ISLAMIC CONTRACTS a) The underlying of Tawarruq - Definition - Criteria from Al Quran & Hadith - Types, Pillars...

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Civil Engineering

ISLAMIC CONTRACTS
a) The underlying of Tawarruq
- Definition
- Criteria from Al Quran & Hadith
- Types, Pillars & Conditions
- Termination of Contract

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Tawarruq means to buy on credit and sell at spot value This transaction is nowadays being used by many Islamic banks for liquidity management and as a mode of financing especially for personal financing and credit cards 1 Tawarruq is an arrangement whereby a person in need of liquidity purchases a commodity from a seller on credit at a higher price The person who acquires commodity in this way is called Mutawarriq 2 The difference between Inah and Tawarruq is that Mutawarriq sells the commodity to a third party while in Inah the buyer resells it to the same seller from whom he had See Answer

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