Tawarruq in Islamic Law: an appraisal of its admissibility and criteria in the context of private transactions

Tawarruq is the purchase of a commodity that is in the ownership and possession of the seller against a deferred price, and its subsequent sale by the purchaser to a party other than the seller on cash, for the purpose of obtaining cash. Even though there has been some scholarly objection to its pra...

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Main Author:	Sadique, Muhammad Abdurrahman
Format:	Article
Language:	English
Published:	Serials Publications 2015
Subjects:	HG1501 Banking KBP1 Islamic law.Shariah.Fiqh KBP639 Muʻāmalāt
Online Access:	http://irep.iium.edu.my/44838/ http://irep.iium.edu.my/44838/ http://irep.iium.edu.my/44838/1/5-Muhamad_Abdurraham_Sadique_JILR_tawarruq_simple.pdf

id	iium-44838
recordtype	eprints
spelling	iium-448382017-11-01T07:51:17Z http://irep.iium.edu.my/44838/ Tawarruq in Islamic Law: an appraisal of its admissibility and criteria in the context of private transactions Sadique, Muhammad Abdurrahman HG1501 Banking KBP1 Islamic law.Shariah.Fiqh KBP639 Muʻāmalāt Tawarruq is the purchase of a commodity that is in the ownership and possession of the seller against a deferred price, and its subsequent sale by the purchaser to a party other than the seller on cash, for the purpose of obtaining cash. Even though there has been some scholarly objection to its practice, the majority appear to have considered tawarruq to be within the boundaries of shari 18ah. Among those who have censured tawarruq, the absence of any school as a whole is noteworthy. Juristic criticism of tawarruq is seen to be principally based on the aspect of intention and motive, and the possibility that necessary requirements for validity may be left unfulfilled. It is incorrect to equate tawarruq with 18inah, and the motive of obtaining cash itself would not render tawarruq impermissible. The paper examines the nature and criteria for tawarruq with regard to its use by individuals in a non-institutional setup. The study finds that with fulfillment of the vital conditions, there can be no strong objection to individuals resorting to tawarruq for fulfilling their liquidity needs, especially in the absence of other means. Serials Publications 2015-06 Article PeerReviewed application/pdf en http://irep.iium.edu.my/44838/1/5-Muhamad_Abdurraham_Sadique_JILR_tawarruq_simple.pdf Sadique, Muhammad Abdurrahman (2015) Tawarruq in Islamic Law: an appraisal of its admissibility and criteria in the context of private transactions. Journal of Islamic Law Review, 11 (1). pp. 77-92. ISSN 0973-2918 http://serialsjournals.com/index.php
repository_type	Digital Repository
institution_category	Local University
institution	International Islamic University Malaysia
building	IIUM Repository
collection	Online Access
language	English
topic	HG1501 Banking KBP1 Islamic law.Shariah.Fiqh KBP639 Muʻāmalāt
spellingShingle	HG1501 Banking KBP1 Islamic law.Shariah.Fiqh KBP639 Muʻāmalāt Sadique, Muhammad Abdurrahman Tawarruq in Islamic Law: an appraisal of its admissibility and criteria in the context of private transactions
description	Tawarruq is the purchase of a commodity that is in the ownership and possession of the seller against a deferred price, and its subsequent sale by the purchaser to a party other than the seller on cash, for the purpose of obtaining cash. Even though there has been some scholarly objection to its practice, the majority appear to have considered tawarruq to be within the boundaries of shari 18ah. Among those who have censured tawarruq, the absence of any school as a whole is noteworthy. Juristic criticism of tawarruq is seen to be principally based on the aspect of intention and motive, and the possibility that necessary requirements for validity may be left unfulfilled. It is incorrect to equate tawarruq with 18inah, and the motive of obtaining cash itself would not render tawarruq impermissible. The paper examines the nature and criteria for tawarruq with regard to its use by individuals in a non-institutional setup. The study finds that with fulfillment of the vital conditions, there can be no strong objection to individuals resorting to tawarruq for fulfilling their liquidity needs, especially in the absence of other means.
format	Article
author	Sadique, Muhammad Abdurrahman
author_facet	Sadique, Muhammad Abdurrahman
author_sort	Sadique, Muhammad Abdurrahman
title	Tawarruq in Islamic Law: an appraisal of its admissibility and criteria in the context of private transactions
title_short	Tawarruq in Islamic Law: an appraisal of its admissibility and criteria in the context of private transactions
title_full	Tawarruq in Islamic Law: an appraisal of its admissibility and criteria in the context of private transactions
title_fullStr	Tawarruq in Islamic Law: an appraisal of its admissibility and criteria in the context of private transactions
title_full_unstemmed	Tawarruq in Islamic Law: an appraisal of its admissibility and criteria in the context of private transactions
title_sort	tawarruq in islamic law: an appraisal of its admissibility and criteria in the context of private transactions
publisher	Serials Publications
publishDate	2015
url	http://irep.iium.edu.my/44838/ http://irep.iium.edu.my/44838/ http://irep.iium.edu.my/44838/1/5-Muhamad_Abdurraham_Sadique_JILR_tawarruq_simple.pdf
first_indexed	2023-09-18T21:03:45Z
last_indexed	2023-09-18T21:03:45Z
_version_	1777410795620007936

Tawarruq in Islamic Law: an appraisal of its admissibility and criteria in the context of private transactions

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