Issues with the Use of Tawarruq in Malaysia
Abstract
Tawarruq as one of the most commonly used financing products by Islamic banks has been faced with a lot of criticism. One of these criticisms is that it is used to circumvent interest. This paper assesses these criticisms in the light of current practices in Malaysia. Our methodology is qualitative and specifically involves explanatory design. Our findings reveal that the current practice of Tawarruq in Malaysia is faced with a lot Shari’ah compliance issues.
Full Text: PDF DOI: 10.15640/jibf.v5n2a5
Abstract
Tawarruq as one of the most commonly used financing products by Islamic banks has been faced with a lot of criticism. One of these criticisms is that it is used to circumvent interest. This paper assesses these criticisms in the light of current practices in Malaysia. Our methodology is qualitative and specifically involves explanatory design. Our findings reveal that the current practice of Tawarruq in Malaysia is faced with a lot Shari’ah compliance issues.
Full Text: PDF DOI: 10.15640/jibf.v5n2a5
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