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Bay' at-Tawarruq and Bay' al-Inah are two disputed Islamic financing structures.
Bay' at-Tawarruq involves a customer buying a commodity from a bank on deferred payment, then selling it to a third party for immediate cash at a lower price. Bay' al-Inah is similar except the customer sells the commodity back to the original bank.
Scholars disagree on the permissibility of these structures. Majority scholars permit Bay' at-Tawarruq but prohibit Bay' al-Inah, considering it a legal trick to facilitate interest/riba. Minority scholars allow Bay' al-Inah if it fulfills a
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Tutorial Question: Compare & contrast Bay’ at-Tawarruq vs Bay’al-Inah
Bay' at-Tawarruq and Bay' al-Inah are two disputed Islamic financing structures.
Bay' at-Tawarruq involves a customer buying a commodity from a bank on deferred payment, then selling it to a third party for immediate cash at a lower price. Bay' al-Inah is similar except the customer sells the commodity back to the original bank.
Scholars disagree on the permissibility of these structures. Majority scholars permit Bay' at-Tawarruq but prohibit Bay' al-Inah, considering it a legal trick to facilitate interest/riba. Minority scholars allow Bay' al-Inah if it fulfills a
Bay' at-Tawarruq and Bay' al-Inah are two disputed Islamic financing structures.
Bay' at-Tawarruq involves a customer buying a commodity from a bank on deferred payment, then selling it to a third party for immediate cash at a lower price. Bay' al-Inah is similar except the customer sells the commodity back to the original bank.
Scholars disagree on the permissibility of these structures. Majority scholars permit Bay' at-Tawarruq but prohibit Bay' al-Inah, considering it a legal trick to facilitate interest/riba. Minority scholars allow Bay' al-Inah if it fulfills a
Tutorial Question: Compare & contrast Bay at-Tawarruq vs Bayal-Inah
NO FACTORS BAY AT-TAWARRUQ BAYAL-INAH
1
Definition / Concept
- Buying a commodity for a deferred payment - selling it to another person other than the original seller at a lower price for immediate payment
- Purchase a commodity on a deferred payment basis - Then, it is sold for cash, at a price lower than the purchase price, back to the original seller
2
Purpose
To facilitate cash and liquidity shortage
3
Parties
3 parties (at least)
2 parties
4
Subject Matter
Transferred & possessed by the third party
Return back to the original seller
5
Legality
- Disputable - Differences of opinions by the Muslim Scholars
-Majority scholars including Shafiis, Hanafis & Imam Abu Hanifah prove that that tawarruq is PERMITTED Al BAQARAH 2:275
-Majority scholars: NOT PERMISSIBLE -a legal device (hilah) to facilitate riba
- Malikis & Hanbalis: Void
-Second opinion including Imam Ahmad: DISAPPROVED as by relating it to bayal-inah, both considered as bridge to riba
-Hanafis: if involved 2 parties-FASID; exception for contract of 3 parties in which the third party act as an intermediary - Minority: ALLOWED -Shafiis & Zahiris: VALID-fulfills the requirement of a valid sale
BAY AT-TAWARRUQ 1.
2.
3. Commodity-Murabahah Tawarruq
Customer Bank Developer buy sale Customer Bank Developer Customer Bank Broker 1 Broker 2
BAY AL-INAH
Prepared by: Siti Nursyahira Nabia Shamsuddin Nur Fazreen Hazrina Rahim Nurul Akrimi Shukri CUSTOMER BANK Sell ( at cost ) Sell ( Cost+Profit )