LOL...so lemmie see if I got this straight. Allah doesn't approve of paying interest, but if you cook the books, call it something else, then Allah is okay with it? Do they really think they are pulling one over on Allah?
Basically. There are imams in the Gulf States that make a good living off of "blessing" these types of deals. For a fee, of course.
Yup, Islamic Banking 101 ... needing to find Allah approved ways around the concept of the riba - which encompasses both usury and interest, makes for some interesting financial products :). The basic idea of Islamic banking is to spread cost / profit / loss around in a shared manner.
Although definitely not a very efficient instrument from classical capitalist POV :)