Dr. Monzer Kahf, a prominent economist and counselor states: Riba is absolutely forbidden in Shari’ah with the strongest terms and interest as practiced in conventional banks today is the Riba itself. Consequently, taking loans from banks for interest is not permitted in Islam and it is rather one of the gravest sins. I am not aware of any thing in our religion that allows violation of prohibitions other than necessities and their likes and I don’t see a necessity in buying a car or a property for those who can’t pay for them.”