Islamic banks do not give cash money as loans, rather than they enter in a partnership with u as a customer, for example if u want to buy a car they will buy it instead and sell it to u in installments "they can charge u with higher price than the cash price since they r giving u the previlege of installments", which is called Murabaha..not interest. so if anytime u got money and u wanted to close the deal then u have to pay the total amount u agreed to pay in the beginning (total installments) while in the non islamic bank they will give u money and u have to return it back with interest, and if u decided to pay it back before the due date, they will not charge for the later period. I dont know how some people call it the same, it's like saying that adultry and marriage are the same since they consist of the same physical acts.!!!
Islamic banks do not give cash money as loans, rather than they enter in a partnership with u as a customer, for example if u want to buy a car they will buy it instead and sell it to u in installments "they can charge u with higher price than the cash price since they r giving u the previlege of installments", which is called Murabaha..not interest. so if anytime u got money and u wanted to close the deal then u have to pay the total amount u agreed to pay in the beginning (total installments) while in the non islamic bank they will give u money and u have to return it back with interest, and if u decided to pay it back before the due date, they will not charge for the later period. I dont know how some people call it the same, it's like saying that adultry and marriage are the same since they consist of the same physical acts.!!!