Munich Personal RePEc Archive

التورق المنظم

Al-Jarhi, Mabid (2007): التورق المنظم.

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This article starts with a summary of the salient features of Islamic finance, pointing out the framework within which it works in order to identify what is permissible and what is not. Then it tries to explain the sources of misunderstanding and the limitations of Islamic economics. This is used as a stepping stone to show the widely publicized claim that individual Tawarruq had the approval of the majority of Islamic jurists is a common error and an oversimplification at the least. In addition, the article shows that old jurists were familiar with organized Tawarruq which they totally disapproved. The article ends with explaining the unfortunate consequences of practicing Tawarruq on the economy as a whole and the Islamic finance industry.

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