Is Murabaha simply an interest-bearing loan but under a different name?

It shouldn't be like that.

Steps

1. A loan is a money-for-money relationship, while a Murabaha is a sale contract: the bank buys an asset and then sells it to you at a price that includes a known profit.

2. But for you, as a customer, the similarity in having monthly installments might make it look similar on the surface.

3. To truly differentiate, look at the steps of ownership, sale, contract, and total price, not at the name on the advertisement.

The figures, fees and limits in this answer vary by bank and change over time — confirm them with your bank or the official source before acting.

Source

• AAOIFI — Sharia Standard 8: Murabahah