When I was a tax adviser in London some 20 years ago I used to deal with both Islamic banks and other non-Islamic finance houses who facilitated arrangements where quasi interest could be paid (for example in inflated quantities of goods) in order to be Sharia compliant. It seemed to me to be lttle different from many tax avoidance schemes, paying interest in a form that, while not actually interest, was in effect interest. None of the Muslims I asked could explain to me why these arrangements were OK as they clearly artificially circumvented Sharia law.

My respect for that religion decreased as a result.