How do Islamic banks reward their depositors since payment of interest is not allowed?

Sure, any time money exchanges between people and a sale has not taken place then any profit or loss must be shared. If there is no loss and guaranteed profit or guaranteed zero risk then this is a riba-based transaction.

It’s sadly true the Islamic banks of the past are not Islamic at all and, to be honest, provide zero advantages

Interesting. Thanks for that

Yes, I am also concerned by this, we have so many sincere people out there saying “Look there is a halal option” and due to their innocent ignorance, they think they are doing something right. I wonder who will be questioned more.

Yhh, they are just as expensive if not more. But how else could they make money without blatantly saying we are not halal but we say we are!

Yeah it is also concerning that anyone (with good intentions we assume) can come out with a Islamic finance option without that being ratified by a group of scholars