Islamic banks are in the comfortable zone generating income from Murabahah financing on the ground of "Darurah" or necessities. There are marginal efforts to completely becoming independent of this non-profit and loss mode of financing.
You can go through a peer reviewed article written by H Ahmed.
Islamic banks can use a variety mode of financing, such as mudharabah, musharakah, murabahah, ijarah, qardh and others, as well as their variations. The thing is that current practice of Islamic banks heavily depend on murabahah mode of financing, which make Islamic banks are not optimum in balancing reteurn and risk. Actually, there are optimum financing portfolio which could optimize Islamic banks' risk-return. Please check my paper: 2014 09 CfP BORSA-IRTI Impact of Investment Model to Profitability Before n During Financial Crisis
https://www.researchgate.net/publication/305815587_The_Dhaka_Mercantile_Co-operative_Bank_Limited_A_Case_of_Islamic_Shari%27ah_Banking_in_Bangladesh
Article The Dhaka Mercantile Co-operative Bank Limited: A Case of Is...
I don't think so, because the core portion of their financing portfolio refers to Murabahah it self.
Therefore the Islamic banks should turn to the other Islamic financing types (Musharakah, Mudharabah, ...ets), to be survived from non Murabahah revenues.
Some background: Though not a Muslim I had to study Islamic Finance in depth in order to ready a Standby Capital product I designed for the global market so it met Islamic rules - I did this with the Head of Islamic Law for DLA and obtained a fatwa from a respected source. I have 46-years in insurance and capital markets and this has taught me that risk and return can be manipulated in many ways e.g. the commodities pricing structure that marries the index/interest rate in the standard commodities world to a fee in the Islamic version.
To answer your question: Therefore I would say that idealism has a limited place in commerce as the reality is the objectives of both parties will find a way to conclude a deal (usually the easiest given the fact that traditional banking training is non-Islamic). Thus any effort, of which there has been many over the years, to switch away from Murabaha will not be met on the shop-floor which by the way has not been good at obtaining the proper risk return due to excessive competition in pre- and post Financial Crisis.
Conclusion: NO
My heart says yes but my mind says no. The current research tends to show the overdependence on Murabaha and Murabaha like products. Some of our colleagues call it "Murabaha Syndrome" and some others name it "Islamic bank rent".
By considering current socio-economic conditions, lack of trust, asymmetric information problem (adverse selection and moral hazard) and more importantly peoples mind send, we are far away from PLS or so called risk sharing contracts. So for time being, we have to bear with the true sale Murabaha which has ofcourse Shari'ah mandate.
Ideally Shariah always prefer to invest in firms or investment opportunists that are fee from pure interest or interest based activities. Keeping in mind the current complexities and financial engineered products it seems impossible. Ideally A shariah investor/bank is left with none or very few investment options. most of the researcher above says if we remove or opt other options than Murabaha i think it would be difficult to maintain the status of the financial activities as Shariah compliant.
Based on facts and figures, approximately 60% of the total amount financed by Malaysian IFIs are for Murabahah financing.
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