How can the Murabaha sale, which is considered Islamically permissible, be reconciled with the principle of Murabaha adopted by Islamic banks today, and is that considered a circumvention of Sharia?

Murabaha sale is a sale at cost price plus a known profit. Ibn Qudamah defined it as "selling at cost price plus a known profit, provided that both are aware of the cost price." Its permissibility is established by the general text in the Almighty's saying: "And Allah has permitted trade" [Al-Baqarah:275], and by the universal rule: "The basic principle in transactions is permissibility." As for the Murabaha sale to a purchasing orderer, which is conducted by Islamic banks, it is permissible according to Sharia, provided that the bank owns and possesses the commodity before selling it to the orderer. Islamic banks bear the responsibility for loss before delivery and the liability for return in case of a hidden defect.