Academic literature on the topic 'Tawarruq'
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Journal articles on the topic "Tawarruq"
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Ahmad, Zaki, Faathih Zahir, Ahmed Mohamud Usman, Aishath Muneeza, and Zakariya Mustapha. "An Exploratory Study On The Possibility Of Replacing Tawarruq Based Islamic Banking Products Using Other Alternatives." International Journal of Management and Applied Research 7, no. 2 (June 5, 2020): 147–64. http://dx.doi.org/10.18646/2056.72.20-011.
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Tawarruq which is also known as commodity Murabahah in Islamic banking is widely practiced in Malaysia to structure different types of Islamic banking products. The widespread use of tawarruq has made Islamic banks to be re-named as “tawarruq banks” and some even call tawarruq as the “magic lamp” of the industry. Shariah scholars have criticised this frequent usage of tawarruq in Islamic banking industry of Malaysia, while the practitioners have replied by saying that if tawarruq is a shariah approved concept, then what is wrong with the usage of it? However, from the shariah perspective, the issue here is not about the shariah compliance of tawarruq transactions per se. It is about the shariah limitations imposed by the scholars on the use of it. This simply means that there is a reservation made by shariah scholars in allowing the usage of tawarruq contract in Islamic finance as tawarruq is a contract allowed to be used when one has to choose between a conventional loan and tawarruq. The purpose of this research is thus to show the alternative Islamic commercial contracts that could be used to structure Islamic banking products that have been structured in the market using tawarruq. It is anticipated that the outcome of this research will assist Islamic banking industry to understand why and how they can move away from tawarruq.
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Alkhan, Ahmed Mansoor, and Mohammad Kabir Hassan. "Tawarruq: Controversial or Acceptable?" Arab Law Quarterly 33, no. 4 (August 15, 2019): 307–33. http://dx.doi.org/10.1163/15730255-12334042.
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Abstract The debate about tawarruq (monetisation) has been ongoing, especially with regard to the permissibility of organised tawarruq. The majority of contemporary Sharīʿah scholars, including the Organization of Islamic Cooperation in 2009, ruled that organised tawarruq is impermissible according to Sharīʿah (Islamic law). Nevertheless, organised tawarruq remains a widely-used product in the international Islamic banking industry. Having reviewed the literature and reasons pertaining to the prohibition of organised tawarruq, this research article argues that the prohibition ruling may have been based on certain wrongful practices that existed in the industry, rather than on evidence provided from the Sharīʿah. This research includes empirical work that qualitatively analyses organised tawarruq transactions executed by three Islamic banks in the Kingdom of Bahrain. Using empirical data and analysis provided, this article suggests that the general practice of organised tawarruq might be permissible according to Sharīʿah.
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Roslan, Muhammad Faruq, Omar Bamahriz, Aishath Muneeza, JinZi Chu, Zakariya Mustapha, and Mohamad Zabidi Ahmad. "Application of Tawarruq in Islamic Banking in Malaysia: Towards Smart Tawarruq." International Journal of Management and Applied Research 7, no. 2 (June 5, 2020): 104–19. http://dx.doi.org/10.18646/2056.72.20-008.
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The objective of the paper is to discuss the application of tawarruq in Islamic banking generally. The modus operandi of tawarruq in Islamic banking is an essential discussion in jurisdiction like Malaysia, where most Islamic banks use tawarruq to structure Islamic banking products. This paper employs a systematic literature review on best practice models and mechanism of current tawarruq application. The outcome of the research helps to understand the modus operandi of tawarruq transactions practically with a view towards understanding its future prospects in the era of Fintech. It is envisaged that this research will assist the growing understanding of the existing application of tawarruq in Islamic banking as well as its future development using technology.
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Sharaiyra, Suhaib Walid, and Maher Haswa. "The Effect of ‘Motive’ on Characterising Organised Tawarruq." Arab Law Quarterly 33, no. 2 (April 3, 2019): 179–97. http://dx.doi.org/10.1163/15730255-12332010.
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Abstract This article aims to discuss the effect of motive of organised tawarruq parties on its permissibility and to shed light on the importance of considering the overall objectives and goals of Sharīʿah when conducting transactions. An analytical and deductive approach is used to examine the reality of organised tawarruq (al-tawarruq al-munaẓẓam) and the motive behind it as well as the validity of reference to and conception of the texts used in support thereof. The discussion concludes the presence of misinterpretations of the Sharīʿah texts referred to in support of organised tawarruq, as well as obvious overlooking of the motives behind it, which should have led to the exclusion of organised tawarruq from the permissible modes of Islamic finance. This article provides a comprehensive view of organised tawarruq, in terms of its motive, form and substance, in order to assist in reviewing the capability of its use as a financing tool.
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Ali, Mohammad Mahbubi, and Rusni Hassan. "Survey on Sharīʿah non-compliant events in Islamic banks in the practice of tawarruq financing in Malaysia." ISRA International Journal of Islamic Finance 12, no. 2 (July 31, 2020): 151–69. http://dx.doi.org/10.1108/ijif-07-2018-0075.
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Purpose Tawarruq (Islamic commodity financing) has evolved as the most ubiquitous concept in Malaysia’s Islamic banking industry. Nevertheless, the extensive use of tawarruq has invoked a number of Sharīʿah (Islamic law) concerns in its practice. This study aims to investigate the Sharīʿah non-compliant (SNC) phenomena in the practice of tawarruq financing in Malaysia. Design/methodology/approach This study adopts qualitative research methodology, combining both descriptive and content analysis. A self-administered questionnaire was distributed to 16 Malaysian Islamic commercial banks to unveil the Sharīʿah non-compliance issues in the application of tawarruq in Islamic banks (IBs) in Malaysia. Findings The study found that some practices of tawarruq in Malaysia might not comply with the Sharīʿah, mainly due to the improper sequencing of contracts. The study also discovered that IBs adopt different approaches in dealing with SNC events and the income derived therefrom. Finally, the study noted the influence of board of director/management on certain Sharīʿah decisions particularly on the treatment of non-ḥalāl (impermissible) income. Practical implications The findings of the study serve as a reference to industry players and regulators in formulating a Sharīʿah non-compliance risk management framework for tawarruq practices. Originality/value The survey on SNC issues in tawarruq practice constitutes the first of its kind in the existing literature.
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Komarudin, Parman, and Muhammad Syarif Hidayatullah. "Analisis Qiyās Transaksi Tawarruq dengan Bai’ al-’Īnah." NUKHBATUL 'ULUM: Jurnal Bidang Kajian Islam 7, no. 1 (June 11, 2021): 59–79. http://dx.doi.org/10.36701/nukhbah.v7i1.317.
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This paper aimed to analyze the application of qiyas method in the prohibition of tawarruq transactions through qiyas tawarruq with bai' al-‘înah. This paper was qualitative research with a type of normative law research using conceptual approach. The results of paper showed that the application of the pillars of qiyas in qiyas tawarruq with bai' al-‘înah namely: bai' al-‘înah as ashl, tawarruq as far', the prohibition of bai' al-‘înah practice as hukm al-ashl and the main motive of the transaction in the form of obtaining cash (liquidity) instead of owning goods (commodities) with the mechanism of buying and selling and debt that represents hilah ribawiyah is as 'illat. Therefore, as is the prohibition against bai' al-‘înah, as it also applies to tawarruq. However, there is also a difference between bai' al-‘înah and tawarruq on the grounds of differences between the parties who make the second purchase, and some allow tawarruq on the condition that there is an urgent need or no agreement with a third party. Thus, it is very important in positioning ushul fiqh relevant to contemporary economy and finance, because the muamalah in Islam has flexibility, elasticity and openness to the development of the times.
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Susilo, Edi. "MANAJEMEN LIKUIDITAS LEMBAGA KEUANGAN MIKRO SYARIAH NON BANK (BMT) DENGAN AKAD TAWARRUQ." JURNAL ILMIAH EKONOMI ISLAM 3, no. 01 (March 30, 2017): 1. http://dx.doi.org/10.29040/jiei.v3i01.67.
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Non-bank Islamic microfinance institutions (BMT) are legal entity Cooperative have no instrument to fulfill liquidity needs as Islamic banking. Whereas the BMT should provide liquidity fund for the partners / members at any time. This article uses descriptive analytical method, to understand deeply the Tawarruq contract as liquidity management solutions Non-bank Islamic Microfinance Institutions (BMT). The results show the Tawarruq contract can be revitalized by necessity of the present to fulfill the liquidity needs of Non-bank Islamic Microfinance Institutions (BMT). Keywords: Tawarruq, Islamic Microfinance Institutions, BMT
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Zulkepli, Muhammad Izzul Syahmi, Mohammad Taqiuddin Mohamad, and Mohd Anuar Ramli. "[Guide to Accepting Hiyal-Based Contracts in Malaysia Islamic Banking: An Evaluation] Panduan Penerimaan Kontrak Yang Berasaskan Hiyal di Perbankan Islam Malaysia: Satu Penilaian." Jurnal Islam dan Masyarakat Kontemporari 21, no. 2 (August 27, 2020): 141–52. http://dx.doi.org/10.37231/jimk.2020.21.2.490.
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Ḥiyal is a hidden approach in order to achieve certain goals. This legal device is still debated among Muslim scholars. Some of them are more likely to allow it, while others do not. Nonetheless, Islamic contracts that consist of ḥiyal, such as tawarruq have been attaining attraction especially in the Islamic banking industry in Malaysia. It is offered widely through various Islamic banking products based on a specific guideline aimed at preserving the reputation and performance of Malaysian Islamic banking. Therefore, this study will examine ḥiyal concept from the fiqh perspective and the guidance of accepting ḥiyal contracts, particularly tawarruq-based deposit product offering at the Malaysian Islamic banking. To collect data, researchers utilised the library studies and field studies (interview). Library studies apply the method of documentation by referring to the ḥiyal discussion among Muslim scholars as well as the product disclosure sheet and the BNM tawarruq policy document. Meanwhile, the field studies employed the interview method which involve several informants among Shariah experts / muamalat and Shariah executives in Malaysian Islamic banking. The qualitative data were subsequently analyse using content analysis method descriptively. Research finding implies that although tawarruq contracts with ḥiyal elements were widely offered through Malaysian Islamic banking products, their acceptance took into account several guidelines, namely ḥiyal views from the perspective of fiqh, ḥiyal parameters, and BNM tawarruq policy document.
Ḥiyal merupakan satu pendekatan yang tersembunyi bagi mencapai satu matlamat khusus. Dalam perbahasan fiqh, fuqaha berbeza pandangan terhadap elemen ḥiyal. Sebahagian mereka lebih cenderung mengharuskan aplikasi elemen ini, demikian juga sebahagian lain tidak mengharuskannya. Namun begitu, kontrak yang mengandungi ḥiyal meraih penerimaan yang memberansangkan terutama dalam industri perbankan Islam di Malaysia, umpamanya dalam kontrak tawarruq. Ia ditawarkan secara meluas menerusi pelbagai produk perbankan Islam dengan berasaskan panduan khusus yang bertujuan untuk memelihara reputasi dan prestasi perbankan Islam Malaysia. Sehubungan itu, kajian ini akan meneliti konsep ḥiyal dari sudut fiqh dan panduan penerimaan kontrak yang mempunyai elemen ḥiyal, khususnya kontrak tawarruq dalam penawaran produk deposit di perbankan Islam Malaysia. Bagi mencapai objektif tersebut, pengkaji menggunakan kajian kepustakaan dan lapangan (temubual) bagi mengumpulkan data. Kajian kepustakaan mengaplikasikan metode dokumentasi dengan merujuk kepada perbahasan ḥiyal dalam kalangan fuqaha di samping lembaran pendedahan produk serta dokumen polisi tawarruq BNM. Manakala kajian lapangan menggunapakai metode temubual yang melibatkan informan dalam kalangan pakar Syariah/muamalat dan eksekutif Syariah di perbankan Islam Malaysia. Data yang diperolehi telah dianalisis menggunakan kaedah analisis kandungan secara deskriptif dan tematik. Hasil kajian mendapati meskipun kontrak tawarruq yang mempunyai elemen ḥiyal ditawarkan secara meluas melalui produk perbankan Islam Malaysia, penerimaannya mengambil kira beberapa panduan iaitu perbincangan ḥiyal dari perspektif fiqh, parameter ḥiyal dan dokumen polisi tawarruq BNM.
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Ahmed, Habib, and Nourah Mohammad Aleshaikh. "Debate on Tawarruq: Historical Discourse and Current Rulings." Arab Law Quarterly 28, no. 3 (September 23, 2014): 278–94. http://dx.doi.org/10.1163/15730255-12341282.
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One of the controversial products used by the Islamic financial sector is organized tawarruq. As the substance of this product resembles that of an interest-based loan, there is a debate on its permissibility from a Shari’ah perspective. While discussions on tawarruq have arisen due to the emergence of the practice in Islamic finance, there have been deliberations on this transaction in the past starting immediately after the emergence of Islam. The aim of the article is to provide an overview of the historical discourse on tawarruq and examine the rulings on it by two contemporary jurisprudential bodies to assess the practice of the transaction in Islamic finance. The discussions show that the current rulings concur with the majority view of the past scholars. The practice of organized tawarruq by the Islamic financial industry, however, appears to be inconsistent with both the contemporary and historical rulings.
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Nurhisam, Luqman. "Bai ‘Al-Tawarruq: Concept Of Islamic Financing?" Journal of Emerging Economies and Islamic Research 4, no. 3 (September 30, 2016): 49. http://dx.doi.org/10.24191/jeeir.v4i3.9096.
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Shariah Committee in Malaysia in his fatwa has legitimized the execution of the contract al-Tawarruq and al-'nah in Islamic banking practices, while the contract is not ratified by the National Sharia Council in Indonesia. This study will discuss the reasons and background differences fatwa, and an aspect ratio of banking products and the legal framework used to legitimize Islamic financial products in Indonesia and Malaysia. Therefore, further research is needed to analyze how the views of the scholars against al-Tawarruq along with proof of his, and the extent to which the contract tawarruq has been applied in Islamic finance, especially in Indonesia and Malaysia. As a result of a comparison of Islamic financial products in general, and the legal framework used by the Sharia Board between Indonesia and Malaysia. The method used is descriptive qualitative analysis. In this study, the research subjects are the scholars of Sharia Council. While the object of research is the view of the scholars of fiqh against al-Tawarruq, aspects of financial products, and the framework of Islamic law. From this study, it was found that the mechanism of al-Tawarruq, can not be regarded as an Islamic financial products, because a lot of flaws in it. Hilah known that there are not good that lead to usury, so this is the reason of the majority of scholars do not technically separated in Indonesia. However, as far as the development of the contract used that alTawarruq al-fiqhi been applied in syariah commodity trading in the Jakarta Futures Exchange. While Malaysia believes that the buying and selling of al-Tawarruq is halal as the basic rule for the legitimacy of the agreement, which has been applied in private financing in Islamic banks, as well as a commodity murabaha on Bursa Malaysia namely Bursa Suq Al-Sila.
Dissertations / Theses on the topic "Tawarruq"
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Cekici, Ibrahim-zeyyad. "Le cadre juridique français des opérations de crédit islamique." Thesis, Strasbourg, 2012. http://www.theses.fr/2012STRAA036.
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Le développement de la finance islamique a attiré l’attention non seulement des banquiers et des juristes, mais également des pouvoirs publics français depuis quelques années. Cette finance, qui obéit à la loi islamique, fonctionne non pas sur la stipulation de l’intérêt, mais sur deux autres modes de rémunération des bailleurs de fonds : elle applique, d’une part, le principe du partage des profits et des pertes en fondant les transactions sur les contrats de société, et d’autre part, sur une marge bénéficiaire lorsque l’opération s’adosse à un contrat de vente et de location.Parmi les produits bancaires islamiques, les crédits islamiques sont les plus caractéristiques qui écartent la stipulation du ribâ (intérêt). La fixation de leur régime juridique français est tributaire de deux corpus juridiques, a priori, opposés. Bien qu’ils n’aient ni des fondements juridiques, ni des régimes juridiques clairs et précis en droit français, ce dernier arrive à les encadrer. Cet encadrement présente non seulement des points de convergence, mais également des points de divergence avec le droit musulman. La flexibilité de ces systèmes juridiques nous a conduit à définir tant un cadre juridique général pour définir les régimes français de la rémunération du dispensateur de crédit islamique, qu’un cadre juridique spécial pour régir la structuration des opérations adossées à des contrats de vente (comme la mourabaha, le tawarruq, le salam et l’istisna), de location (l’ijara et l’ijara muntahia biltamlik) et de société (comme la moudaraba, la mousharaka et la mousharaka dégressive)The development of the Islamic finance drew the attention of the French public authorities, bankers and lawyers since a few years. This finance, which rules by the Islamic law, does not apply the interest, but two other methods of payment of the financiers: on the one hand, the principle of the profit and loss sharing, by backing the transactions on partnership contracts, and on the other hand, on profit margin when the operation backs on a sale and lease contracts.Among the Islamic banking products, the Islamic credits are the most characteristic. The French legal framework of those transactions depends, in fact, on two legal systems which are apparently in contradiction. Although they have neither legal sources, nor clear and precise legal regulation in French law, the latter could rule them. This framework presents not only some points of convergence, but also points of difference with the Islamic Law. Nevertheless, the flexibility of both Laws led us to define a general legal framework of the remuneration of the Islamic credit provider, and a special legal framework to rule the structuration of the operations backed to partnership (moudaraba, mousharaka et degressive mousharaka), sale (mourabaha, le tawarruq, le salam et l’istisna), and lease contract (ijara et ijara muntahia biltamlik)
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Cekici, Ibrahim Zeyyad. "Le cadre juridique français des opérations de crédit islamique." Phd thesis, Université de Strasbourg, 2012. http://tel.archives-ouvertes.fr/tel-00955842.
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Le développement de la finance islamique a attiré l'attention non seulement des banquiers et des juristes, mais également des pouvoirs publics français depuis quelques années. Cette finance, qui obéit à la loi islamique, fonctionne non pas sur la stipulation de l'intérêt, mais sur deux autres modes de rémunération des bailleurs de fonds : elle applique, d'une part, le principe du partage des profits et des pertes en fondant les transactions sur les contrats de société, et d'autre part, sur une marge bénéficiaire lorsque l'opération s'adosse à un contrat de vente et de location.Parmi les produits bancaires islamiques, les crédits islamiques sont les plus caractéristiques qui écartent la stipulation du ribâ (intérêt). La fixation de leur régime juridique français est tributaire de deux corpus juridiques, a priori, opposés. Bien qu'ils n'aient ni des fondements juridiques, ni des régimes juridiques clairs et précis en droit français, ce dernier arrive à les encadrer. Cet encadrement présente non seulement des points de convergence, mais également des points de divergence avec le droit musulman. La flexibilité de ces systèmes juridiques nous a conduit à définir tant un cadre juridique général pour définir les régimes français de la rémunération du dispensateur de crédit islamique, qu'un cadre juridique spécial pour régir la structuration des opérations adossées à des contrats de vente (comme la mourabaha, le tawarruq, le salam et l'istisna), de location (l'ijara et l'ijara muntahia biltamlik) et de société (comme la moudaraba, la mousharaka et la mousharaka dégressive).
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Cekici, Ibrahim-Zeyyad. "Le cadre juridique français des opérations de crédit islamique." Thesis, 2012. http://www.theses.fr/2012STRAA036/document.
Full textAbstract:
Le développement de la finance islamique a attiré l’attention non seulement des banquiers et des juristes, mais également des pouvoirs publics français depuis quelques années. Cette finance, qui obéit à la loi islamique, fonctionne non pas sur la stipulation de l’intérêt, mais sur deux autres modes de rémunération des bailleurs de fonds : elle applique, d’une part, le principe du partage des profits et des pertes en fondant les transactions sur les contrats de société, et d’autre part, sur une marge bénéficiaire lorsque l’opération s’adosse à un contrat de vente et de location.Parmi les produits bancaires islamiques, les crédits islamiques sont les plus caractéristiques qui écartent la stipulation du ribâ (intérêt). La fixation de leur régime juridique français est tributaire de deux corpus juridiques, a priori, opposés. Bien qu’ils n’aient ni des fondements juridiques, ni des régimes juridiques clairs et précis en droit français, ce dernier arrive à les encadrer. Cet encadrement présente non seulement des points de convergence, mais également des points de divergence avec le droit musulman. La flexibilité de ces systèmes juridiques nous a conduit à définir tant un cadre juridique général pour définir les régimes français de la rémunération du dispensateur de crédit islamique, qu’un cadre juridique spécial pour régir la structuration des opérations adossées à des contrats de vente (comme la mourabaha, le tawarruq, le salam et l’istisna), de location (l’ijara et l’ijara muntahia biltamlik) et de société (comme la moudaraba, la mousharaka et la mousharaka dégressive)The development of the Islamic finance drew the attention of the French public authorities, bankers and lawyers since a few years. This finance, which rules by the Islamic law, does not apply the interest, but two other methods of payment of the financiers: on the one hand, the principle of the profit and loss sharing, by backing the transactions on partnership contracts, and on the other hand, on profit margin when the operation backs on a sale and lease contracts.Among the Islamic banking products, the Islamic credits are the most characteristic. The French legal framework of those transactions depends, in fact, on two legal systems which are apparently in contradiction. Although they have neither legal sources, nor clear and precise legal regulation in French law, the latter could rule them. This framework presents not only some points of convergence, but also points of difference with the Islamic Law. Nevertheless, the flexibility of both Laws led us to define a general legal framework of the remuneration of the Islamic credit provider, and a special legal framework to rule the structuration of the operations backed to partnership (moudaraba, mousharaka et degressive mousharaka), sale (mourabaha, le tawarruq, le salam et l’istisna), and lease contract (ijara et ijara muntahia biltamlik)
Books on the topic "Tawarruq"
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ʻAmalīyāt al-tawarruq wa-taṭbīqātuhā al-iqtiṣādīyah fī al-maṣārif al-Islāmīyah. ʻAmmān: Dār al-Nafāʼis lil-Nashr wa-al-Tawzīʻ, 2005.
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Bayʻ al-ʻīnah wa-al-tawarruq: Dirāsah taṭbīqīyah ʻalá al-maṣārif al-Islāmīyah. al-Riyāḍ: Dār Kunūz Ishbīlyā lil-Nashr wa-al-Tawzīʻ, 2012.
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al-Ḥīyal al-fiqhīyah wa-bayʻ al-tawarruq bayna al-fiqh al-Islāmī wa-al-qānūn. Dubay: Maʻhad Dubayy al-Qaḍāʼī, 2015.
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al- Milaff al-sirrī lil-Būlīsāriyū wa-al-kawālīs al-khaṭīrah li-taqsīm al-ṣaḥrāʾ: Ḥaqāʾiq tukshafu li-awwal marrah : tawarruṭ jinirālāt Maghāribah ... [Rabat]: Sharikat Ayā-Kār lil-Ṭibāʻah wa-al-Nashr wa-Manshūrāt ʻArabīyah, 2002.
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Ḥusayn, Sālim Ibn. Ḥudūd al-qūwah: Al-qiṣṣatān al-kāmilatīn ʻan tawarruṭ al-Amrīkān fī al-Fiyitnām wa-al-Sūfyāt fī bilād al-Afghān. [Tunis]: S. Ibn Ḥusayn, 1990.
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Craig R, Nethercott. 7 Murabaha and Tawarruq. Oxford University Press, 2012. http://dx.doi.org/10.1093/law/9780199566945.003.0007.
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Charles, Proctor. Part G Islamic Finance, 52 Harmonization and the Development of the International Islamic Financial Markets. Oxford University Press, 2015. http://dx.doi.org/10.1093/law/9780199685585.003.0052.
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This chapter focuses on the need for standardization and harmonization within the Islamic financial markets. It discusses the imperatives of standardization; the tawarruq and the sukuk as illustrations of the need for a harmonized approach; enforcement issues; the nature and scope of harmonization; standardized documentation; Shariah rulings; the regulatory framework; capital adequacy; and taxation.
Book chapters on the topic "Tawarruq"
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"Tawarruq as a Case Study of Creative Sharīʿah Compliance." In A Critique of Creative Shari'ah Compliance in the Islamic Finance Industry, 67–86. Brill | Nijhoff, 2017. http://dx.doi.org/10.1163/9789004344433_005.
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Miah, Mohammad Dulal, and Yasushi Suzuki. "A critique to a naïve critique to ‘murabaha’ ‘tawarruq’ syndrome." In Dilemmas and Challenges in Islamic Finance, 28–44. Routledge, 2018. http://dx.doi.org/10.1201/9781315105673-3.
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Craig R, Nethercott. "Part II Islamic Law and Contracts in Practice, 7 Murabaha and Tawarruq." In Islamic Finance. Oxford University Press, 2020. http://dx.doi.org/10.1093/law/9780198725237.003.0007.
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This chapter focuses on the murabaha structure, which is probably the most commonly used Islamic finance structure in modern Islamic banking. The simplicity of structure in its current application has promoted its use as a popular and flexible Islamic financing instrument. Indeed, the use of the murabaha has been extended beyond a widespread application as a standalone instrument to a composite component of Sukuk issuance in modern application. The murabaha contract is understood within the Islamic tradition to have a pre-Islamic origin evidenced in pre-Islamic literature and characterized as a fiduciary contract with the objective to assist less knowledgeable buyers in the determination of the fair price of unfamiliar goods. Today, murabaha is commonly used as a mode of finance, in its variant structures, for the acquisition of assets, commodities, and goods in the ordinary course of trade. The structure is also used as a corporate finance tool for working capital and liquidity management. The chapter then considers commodity murabaha (tawarruq) and its application.
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Mahyudin, Mohd Izuwan, and Azizi Che Seman. "The Application of Bay’ Al-Tawarruq in Islamic Banking Institutions in Malaysia: A Study of Bank Muamalat Malaysia Berhad." In New Developments in Islamic Economics, 169–79. Emerald Publishing Limited, 2018. http://dx.doi.org/10.1108/978-1-78756-283-720181011.
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