services that banks provide. Why you may ask? Two reasons.

And of their taking usury when they were forbidden it, and of their devouring people's wealth by false pretences, We have prepared for those of them who disbelieve a painful doom. 

 4. Surat An-Nisa (The Women); 161

First, our money is part-taking in things that may not agree to our beliefs or personal stance without our knowledge. I've heard true stories from people who work in bank's credit card unit. Stories of people who are unofficially on payroll from the banks through credit cards. The bank gives a monthly credit limit to these people that becomes like their monthly wage, charge on anything for a month, at the end of the month the card will return to zero balance.Why those people? They're influential or important people who lobby for laws, decision makers and so on. It's probably near impossible to do so in developed countries, but there may be loopholes.

O you who believe! Be afraid of Allah and give up what remains (due to you) from Riba (usury) (from now onward), if you are (really) believers. 

2. Surat Al-Baqarah (The Cow); 278

Second, Ctrl+c, Ctrl+v wikipedia, a bank is a financial intermediary that accepts deposits and channels those deposits into lending activities, either directly by loaning or indirectly through capital markets. A bank links together customers that have capital deficits and customers with capital surpluses. That's what's a bank supposed to do and resulting of that is riba. The second reason actually goes back to the first reason as well.

Is it possible? Yes. Both sides, having a bank account and not having one, will cost you.

What's my solution? I still need a bank account since I use it for payroll, but this situation further strengthen my current money management in pulling out remaining cash on account after I do my deed of paying bills and so on.

If I had the option to become underbanked, I would probably choose a prepaid card system with the most transparent and cheapest in fees. I don't know about regulations of prepaid cards, but an article from Forbes explains that deposits on prepaid cards aren't allowed to be lent out. Citing from the article; “Banks make money by taking in deposits and lending them out at higher price. A pre-paid debit card doesn’t allow Walmart to do that.  There’s only one way for Walmart to make money off the pre-paid card and that’s the monthly fee. Meanwhile banks make money in plenty of other ways so it’s unfair to compare them.” 

May Allah help me become successful in my efforts.