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Monthly Archives: June 2014
June 24, 2014
DR. ZULKIFLI HASAN
Is Tawarruq Really Islamic Finance?
Is Tawarruq Really Islamic Finance?
Available at:
http://finance.yahoo.com/news/tawarruq-really-islamic-finance-080324265.html;_ylt=AwrTWfyxoalTW0UAQZ_oPwx
.
A legal opinion from Ethica Institute Of Islamic Finance, one of the Islamic finance industry’s leading training and certification institutes sheds light on the problem of the Tawarruq retail product and how it is likely hurting the industry’s profitability
You walk into the Islamic bank, sign some papers, “trade” in metal in some corner of the globe, and walk out with cash. Papers are pushed, money changes hands, and the metal just sits there, ready for the next customer to “trade” a few minutes later. Or can the same metal be bought and sold by different customers in the same minute? Who’s counting anyway?
Welcome to the world of Tawarruq.
Last week Ethica Institute, one of the industry’s leading Islamic finance training and certification institutes, distributed a fatwa (expert legal opinion) to its community from one of its scholars, Mufti Ismail Desai, explaining the impermissibility of a particular Tawarruq product. The product in question came to light when one of the UK’s major banks approached the institute for its training and certification services. Ethica declined to offer its services citing Shariah non-compliance of the Tawarruq product.
What some Islamic finance scholars begrudgingly allow for in extreme, case-by-case situations, banks often turn into a retail product for ordinary customers to use. Tawarruq, according to Ethica, is one of the main reasons customers question the credibility of Islamic finance. A product that began as the industry’s somewhat embarrassing black sheep over a decade ago has now grown into the eight hundred pound darling of many Islamic banks.
Ethica’s fatwa raises two important issues for an industry fast on growth but slow on establishing credibility among banking customers: first, what really is Tawarruq? And, second, importantly, if it becomes a regular product, is it still Islamic finance?
“Banks think they attract customers in the short term, but the reality is that they lose them in the long term. Ethica works with bankers and customers across multiple regions and we are seeing the same pattern: when Islamic finance’s credibility is compromised, customers leave. And they usually don’t come back. Retail Tawarruq is not only Shariah non-compliant most times, it is also quite possibly the worst first impression we can make as an industry,” said Ethica’s spokesperson.
Ethica explains that the first step to understanding Tawarruq is understanding its definition according to the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the world’s leading Islamic finance standard. Tawarruq (Monetization), “refers to the process of purchasing a commodity for a deferred price determined through Musawama (Bargaining) or Murabaha (Mark-up Sale), and selling it to a third party for a spot price so as to obtain cash. Whereas Inah refers to the process of purchasing the commodity for a deferred price, and selling it for a lower spot price to the same party from whom the commodity was purchased.”
To expand on this definition,
1. Bay al-Inah is composed of two sale transactions. In the first transaction, a seller sells an item for a particular price to be paid in deferred installments. In the second transaction, after taking possession of the item, the buyer sells the item back to the seller for immediate payment of a lower price, to be paid before the installments of the first sale are due. The overwhelming majority of scholars are of the opinion that Bay al-Inah is impermissible when the price of the second sale is lower than the first sale. However, some jurists have ruled that Bay al-Inah is permissible in the instance when the price of the second sale is equal or higher than the price of the first sale.
2. Bay al-Tawarruq in the strict definition of the jurists is defined as a Monetizer (mustawriq) who buys a merchandise at a deferred price in order to sell it in cash at a lower price. Usually he sells the merchandise to a third party with the aim to obtain liquidity. Jurists have ruled that this form of Tawarruq is permissible since the laws and rules of a valid legal Shariah sale have been fulfilled.
The contemporary definition of organized Tawarruq is when a Monetizer (mustawriq) purchases merchandise/commodities on the international commodity market on a deferred price basis either through Musawamah or Murabaha. The financier arranges the sale agreement either himself or through his agent. Simultaneously, the mustawriq and the financier executes the financial transactions, usually at a lower spot price.
According to scholars, Tawarruq should be limited to individual need and necessity and not retailed to the public. The Islamic economy, they say, should be based on profit-sharing instruments like Mudarabah and Musharakah. Interest free loans (Qardh Hasan) are the ideal alternative to Tawarruq. Among the problems with Tawarruq:
1. Tawarruq in currencies are not permissible.
2. The bank cannot sell goods on behalf of the client without the client taking physical or constructive possession of the goods. This does not usually take place. Islamic banks generally sell the warrants representing the metals and not the actual metals. Therefore, the bank does not take possession when purchasing the metals from the broker initially. The Mustawriq (monetizing client) does not take possession in any form of the metals. The bank is merely appointed as an agent to sell the metals on the metal exchange without any actual Shariah realization of the contractual positions required.
3. All the transactions in a Tawarruq transaction should be separated and individualized. The various legs in most transactions are not individualized and separated.
4. Contemporary forms of organized Tawarruq are very similar to Bay al-Inah and have been largely detested by the majority of scholars including the International Council of Fiqh Academy. (Resolution 179 (19/5) in relation to Tawarruq: its meaning and types (classical applications and organized Tawarruq))
While it remains to be seen whether Tawarruq reform is likely in the industry much like a few years ago when banks began cleaning up their Sukuks after AAOIFI’s chairman, Mufti Taqi Usmani, publicly criticized them there is no doubt that the industry continues to suffer the long-term consequences of an expedient reading of an already borderline product.
Regards

Zulkifli Hasan
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June 20, 2014
DR. ZULKIFLI HASAN
MIRACLE OF RAMADHAN
MIRACLE OF RAMADHAN
Zulkifli Hasan

E-mail:
zul361977@yahoo.com
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https://zulkiflihasan.wordpress.com
1.0 Introduction
Ramadhan is the greatest month and the best time for self-regulation and self- training. There are numerous benefits to those who are fasting during Ramadhan either from spiritual or physical perspectives. The positive effects of Ramadhan and fasting have not only been mentioned in al Quran and al Sunnah but also by many scientific researches. In fact, several institutions were established to promote fasting as a way to prevent and heal diseases such as “Fasting Center International Incorporation” in the United States of America. This brief article attempts to highlight several interesting findings about Ramadhan and Fasting effects from 4 different perspectives namely economic, health and sciences, psychological and social point of views.
2.0 Miracle of Ramadhan and Fasting
2.1 Economic Perspective
According to the study undertaken by the University of New Hampshire led by Iranian-born finance Professor Ahmad Etebari, stocks in largely Muslim nations outperform during the month of Ramadhan. It is found that on average, stock returns are 9 times higher during Ramadhan than other times of year. The phenomenon is called the “Ramadan Effect.”
Between the stock markets of Bahrain, Oman, Turkey, Kuwait, the UAE, Qatar, Pakistan, Jordan, Egypt, Morocco, Tunisia, Malaysia, Indonesia and Saudi Arabia, the report identified a trend of considerably higher returns during Ramadhan as compared to other months. The study found that the average returns for the 15 countries from the database of 1989 to 2007 were 38% during the month of Ramadhan as compared to an average of 4.3% during ordinary months. The research reveals that that the social cohesion and institutional feelings attains during Ramadhan help influence the investments behavior.
2.2 Health and Science Perspective
In 1994 the first International Congress on “Health and Ramadhan”, held in Casablanca, entered 50 research papers from all over the world from Muslim and non-Muslim researchers who have done extensive studies on the medical ethics of fasting. The congress made recommendations that Ramadhan fasting is an ideal method for treatment of mild to moderate, stable, non-insulin diabetes, obesity and essential hypertension.
Allan Cott, in his famous book “Why Fast”, states that fasting has the effects to clean out the body, to lower blood pressure and cholesterol and to let the body health itself. Another interesting finding refers to the ability of fasting habit to slow the aging process based on a research conducted by Dr. Yuri Nikolayev, Moscow scientist and dietician/nutritionist. This finding is supported with another research by Dr. Alvenia M. Fulton, by which his experiment indicates that fasting is the ladies best beautifier, brings grace charm and poise, normalizes female functions and reshapes the body contour.
2.3 Psychological Perspective
As regard to psychological point of view, it is empirically proven that fasting can bring positive effects to psychological and mental health. At this point, Dr. Sabah al-Baqir from Medical Faculty of University of King Saud reveals that fasting will generate specific hormone which may relieve tension and to make a person to feel better physically and mentally.
2.4 Social Perspective
2.4.1 Crime Rate
I believe that this is phenomenal in many jurisdictions all over the world. According to the statistic produced by the Iranian Police Department, the Iran’s overall crime rate and murder rate have declined during the holy month of Ramadhan. There has been a 32% decline in homicides and the overall crime rate has dropped significantly. It is worth noting that the homicide rate in Iran is six murders per day and Iran stands 50th in the world in the homicide rate.
2.4.2 Family Institutions
Ramadhan is the best time for family and social gathering. The Maktoob Research in UAE conducted a survey on the opinions of 6,128 adult Muslims from across the Arab world about Ramadhan. The survey reveals that 96% of Muslim Arabs observing the fasting month and it is also found that 86% of those surveyed tend to observe iftar as a good opportunity for family gatherings. This finding indirectly indicates that fasting during Ramadhan can strengthen the family institutions and community as well as provide best opportunity for the unity of the ummah.
2.4.3 Generosity
Considering to numerous hadith on the rewards and benefits of sadaqah (charity) during the month of Ramadhan, it is observed that the willingness and efforts for charity and donation are significantly increased. According to Lung Transplantation Research Center, National Research Institute of TB and Lung Disease, Tehran, Iran, organ shortage is the most significant problem that they face for the activities of transplantation systems. In this regard, they carried out a survey on the Muslims’ behavior during holy month of Ramadan pertaining to organs donation in Iran. Interestingly, the survey reveals that the number of applications for organs donation in Ramadhan increase to 154% as compared to other months with a total of 11528 organ donations as opposed to 4538 applications in the previous month. This phenomenon indicates that Ramadhan seems to provide a great opportunity to promote organs donation across the Muslim world.
3.0 Conclusion
Ramadhan is the greatest and best month of the year. It is one of the blessings of Allah to the Muslim that He enables us to fast in Ramadhan. The blessed month of Ramadhan and ibadah of fasting not only offer us with great rewards from Allah but also with so many benefits either from economic or health and science, psychological or social perspectives. With this priceless opportunity from Allah to us, it is hoped that we can keep the spirit of month of Ramadhan not only during this blessed month but at all times and throughout the year. InsyaAllah.
Regards

Zulkifli Hasan
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June 10, 2014
DR. ZULKIFLI HASAN
Ireland is more faithful to the Quran than Saudi Arabia
The most faithful country in the world to the Qu’aran is Ireland, a report has found.
Available at:
https://uk.news.yahoo.com/ireland-more-faithful-qu-aran-saudi-arabia-161843866.html#GElTUDc
While one would reasonably expect a majority Muslim country such as Malaysia or Saudi Arabia to top such a list, Ireland, Denmark and Luxembourg are all rated higher at following the Muslim holy text.
Hossein Askari, a Professor of International Business and International Affairs at George Washington University in the US was one of the two authors of the Islamicity index along with Scheherazade S. Rehman, told the BBC that the paper tracked how countries applied the lessons of the Qu’aran to societal life.
“We looked at whether or not the countries did what they were supposed to do.

“We looked at governance, political and human rights and international relations.”
The findings of the report showed that Ireland, the UK and the US all scored higher than every single member of the Organisation of Islamic Cooperation (OIC).
In fact, the OIC’s highest-ranked member was Malaysia at 33, while Saudi Arabia and Qatar are at 93 and 111, respectively.

Professot Askari says that the reason for the low ranking of Islamic countries is their governance.
There are people who use religion as a tool of power and a tool of legitimacy. They don’t care about the Muslim people. They don’t say you have to go out and learn the Qu’aran.
The teachings of the Qu’aran say that economic prosperity is good for society, but Askari’s report found that prosperity rarely trickles down in Islamic countries.
Regards

Zulkifli Hasan
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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
December 16, 2015
DR. ZULKIFLI HASAN
Islamic body goes global to fill void in speciality skills
Islamic body goes global to fill void in speciality skills
Available at:
http://www.gulf-times.com/eco.-bus.%20news/256/details/466680/islamic-body-goes-global-to-fill-void-in-speciality-skills
A Malaysian institute set up seven years ago to improve education standards for Islamic finance professionals is going global as it seeks to fill a void of experts with specialities such as insurance and law.
The Chartered Institute of Islamic Finance Professionals in Kuala Lumpur aims to increase membership of qualified practitioners to 3,000 in three years, from 400 now, Badlisyah Abdul Ghani, its president and former chief executive officer of CIMB Islamic Bank Bhd, said in an interview. The CIIF, which changed its name and geographical focus in 2015, is in talks with associations and regulators stretching from the Middle East to Indonesia as part of that campaign, he said.

The $2tn industry has long been plagued by a shortage of individuals who have studied beyond the prerequisite skill base and CIIF plans to start offering specialised courses next year to address the problem, which is hindering development, Badlisyah said.

The Kuala Lumpur-based Finance Accreditation Agency estimates 56,000 more qualified experts will be needed to fill positions in the next five years as growth accelerates.
“There is a lack of accepted global standards for professional qualifications – similar to accounting – the absence of which has created differences in talent skills requirements across jurisdictions,” said Daud Vicary Abdullah, CEO of the International Centre for Education in Islamic Finance in Kuala Lumpur. “The industry is still at a nascent stage where talent development and planning are concerned.”
CIIF was formerly the Association of Chartered Islamic Finance Professionals, which was established in 2008 and whose intake was mainly graduates from Malaysia’s INCEIF. The newly formed institute will help promote members globally and aims to provide a common standard of education acceptable in the various countries offering Shariah-compliant products, Badlisyah said.

The standards and codes of conduct issued by CIIF will be recognised and adopted under the Islamic Finance Profession Charter, which was signed by key Shariah-compliant associations in Malaysia, Badlisyah said. The guidelines will extend to other qualified leading organisations such as the Bahrain-based General Council for Islamic Banks and Financial Institutions and the Indonesian Syariah Banking Association if they sign up, he said, adding that they could eventually be made a requirement across the board.

Asset growth in an industry where interest payments are forbidden showcases the need for trained professionals, with the Kuala Lumpur-based International Shariah Research Academy forecasting a $3tn market by 2018.
Sales of Islamic bonds known as sukuk, which scholars need to vet for conformity with religious laws, have climbed to above $45bn in the past three years, compared with less than $10bn a decade ago, data compiled by Bloomberg show. Takaful contributions, the equivalent of conventional insurance, are expected to reach $20bn by 2017 from $14bn in 2014, according to Ernst & Young.

There’s still a gap in the market for trained experts even as the range and selection of courses expands around the world. There are essentially two types of Shariah professionals, said Abdul Rahman Mohd Yusoff, head of the Shariah department at OCBC Al-Amin Bank Bhd and also a CIIF member. There are those with a degree in pure Shariah law or Fiqh, or those with an equivalent degree in commercial and business aspects known as Muamalat, he said.
On the other hand, there also graduates with Bachelor’s degrees in non-Islamic disciplines who supplement them with qualifications in Shariah-compliant finance such as Ph D’s or certificates from other accredited organisations, Abdul Rahman said.

“This makes the degree in Islamic finance an add-on rather than the primary one that will govern their future, lessening the pressure on them to go the extra mile to achieve the qualification,” said Abdul Rahman at the Islamic unit of Oversea-Chinese Banking Corp, Southeast Asia’s second-biggest lender. “To address the shortage, it might be useful to make it mandatory for all staff handling Islamic finance products to sit for at least the certification courses.”
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One thought on “Islamic body goes global to fill void in speciality skills”
brosafwan
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December 17, 2015 at 5:10 am

great article to read, TQ very much DR.

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AUTHOR
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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
December 15, 2016
DR. ZULKIFLI HASAN
Aleppo Terus Menangis: Dilema Krisis Di Syria
Aleppo Terus Menangis: Dilema Krisis di Syria
Zulkifli Hasan
Pendahuluan
Krisis yang berlaku di dunia Islam khususnya di Timur Tengah seperti di Syria, Mesir, Libya, Iraq, dan Palestine termasuk di Arakan, Myanmar dan Xinjiang China begitu menyedihkan umat Islam dan masyarakat dunia umumnya. Khususnya di Syria dengan berita terkini kekejaman rejim Asad memusnahkan Aleppo meratah rakyat sendiri, krisis politik dan kemanusiaan berterusan seumpama tiada garisan penamat. Rejim Asad terus mengganas dengan sokongan beberapa kuasa besar membunuh sewenang-wenangnya tanpa ada perasaan belas kasihan dan kemanusiaan. Ironinya, ada segelintir agamawan ‘kerajaan’ yang berdiam diri menolak untuk mengutuk rejim Asad dengan pelbagai alasan dan justifikasi. Malangnya yang menjadi mangsa utama adalah rakyat awam terutama kanak-kanak, wanita, warga emas serta orang kurang upaya. Kekalutan dan kemuncak kesengsaraan kini berlaku di Syria sebenarnya adalah manifestasi kegagalan umat Islam seluruhnya.
Pelbagai liputan media massa yang memaparkan situasi di Syria juga menimbulkan kekeliruan. Robert Fisk yang terkenal sebagai rujukan utama isu politik dan perkembangan di Timur Tengah juga menunjukkan sikap dan kecenderungan yang membingungkan ramai pihak. Bagi memahami krisis di Syria ini, penulis mengambil pendekatan seimbang sebagai asas membolehkan kita memahami krisis di Syria dan memastikan sebarang reaksi, persepsi dan tindakbalas adalah berhikmah.
Berbanding dengan siri kebangkitan rakyat di Tunisia dan Mesir, krisis di Syria mendapat liputan dan analisis yang agak berbeza daripada pelbagai pihak. Secara umumnya, terdapat dua teori yang berkaitan dengan krisis di Syria. Golongan pertama berpandangan bahawa jatuhnya rejim Bashar Al-Assad akan mengukuhkan pengaruh Israel di Timur Tengah. Golongan kedua pula mempunyai teori dan pandangan yang berlainan di mana krisis di Syria dianggap sebagai sesuatu yang ’genuine’ dan penentangan terhadap rejim Bashar al Assad adalah suatu tuntutan jihad. ’Dichotomy’ dan dua teori yang bertentangan ini telah menimbulkan kesulitan kepada aktivis dan badan bukan kerajaan yang sedang memperjuangkan nasib dan kehidupan rakyat Syria yang kini menghadapi krisis kemanusiaan yang sangat membimbangkan. Hingga kini dilaporkan bilangan penduduk yang terkesan dan menghadapi krisis kemanusiaan akan mencecah 20 juta.
Perkembangan yang berlaku di Iraq juga memberikan satu dimensi baru kepada situasi di Timur Tengah. Sekumpulan pejuang yang dikenali sebagai Islamic State of Iraq and levant (ISIL) juga telah mengisytiharkan pembentukan khilafah apabila berjaya menguasai sebahagian besar kawasan di Iraq dengan menjadikan Abu Bakar al Baghdadi sebagai khalifah abad 21. Kini terdapat beberapa kumpulan yang sedang berjuang dan berjihad menentang kezaliman dan kekufuran seperti yang diketahui dan ini termasuk ISIL, Free Syrian Army (FSA) dan sebagainya. Situasi ini semakin menimbulkan kekeliruan di kalangan umat Islam malahan masyarakat umum di seluruh dunia. Oleh itu, pemerhatian secara menyeluruh dan berhati-hati perlu diberikan bagi memahami dan meneliti perkembangan terkini apa yang berlaku di Syria. Asasnya, umat Islam perlu melihat dari aspek taklif atau tanggungjawab membantu rakyat Syria yang kini melalui saat kehidupan yang begitu dhaif, mencabar dan memeritkan dengan serba kekurangan khususnya dari aspek kemanusiaan seperti tempat tinggal, keperluan asas, ubat-ubatan, pendidikan dan juga hak untuk diberikan perhatian dari sudut hak kemanusiaan.
Krisis di Syria dan Persoalan
Pandangan yang menganggap rejim Bashar al Assad sebagai pengancam Israel dan kejatuhannya hanya akan mengukuhkan hegemoni Israel di Timur Tengah ini disuarakan oleh ramai penganalisis politik dan jurnalis antarabangsa seperti Robert Fisk termasuk tokoh ulama iaitu Sheikh Imran Hossein. Robert Fisk di dalam artikelnya bertajuk ”Bashar al Assad, Syria, and The Truth About Chemical Weapons” menyuarakan pandangannya mengenai usaha Amerika memburukkan rejim Bashar al Assad dengan hasrat untuk menjatuhkannya melalui tuduhan menggunakan senjata kimia. Ini disokong oleh Professor Michel Chossudovsky di dalam artikel beliau ”Confronting Iran, Protecting Israel: The Real Reason for America’s War on Syria”. Beliau berpandangan bahawa kejatuhan rejim al Assad hanya akan mengakibatkan Syria dapat dikuasai oleh sekutu atau agen Amerika dan Israel dan dengan itu, Hamas dan Hezbollah dapat dihapuskan sekali gus melemahkan Iran yang dianggap musuh dan ancaman kepada mereka. Terdapat juga segelintir ahli akademik tanahair yang cenderung dengan pandangan ini malahan melabelkan pejuang pembebasan Syria ini dengan gelaran ”pemberontak” dan ”pengganas” yang sama sekali bertentangan dengan mauqif ulama muktabar.
Berdasarkan permasalahan di atas, penulis ingin berkongsi pandangan mengenai krisis yang berlaku di Syria dan cuba merungkaikan beberapa persoalan yang kini membelenggu pemikiran sesetengah pihak. Penulis telah merujuk pelbagai sumber makalah, artikel, buku, berita, laporan, jurnal dan sebagainya termasuk menghadiri syarahan ulama tersohor Syria, maklumat sumber pertama sahabat-sahabat di Syria serta penerangan oleh aktivis-aktivis yang telah masuk ke Syria termasuk buku tulisan Dr. Zulkifli Al Bakri bertajuk ’Krisis Syria dan Mauqif Ulama’ yang menjelaskan pendirian dan pandangan ulama muktabar mengenai krisis di Syria. Berdasarkan sumber-sumber sahih ini, penulis sangat berkeyakinan bahawa krisis di Syria ini adalah sesuatu yang ’genuine’ dan umat Islam bertanggungjawab untuk memberikan bantuan kemanusiaan kepada warga Syria yang memerlukan. Rakyat Syria yang berjihad menentang kezaliman dan kemungkaran diketuai rejim Bashar al Assad ini bukanlah ’pemberontak’ tetapi adalah pejuang pembebasan dan jika gugur dikategorikan sebagai syahid. Bersama-sama dengan rakyat Syria bangun menentang kezaliman, keganasan, ketidakperikemanusiaan dan ketidakadilan adalah suatu tuntutan dan kewajipan umat Islam.
Merungkai Persoalan Krisis di Syria dan Mauqif Ulama
Bagi memahami krisis di Syria ini, perlu juga dilihat terlebih dahulu Syria dari sudut demografi. Syria mendapat kemerdekaan pada 1946 dengan penduduk berjumlah lebih 23 juta. 75% adalah Muslim-sunni tetapi kerajaan Syria dikuasai oleh parti Baath iaitu diwakili minoriti Alawi yang hanya 3-4%. Parti Baath yang minoriti Alawi ini bermazhab Syiah Nusairiah dan berideologi sosialis. Berdasarkan demografi ini, amatlah bermanfaat untuk menelusuri serba sedikit asal usul rejim al Assad di Syria ini. Setelah kemerdekaan Syria telah dipimpin oleh keluarga al Assad. Kemuncak kezaliman rejim al Assad ini telah berlaku pada 1982 di bawah pimpinan Hafiz al Assad (memerintah selama 32 tahun) sewaktu tragedi berdarah di bandar Hamah yang meragut nyawa lebih 40 ribu penduduk, 15 ribu hilang tempat tinggal dan 150 ribu menjadi mangsa pelarian. Bukan itu sahaja, dilaporkan lebih 88 buah masjid dimusnahkan dan infrastruktur awam dihancurkan. Sebegitu ramai ulama dan ilmuan Islam yang dipenjara, diseksa dan dibunuh. Di antara ulama yang menjadi pelarian politik ialah Sheikh Abu Fattah Abdu Ghuddah, Sheikh Said Hawa, Sheikh Muhammad Ali Al Sabuni, Sheikh Muhammad Hashim al Majzub, Sheikh Usamah al Rafie dan ramai lagi.
Bashar al Asad telah mengambil alih pemerintahan daripada Hafiz al Assad pada tahun 2000 setelah Perlembagaan Negara dipinda semata-mata untuk membolehkannya menjadi Presiden yang pada itu belum mencapai umur 40 tahun yang dibenarkan. Beliau meneruskan kekejaman lalu dengan beberapa insiden kemanusiaan seperti peristiwa berdarah Qamisyli pada 2004 dan 2008, peristiwa Hasakah pada 2004 dan peristiwa penjara Soydana. Tragedi 2011 hingga hari ini adalah yang paling trajis di mana telah meragut nyawa ratusan ribu rakyat Syria yang majoritinya adalah Muslim-sunni. Ini disahkan oleh Utusan Khas PBB dan Liga Arab, Lakhdar Brahimi. Malahan kekejaman rejim Bashar al Assad juga telah meranapkan pelbagai kesan sejarah penting Islam seperti Maktabah al Khanji yang dianggap antara perpustakaan tertua dunia yang mempunyai koleksi berharga yang tidak ternilai. Melalui fakta-fakta ini, sudah jelas lagi bersuluh betapa tidak logiknya sebarang pandangan yang menyokong rejim Bashar al Assad atas apa sahaja alasan. Malahan melabelkan rakyat yang menuntut keadilan dengan gelaran pemberontak atau pengganas adalah suatu perkara yang amat dikesalkan.
Selain itu, adalah amat penting juga untuk mengenali Alawi atau Shiah Nusairiah yang pengikutnya menguasai kerajaan Syria. Shiah Nusairiah di Syria ini mempunyai hubungan amat rapat dengan Iran dan Hizbullah. Ini kerana terdapat segelintir umat Islam termasuk di Malaysia yang tidak mempunyai gambaran sebenar malahan memberikan sokongan kepada rejim Bashar al Assad dan menganggap Iran serta Hizbullah sebagai pembela agama dan memberi ancaman kepada Israel. Dilaporkan juga Iran telah membekalkan pelbagai jenis senjata kepada Syria. Ayatullah Ali Khomeini pernah mengeluarkan fatwa bahawa wajib rakyat Iran mempertahankan rejim al Assad. Dalam hal ini, kita perlu merujuk kepada pandangan dan fakta-fakta mengenai shiah Nusairiah ini. Sebenarnya, terlalu ramai ulama muktabar telah terlebih awal memberikan fatwa mengenai kesesatan Syiah Nusairiah. Ibn Taimiyah, Ibnu Kathir, al Zahabi, Sheikh Abdul Aziz Baz dan Sheikh Ali al Sabuni secara jelas memfatwakan shiah nusairiah sebagai sesat. Sheikh Gharib al Sirjani mengatakan bahawa kesesatan shiah Nusairiah ini adalah berasaskan ijma. Oleh itu, sebarang pandangan yang menyokong rejim Bashar al Assad yang juga shiah Nusairiah ini adalah dianggap perkara mungkar dan menyesatkan.
Bagi mengukuhkan pandangan betapa rejim Bashar al Assad ini perlu ditentang dan dijatuhkan, penulis ingin merujuk kepada beberapa pendirian ulama muktabar kontemporari seperti yang dinukilkan di dalam buku ’Krisis Syria dan Mauqif Ulama”. Sheikh Abdul Aziz Baz pada 1982 berfatwa bahawa wajib memberi bantuan kepada umat Islam yang dizalimi oleh rejim Al Assad. Sheikh Yusuf al Qaradhawi dengan tegas menyatakan bahawa wajib bagi rakyat Syria untuk bangkit menentang rejim al Assad malahan menggesa jemaah haji berdoa untuk kehancurannya. Sheikh Ali al sabuni yang pernah berada di Malaysia dengan tegas menggesa umat Islam untuk memberikan bantuan sewajarnya bagi meringankan kesengsaraan rakyat Syria. Ramai lagi ulama tersohor seperti Sheikh Soleh al Luhaidan, Sheikh Muhammad Hasan, Sheikh Aidh al Qarni, Sheikh Muhammad al Irifi, Sheikh Ahmad Qattan dan Sheikh Wahbah al Zuhaili memberikan pandangan yang sama di mana menyeru umat Islam untuk membantu rakyat Syria.
Pandangan dan pendirian ulama muktabar mengenai kewajipan membantu rakyat Syria ini disahkan dan disokong oleh Resolusi Muktamar Syria di Istanbul iaitu persidangan para ulama sedunia pada 1-3 Julai 2012. Muktamar ini secara umumnya menegaskan bahawa revolusi rakyat Syria adalah kebangkitan yang hak dan benar dan adalah menjadi kewajipan semua umat Islam untuk membantu rakyat Syria dan menjatuhkan rejim Bashar al Assad. Muktamar ini merayu agar semua negara Islam di bawah pertubuhan OIC serta negara-negara lain untuk memberikan bantuan kemanusiaan termasuk membekalkan persenjataan. Informasi dan maklumat mengenai resolusi muktamar seperti ini dan bukti-bukti kezaliman rejim Bashar al Assad mungkin tidak sampai atau lambat diperolehi oleh umat Islam dan ini menyebabkan ada yang mempersoalkan tindakan rakyat Syria bangun menentang kerajaan Syria. Ini bukanlah sesuatu yang asing kerana rejim Bashar al Asad seringkali cuba untuk menyembunyikan keganasan mereka. Umpamanya telah ramai wartawan yang telah terkorban semasa membuat liputan di Syria seperti Mika Yamamoto, jurnalis Jepun yang sangat aktif melaporkan kebenaran krisis di Syria.
Misi Kemanusiaan dan Advokasi Sebagai Jihad
Fiqh jihad adalah terlalu luas untuk dibicarakan di sini. Umat Islam dinasihatkan untuk memahami fiqh jihad melalui penguasaan ilmu pengetahuan. Kerangka fiqh jihad itu perlu disesuaikan dengan fiqh waqi dan awlawiyah serta mengambil perhatian dari sudut mafsadah dan maslahah. Umumnya, jihad ini selalu difahami dengan erti mengangkat senjata sedangkan dalam konteks hari ini, bantuan kemanusiaan juga adalah jihad yang utama. Ini dinyatakan sendiri oleh ramai ulama dunia termasuk ulama tersohor Syria yang berpandangan penglibatan dari aspek kemanusiaan adalah lebih diperlukan berbanding dengan jihad mengangkat senjata. Ini juga bertepatan dengan isu pejuang-pejuang yang berjihad mengangkat senjata tanpa keizinan ibubapa dan yang mereka-mereka yang masih menuntut ilmu dan belum menamatkan pelajaran sepertimana yang diamanahkan. Sekiranya kefahaman fiqh jihad itu mendalam, sudah pasti keutamaan menunaikan amanah yang sepatutnya diaulakan diberikan perhatian.
Menelusuri pelbagai sumber bagi meneliti krisis di Syria menimbulkan persoalan yang sering dimainkan oleh ramai pihak. Keperluan jihad mengangkat senjata adalah antara perkara yang mendapat reaksi ramai. Dalam konteks ini, penulis ingin mengesyorkan selari dengan konsep fiqh awlawiyah berserta dengan nas-nas syarak dan bersesuaian dengan fiqh waqi dalam konteks semasa di Malaysia khususnya bahawasanya keperluan berjihad yang lebih aula dan utama pada waktu ini adalah dari sudut bantuan kemanusiaan dan advokasi. Fiqh Keutamaan dan Fiqh Waqi ini boleh disimpulkan sebagai disiplin ilmu yang merujuk kepada penguasan ilmu dan pemahaman dalam meletakkan sesuatu pada peringkat yang sebenar, sesuai dengan pertimbangan ilmu, keadilan, hukum syarak, akhlaq atau etika, keadaan semasa dan keadaan setempat. Ini adalah amat bersesuaian dengan ruh Islam itu sendiri di mana setiap perkara mesti diletakkan secara adil menurut syariat Islam dengan mengambil kira aspek maslahah dan mafsadah.
Dalam konteks di Syria, Mufti Wilayah Persekutuan, sohibus samahah Dr Zulkifli Muhammad Al Bakri dalam kenyataannya terkini bahkan ramai ulama tersohor dunia termasuk Syria secara jelas mengajak semua umat Islam untuk mengutamakan bantuan kemanusiaan kepada warga Syria yang kini mencecah jutaan dalam kesempitan dan kesusahan. Hingga kini dilaporkan bilangan penduduk yang menghadapi krisis kemanusiaan yang meruncing dengan ketiadaan sumber makanan, air mentah, pakaian asas, perubatan, pendidikan dan sebagainya mencecah lebih 20 juta orang. Fakta ini disahkan sendiri oleh ramai aktivis kemanusiaan seperti Malaysia Lifeline Syria yang secara langsung menyampaikan bantuan kepada rakyat Syria. Kehidupan saudara seagama seakidah yang begitu dhaif dan memilukan ini menuntut kita semua untuk mengutamakan misi kemanusiaan ini. Inilah jihad paling utama yang perlu diberikan perhatian oleh umat Islam khususnya Malaysia pada waktu ini. Jihad misi kemanusiaan juga sekaligus dapat menyelesaikan sebarang permasalahan mengenai isu kedudukan rejim al Assad mahupun status perjuangan rakyat Syria yang bangun menuntut keadilan. Jihad misi kemanusiaan ini memfokuskan kepada warga Syria yang sebenarnya perlu dibantu dengan meletakketepikan terus sebarang unsur perbezaan politik, mazhab dan ideologi.
Penutup
Adalah sesuatu yang sangat membingungkan apabila membaca dan mengetahui ada segelintir umat Islam bahkan mereka yang terpelajar menyalahkan pandangan-pandangan dan fatwa yang menyokong kebangkitan terhadap rejim yang zalim dan jelas mungkar di Syria. Bahkan golongan ini juga membuat tuduhan yang sangat dangkal mengatakan bahawa ulama yang menyokong kebangkitan rakyat ini sebagai ulama yang suka menumpahkan darah. Ironinya, golongan ini tidak pula menyalahkan rejim Asad bahkan ada yang bersama-sama Asad berdiam diri hanya melihat rakyat dibunuh dengan begitu kejam dan zalim tanpa perikemanusiaan. Golongan ini juga mula menyalahkan demokrasi dan mengatakan demokrasi tidak bersesuaian dengan dunia arab seperti di Syria. Ini sangat menakjubkan kerana golongan ini lebih rela hidup dalam sistem yang berasaskan kediktatoran dan kuku besi hinggakan ada yang mengatakan dunia arab hanya sesuai dengan sistem diktator. Ini menambahkan lagi kekeliruan dan kekaburan mengenai krisis yang begitu merugikan dunia Islam ini.
Dunia telah menyaksikan kebangkitan rakyat bermula di Tunisia diikuti Mesir, Libya, Syria dan kemungkinan negara-negara Timur Tengah yang lain. Namun, revolusi di Syria yang kini semakin meruncing menimbulkan pelbagai persoalan dan kekeliruan. Malahan persoalan yang lebih besar ialah nasib Syria pasca peperangan. Berbanding dengan kebangkitan yang berlaku di Tunisia, Mesir dan Libya, krisis di Syria adalah sedikit berlainan kerana ianya melibatkan pelbagai isu geo-politik yang lebih rumit melibatkan kuasa besar dan ketenteraan. Teori menjatuhkan rejim al Assad sebagai tindakan meningkatkan hegemoni dan penguasaan Israel di Timur Tengah juga adalah satu perkara yang tidak mempunyai asas yang kuat. Pendirian atau mauqif ulama muktabar di seluruh dunia mengenai kewajipan umat Islam untuk membantu rakyat Syria mengesahkan bahawa kebangkitan rakyat Syria adalah sesuatu yang hak dan benar. Kezaliman dan keganasan tidakperikemanusiaan tahap luarbiasa rejim Bashar al Assad adalah tindakan yang tidak boleh sama sekali diterima akal. Rejim Bashar al Assad ini mesti dibawa ke muka pengadilan dan dibicarakan di Mahkamah serta segala keganasan dan kezaliman ini didedahkan kepada dunia supaya tragedi kemanusiaan ini dapat memberi pengajaran kepada semua umat manusia.
Krisis yang berlaku di Syria menimbulkan persoalan keperluan bentuk jihad yang digagaskan oleh Islam. Dalam konteks Malaysia, kefahaman jihad yang sering kali didominasikan dengan perjuangan mengangkat senjata adalah sesuatu yang perlu disemak semula. Fiqh Jihad itu adalah terlalu luas dan tidak sepatutnya disempitkan dengan elemen peperangan dan pertumpahan darah. Dalam konteks hari ini khususnya umat Islam di Malaysia, jihad utama yang dituntut ialah membantu dengan sedaya upaya menyalurkan bantuan kemanusiaan kepada warga Syria dan advokasi kemanusiaan. Yusuf al Qaradawi dalam bukunya Fiqh Jihad telah menulis ensiklopedia jihad yang sangat komperehensif begitu juga Said Ramadhan al Buti di dalam kitabnya Al-Jihad fi al-Islam: Kaifa Tafhamuh? Wa Kaifa Numarisuh? Juga menjelaskan konsep fiqh jihad ini dengan mendalam dan penuh berhikmah. Umat Islam khususnya di Malaysia disarankan untuk mendiskusikan dan mewacanakan kedua-dua buku ini secara meluas di seluruh Negara bagi menanamkan kefahaman yang ideal dan selari dengan tuntutan syarak serta keperluan umat.
Wallahua’lam.
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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
Daily Archives: August 21, 2014
August 21, 2014
DR. ZULKIFLI HASAN
Islamic finance regulators are working to reduce the role of scholars
Scholar Fees Targeted by Regulators: Islamic Finance
By Liau Y-Sing  Available at:
http://www.bloomberg.com/news/2014-08-12/scholar-fees-targeted-by-regulators-islamic-finance.html
Islamic finance regulators are working to reduce the role of scholars, blaming delays and excessive fees for stifling growth in the industry.
Bankers and officials from Bahrain to Indonesia are standardizing documents and bond structures to limit impediments caused by varying interpretations of Shariah law. It can take up to 12 weeks to arrange a sukuk sale, compared with eight for a non-Islamic debt offering, according to law firm Clifford Chance LLP. A well-respected expert can charge between $500 and $1,000 an hour in the Middle East, according to two scholars, who declined to be named due to the sensitivity of the issue.
Islamic finance institutions require rulings from scholars, known as fatwa, before they can market any securities or funds in an industry whose assets are set to double to $3.4 trillion by 2018, according to Ernst & Young LLP. Their reputations can heavily influence the success of a product, according to Bank Negara Malaysia’s Shariah Advisory Council, driving demand for a select group of experts and leading to inflated earnings.
“These old gangs are still sitting there in the top firms, issuing fatwa without understanding the consequences,” Ishaq Bhatti, an associate professor who teaches Islamic finance at La Trobe University in Melbourne, said in an Aug. 6 e-mail interview. “The dollar value they earn they don’t contribute to the product’s development.”
Flexibility Needed
Scholars pass religious decrees on whether a financial product conforms with Islamic tenets such as a ban on interest payments. While Malaysia and Indonesia have centralized Shariah boards to approve structures, it doesn’t stop bond issuers from seeking outside endorsement.
Sheikh Bilal Khan, the co-chairman of Dome Advisory Ltd. in London that specializes in areas such as Islamic finance and private equity, said the fees demanded by scholars depend on the complexity and nature of the transaction, declining to be specific on amounts earned.
“The industry is already standardized,” Khan said in a phone interview yesterday. “Bringing standardization has a disadvantage. The transaction is more rigid in the market. If you want to innovate a market, you want flexibility.”
Shariah finance is looking to shed its image as an opaque and fragmented business as it enters new markets. The U.K. sold its first sovereign sukuk in June and Hong Kong plans to follow suit later this year. The governments of Luxembourg, Kenya and the Philippines are also planning debut issues.
Differing Interpretations
The International Islamic Financial Market, a standards-setting body in Bahrain, is developing common templates for structuring sukuk to reduce delays caused by differing views between scholars, Chief Executive Officer Ijlal Ahmed Alvi said in May 6 interview in Jakarta.
Islamic bonds are issued under various principles and are usually backed by an underlying asset, with opinions differing among regional jurisdictions as to their acceptability.
Indonesia’s government is reducing sales of Ijara sukuk because some scholars say the structure the country uses isn’t fully Shariah-compliant. This type of debt is typically backed by a property that a bank purchases on behalf of the customer and leases it back at a mark up. Malaysia switched to the more globally recognized Murabaha contract, a three-party arrangement, for local-currency notes in July 2013.
Middle Eastern investors say the bai al-inah structure, or a sale and buy-back agreement previously used by Malaysia, is too similar to interest-based lending, Winson Phoon, a Kuala Lumpur-based fixed-income analyst at Maybank Investment Bank Bhd., wrote in a June 2 research note.
Transaction Costs
“Due to the lack of standardization, there is indeed too much reliance on scholars,” Murat Unal, chief executive officer of Funds@Work AG, a consulting company near Frankfurt that produced a 2011 report on Shariah scholars, said in an Aug. 6 e-mail interview. “The more international standard-setters agree on standardization, the less there will be a need for scholars.”
Issuers seeking Islamic funding for the first time are faced with a higher fee than if they tap the conventional market, with a $500 million sukuk costing between $20,000 and $100,000 more, according to Clifford Chance.
“Standardization will help to reduce costs on a transaction,” Qudeer Latif, the Dubai-based global head of Islamic finance at Clifford Chance, said in an Aug. 6 phone interview while on a trip to London. “The conventional market is able to issue much more quickly and at a lower cost on the basis that there’s already accepted standard form documents.”
Religious experts are regarded as the sole authority on whether an offering meets the standards of Islam and their sanction is crucial for Shariah-compliant investors, according to Union Investment Privatfonds. Scholars need to be experts on the Koran, commercial law and finance.
Quality Seal
“For Shariah-compliant financial institutions and funds, Shariah scholars are extremely important,” Sergey Dergachev, who helps oversee about $10 billion in emerging-market debt at Union Investment in Frankfurt, said in an Aug. 7 e-mail interview. “Fatwa from a well-recognized scholar is something like a seal of quality and a seal of true compliance with Shariah.”
The central bank of Malaysia, the world’s largest sukuk market, has forbidden scholars from sitting on more than one Shariah advisory board for each type of institution since 2010. Most countries don’t impose such limits.
Islamic bond offerings worldwide increased more than fourfold over the last decade to $26.9 billion so far this year, compared with $43 billion in 2013 and a record $46.5 billion in 2012, data compiled by Bloomberg show. As the $1.7 trillion Shariah finance industry gained greater global prominence, the pay of scholars has increased accordingly.
Setting Standards
The number of hours an Islamic expert has to spend on a sukuk issue depends on the complexity of the structure and a standard transaction would involve about 20 hours of work, one of the scholars who declined to be named said.
“Particularly if the transaction is in big volume, they want a well-known scholar to endorse it so they don’t mind paying,” Mohamad Akram Laldin, deputy chairman of Bank Negara’s Shariah Advisory Council, said in an Aug. 7 interview in Kuala Lumpur. “They know that people are not going to question the credibility of this scholar. This scholar signs off, people know that he knows his stuff.”
As a scholar’s approval is key to determining the success of a product, the industry has sought the services of a select pool of experts. The 20 most-active individuals each advised 31 institutions on average, according to a 2011 report by Funds@Work.
“The lack of standardization creates a need for scholars, which objectively seen are not needed for standard solutions,” said Funds@Work’s Unal. “A central Shariah board at the central bank level could easily take care of it or an international standards setter.”
Regards

Zulkifli Hasan
With Sheikh Dr Amin Fateh in Dubai.
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BLOG OF KNOWLEDGE (Shari'ah, Law, Islamic Finance and Muslim News)
Shari'ah, Law, Islamic Finance and Muslim News
My E-Lecture Series
As an additional effort to disseminate knowledge on Islamic finance as part of my intellectual journey and contribution, I am very pleased to share my series of lecture on Islamic finance related issues. The series of lecture are available on USTREAM TV. Please apologize for the defects and shortcomings. This is only my small effort of knowledge-sharing for the sake of Allah the Almighty.
Quest For Meaning

Uqud in Islamic Financial Services

Zakat: Tuntutan yang Sering Dialpakan

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Shariah Governance in Islamic Finance

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5 thoughts on “My E-Lecture Series”
syed zoahib bilgrami says:
March 11, 2010 at 5:08 pm

assalam o alalikum

sir your blog is great and really beneficial for others.

regards

zohaib

Reply

taufiq says:
June 2, 2010 at 2:26 am

salam, sir i want continue my study at Phd in syariah economic program.But i still confuse to start the study.from economic faculty or from syariah/islamic studies faculty.Give me your advise.please reply on my email.Thank’s

Reply

ZULKIFLI HASAN says:
June 2, 2010 at 10:27 am

Taufiq, you may pursue your study in the field of Islamic finance but it is preferable if you specialise in the area of law or Islamic law or comparative law. At this point, you may search institutions that offer of such post graduate programme

Reply

taufiq says:
June 8, 2010 at 3:42 am

sir, i need some article to complete my paper about Shariah governance in order to maintain adherence to the principles and norms of the industry and increase the benefit for sharia banking for the economy.could you please give me some article about that.Replay me.thank’s

Reply

alliljalal says:
December 10, 2011 at 8:16 am

alsslamu alykmu wa rahmtallah

my self jalal , i have completed llm commercial law , my dissertation topic was in Islamic insurance and i would love to continue phd in Islamic banking in any good university.

which university do you prefer me to study

i need to continue in the same area of commercial law

i would be very thankful to you

thanks

Reply
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OIC Fiqh Academy Ruled Organised Tawarruq Impermissible in 2009

بسم الله الرحمن الرحيم

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بشأن

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م ،2009 ( جمادى الأولى 1430هـ ، الموافق 26–30نيسان ( إبريل

التورق : حقيقته ، أنواعه (بعد اطلاعه على البحوث الواردة إلى المجمع بخصوص موضوع
الفقهي المعروف والمصرفي المنظم
)
، وبعد استماعه إلى المناقشات التي دارت حوله ،

وبعد الاطلاع على قرارات المجمع الفقهي الإسلامي التابع لرابطة العالم الإسلامي بمكة
المكرمة بهذا الخصوص،

: قرر ما يلي

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OIC Fiqh Academy Ruled Organised Tawarruq Impermissible in 2009

: أولاً : أنواع التورق وأحكامها

التورق في اصطلاح الفقهاء : هو شراء شخص (المستورق) سلعة بثمن مؤجل من أجل أن يبيعها (1)
نقداً بثمن أقل غالباً إلى غير من اشتُريت منه بقصد الحصول على النقد. وهذا التورق جائز
.شرعاً ، شرط أن يكون مستوفياً لشروط البيع المقررة شرعاً

التورق المنظم في الاصطلاح المعاصر: هو شراء المستورق سلعة من الأسواق المحلية أو (2)
الدولية أو ما شابهها بثمن مؤجل يتولى البائع (المموّل) ترتيب بيعها، إما بنفسه أو
بتوكيل غيره أو بتواطؤ المستورق مع البائع على ذلك ، وذلك بثمن حال أقل غالباً

التورق العكسي: هو صورة التورق المنظم نفسها مع كون المستورق هو المؤسسة والممول هو (3)
العميل

لا يجوز التورقان ( المنظم و العكسي ) وذلك لأن فيهما تواطؤاً بين الممول :ثانياً
والمستورق ، صراحة أو ضمناً أو عرفاً ، تحايلاً لتحصيل النقد الحاضر بأكثر منه في
الذمة وهو ربا

: ويوصي بما يلي

التأكيد على المصارف والمؤسسات المالية الإسلامية باستخدام صيغ الاستثمار (أ)
والتمويل المشروعة في جميع أعمالها ، وتجنب الصيغ المحرمة والمشبوهة التزاماً
بالضوابط الشرعية بما يحقق مقاصد الشريعة الغراء، ويجلي فضيلة الاقتصاد الإسلامي
.للعالم الذي يعاني من التقلبات والكوارث الاقتصادية المرة تلو الأخرى

تشجيع القرض الحسن لتجنيب المحتاجين للجوء للتورق . وإنشاء المؤسسات المالية (ب)
الإسلامية صناديق للقرض الحسن

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OIC Fiqh Academy Ruled Organised Tawarruq Impermissible in 2009

والله أعلم

الحمد لله رب العالمين والصلاة والسلام على سيدنا محمد خاتم النبيين وعلى آله وصحبه
أجمعين

Resolution 179 (19/5)

in relation to

Tawarruq : its meaning and types (classical applications and organized tawarruq)

The International Council of Fiqh Academy, which is an initiative of the Organization of Islamic
Conferences (OIC), in its 19 th session which was held in
Sharjah, United Arab Emirates, from 1 - 5 of Jamadil Ula
1430 AH, corresponding to 26 – 30 April 2009, decided on the following:

Having reviewed the research papers that were presented to the Council regarding the topic of t
awarruq
, its meaning and its type (classical applications and organized
tawarruq
), a resolution were passed. Furthermore, after listening to the discussions that revolved about
the applications of
tawarruq
, the resolutions were presented at the International Council of Fiqh

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OIC Fiqh Academy Ruled Organised Tawarruq Impermissible in 2009

Academy, under auspices of the Muslim World League in Makkah.

The following were the resolutions:

First:  Types of tawarruq and its juristic rulings:

    -  Technically, according to the Fiqh jurists, tawarruq can be defined as: a person (mustawri
q ) who
buys a merchandise at a deferred price, in order to sell it in cash at a lower price. Usually, he
sells the merchandise to a third party, with the aim to obtain cash. This is the classical
tawarruq
, which is permissible, provided that it complies with the
Shari’ah
requirements on sale (
bay’
).

    -  The contemporary definition on organized tawarruq is:  when a person (mustawriq) buys a
merchandise from a local or international market on deferred price basis. The financier arranges
the sale agreement either himself or through his agent. Simultaneously, the
mustawriq
and the financier executes the transactions, usually at a lower spot price.

    -  Reverse tawarruq: it is similar to organized tawarruq, but in this case, the (mustawriq) is
the financial institution, and it acts as a client.

Second: It is not permissible to execute both tawarruq (organised and reversed) because
simultaneous transactions occurs between the financier and the
mustawriq
, whether it is done explicitly or implicitly or based on common practice, in exchange for a
financial obligation. This  is considered a deception, i.e. in order to get the additional quick cash
from the contract. Hence, the transaction is considered as containing the element of
riba
.

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OIC Fiqh Academy Ruled Organised Tawarruq Impermissible in 2009

The recommendation is as follows:

To ensure that islamic banking and financial institutions adopt investment and financing
techniques that are Shari’ah-compliant in all its activities, they should avoid all dubious and
prohibited financial techniques, in order to conform to Shari’ah
rules and so that the techniques will ensure the actualization of the
Shari’ah
objectives (
maqasid Shari’ah
). Furthermore, it will also ensure that the progress and actualization of the socioeconomic
objectives of the Muslim world. If the current situation is not rectified, the Muslim world would
continue to face serious challenges and economic imbalances that will never end.

To encourage the financial institutions to provide Qard Hasan (benevolent loans) to needy
customers in order to discourage them from relying on Tawarruq instead of Qard Hasan. Again
these institutions are encouraged to set up special Qard Hasan Fund.

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