Organised Tawarruq in Islamic Law

Abdul Rahman, Zaharuddin (2011) Organised Tawarruq in Islamic Law. Islamic Finance News, 8 (42). pp. 23-24. ISSN 0891-060X

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Abstract

The renowned Muslim economist Prof. Nejatullah Siddiqi lists the harmful effects of tawarruq. He also dictates that the approval of tawarruq may benefit individuals. However, if this is practised on a large scale, it would result in the proliferation of debt in the society, which would bring macroeconomic instability.Thus, before deciding on the Sharīʿah compliance of such a product, the Sharīʿah Advisory Board of any Islamic financial institution must take into account the macroeconomic consequences of approving the product. This article screen through the claims by providing different view especially from Fiqhi perspectives.

Item Type:	Article (Magazine)
Additional Information:	5607/15661
Uncontrolled Keywords:	Tawarruq, Islamic Law
Subjects:	K Law > KBP Islamic Law > KBP1 Islamic law.Shariah.Fiqh
Kulliyyahs/Centres/Divisions/Institutes (Can select more than one option. Press CONTROL button):	Kulliyyah of Economics and Management Sciences > Department of Economics
Depositing User:	Dr Zaharuddin Abd Rahman
Date Deposited:	03 Feb 2012 16:13
Last Modified:	25 Aug 2012 11:13
URI:	http://irep.iium.edu.my/id/eprint/15661

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