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The Islamic banking is progressing as a trusted institution where interest free financial solutions are provided to its customers. The Islamic banking has a big challenge in front to introduce such ‘Halal Financial Products’ that could be used as a best alternative to conventional interest based financial products. However, it is also necessary to keep shariah rulings ahead in devising such financial products. In many countries of the world ‘Tawarruq’ has been introduced as a mode of retail financing. There is wide debate over its permisiblity in the different Muslim scholars. In this paper the juristic analysis has been presented to view its permissibility or non-permissibility according to the rulings of salient Islamic scholars. The analytical and qualitative method of research has been used in the present article. The particular emphasis of the papers is to examine the views of jurists on this method of finance and its economic consequences on the macro economics. The study concludes that though many Islamic scholars have reservations on adopting this method of financing, however if all its conditions are fulfilled it is permissible and can be used as an alternative to interest based retail financing. Further research is needed to improve its practical output.
Dr. Salman Ahmad Khan, Dr. Amir Hayat. (2021) Moasir Islamic Benkari mein Tawwaruq ka Istimal: Fiqh-e-Islami ki Roshni mein aik Tajziati Motalia, AL-ILM Journal, Volume 5, Issue 2.
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