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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

Answer & Explanation Solved by verified expert
3.7 Ratings (621 Votes)
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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