A careful evaluation avoids two extremes. One says Murabahah and Ijarah are merely interest with new names; the other treats their widespread use as sufficient fulfillment of Islamic banking's whole purpose.
The balanced position is that these contracts are genuinely different from interest when correctly implemented, but they should not permanently replace risk-sharing structures where Musharakah can reasonably work.
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Islamic Banking: The Core Philosophy and the Musharakah Gap
A careful evaluation avoids two extremes. One says Murabahah and Ijarah are merely interest with new names; the other treats their widespread use as sufficient fulfillment of Islamic banking's whole purpose.
The balanced position is that these contracts are genuinely different from interest when correctly implemented, but they should not permanently replace risk-sharing structures where Musharakah can reasonably work.