What is your opinion of one who issues a fatwa permitting bank interest, such as Sayyid Tantawi, if the interest is determined in advance?

The questioner : The third question asks about the fatwa of His Eminence, Shaykh Sayyid Tantawi in Egypt, permitting, meaning, bank interest. The Shaykh says he relied on a jurisprudential opinion, stating that there are two opinions on the issue of banks: one that determines the interest in advance, and one that defers this interest without determining it. He based his fatwa on the opinion that determines the interest in advance. The brothers ask: Is this a recognized opinion with a basis in the Shari'ah, or is it an independent legal reasoning (ijtihad) by the Shaykh, may Allah reward him with good?

The Shaykh : What we see is that it has no basis in the Shari'ah and that it is wrong, because riba (usury or interest) is the increase, whether the increase is in the interest of everyone or not. Some of our brother scholars among the contemporary ones say that investment riba is in the interest of the taker and the giver. The taker's interest is that his money increases; he gives a thousand and takes a thousand and two hundred. The one giving the riba benefits by taking this money and buying, for example, equipment to work with, or establishing a project, or something similar. They say this is beneficial to both parties, and the Islamic Shari'ah did not come except to perfect benefits and achieve benefits. And riba is originally based on injustice, as He the Exalted said: Do you understand? This is a theory, meaning, we say nothing about it, but if it contradicts the text, it must be invalidated, because theories cannot stand in contradiction to the text. Otherwise, the claim of Iblis that he was created from fire and Adam from clay, with the clay being better than the fire, would have stood. Meaning, even the basis of Iblis's analogy is wrong.
I say: Is there injustice in this? I ask you, you the questioner, is there injustice? I gave you two sa' (a dry measure of about 3 kg) of inferior dates worth ten dirhams, and you gave me one sa' of good dates worth ten dirhams. Is there injustice?

The questioner : It appears there is none.

The Shaykh : It appears there is no injustice, neither apparent nor hidden. If I sold it in the market, I would take ten, and if I sold the two in the market, I would take ten. There is no injustice. And yet, the Messenger (peace and blessings be upon him) said: By this, we know that the fatwa you referred to, and what some of the contemporaries said, is a wrong fatwa and is not valid. And both the exploitative, unjust riba and the investment, beneficial riba are forbidden (haram). We ask Allah to protect us and you, and to guide us to the truth. O Allah, show us the truth as truth and grant us the ability to follow it, and show us falsehood as falsehood and grant us the ability to avoid it. And all praise is due to Allah, Lord of the worlds. And may Allah send prayers and blessings upon our Prophet Muhammad, and upon his family and his Companions, and those who follow them with excellence until the Day of Judgment. And I think your brother has exhausted you with these three questions, so allow him.