التورق في النظام المصرفي الإسلامي (تجربة ماليزيا)‎ 2021 م-1442 ه

الملخص EN

Organized Tawarruq has emerged as a contemporary Islamic financial product in many Islamic banks, especially the Arab Gulf countries and Southeast Asian countries.

Although the Islamic Fiqh Councils and Sharia standards allow only fiqh Tawarruq, which permits the buyer to sell what he bought at a lower cash price in the event of liquidity need or insolvency, it was noticed in the midst of studying the Malaysian experience, as considered a pioneer one, that Tawarruq is included in many Islamic products and tools.

Not only that, but it constitutes a large share of it; For this reason, the applications of Tawarruq in Malaysian products were highlighted, and the high rate of Tawarruq ratios involved in deposit and financing products as well as in financial investment instruments (sukuk), were represented.

As a result, a picture was reached to the effect that the Tawarruq sales were nothing but fictitious sales in order to collect the present cash liquidity without the emergence of any exceptional case of deficit or surplus in bank liquidity that requires Tawarruq application.

In fact, Tawarruq was like Bai alina as a tool use a specific commodity that neither of the parties need to own; Only in order to obtain financing and a guaranteed return (reba) as in traditional systems; Consequently, Organized Tawarruq did not achieve the correct Shariah mechanism which the true Islamic financial system was based upon; and the success of the Malaysian experience was due to other factors other than the Islamic ones.