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Sales Fatawa / Loan, financing and Tawarruq.

Loan, financing and Tawarruq.

date de publication : 2016-03-23 | Vues : 1996
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Dear respected Shaykh, assalamu alaikum wa rahmatullahi wa barakatuh. What is the ruling on loan or tawarruq financing which is being done by some banks? At times the client does not see or even know what the commodity is but he only signs some papers then money is deposited in his account then he pays back that money with an addition on top as premiums?

التمويل بالقرض والتورق

Praise be to Allah, and may Allah’s peace and blessings be upon the Messenger of Allah, his family and his companions.

Wa alaikum assalam wa rahmatullahi wa barakatuh.

To proceed:

Many people refer to financing as a loan. This is not correct because a loan and financing are different. Moreover, a loan has rules which are different from that of Tawarruq[1]. With respect to loan, it is not permissible to add anything on top of the borrowed money no matter how little it maybe. If I borrow one thousand Riyals from you I have to give you back one thousand Riyals, likewise if I borrow a thousand Pounds from you, I have to give you back a thousand Pounds. Any little amount added on top of that falls under interest which Allah the Exalted forbade in the verse: “Those who eat Riba (usury) will not stand (on the Day of Resurrection) except like the standing of a person beaten by Satan leading him to insanity.” [al-Baqarah:275], and other verses which warn against interest; therefore we should differentiate between financing and loan.
In fact, there are two types of financing:
First: Permissible financing which is done through permissible transactions. This is whereby actual selling and buying of a specific commodity which is owned by a bank is conducted. This type of financing satisfies Tawarruq that is permissible according to shari’a. 
Second: Financing which involves circumventing interest. This type of financing is the one in question whereby papers are signed and the person signing does not know what commodity is there except that money is deposited in his account, like a thousand Pounds then he pays it back as one thousand two hundred or one thousand three hundred Pounds after a period of time on installment basis. This is a type of circumventing interest and is not permissible, rather it is worse than explicit interest because it is fraud. Regarding this, Allah says: “Verily, the hypocrites seek to deceive Allah, but it is He who deceives them.” [al-Nisaa’: 142].
A Muslim should be fearful of Allah the Exalted.  

Your brother,

Dr. Khalid al-Mosleh


[1]Tawarruq is when a customer buys an asset at a marked up price, to be paid at a later date, and quickly sells the asset to another person for a lesser price in cash.

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