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The Origination of Monetization Tawarruq and its Application in Islamic Sudanese Banking
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The Origination of Monetization Tawarruq and its Application in Islamic Sudanese Banking
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Journal Article
The Origination of Monetization Tawarruq and its Application in Islamic Sudanese Banking
2022
Overview
This study deal with the origination of monetization (Tawarruq) and its application in Islamic Sudanese banking ,the significance of studying this topic steams from the effective role that the monetization transaction played in the field of Islamic financial as modern alternative instruments for the traditional loans .so in this context this study aimed to clarify the main difference between monetization and Inah is that depend on the interest (Riba), while is achieved in Bai-al-Inah because its fake sale, and not achieved in Tawarruq because it genuine sale depend on the obtain of the liquidity. The study has adopted the comparative descriptive analytical approach through exposing the different views of the main four schools of fiqh, analyzing and comparing between them inter se, and with the relevant provisions of Sudanese Civil Transaction Act beside the provisions of AAIOFI. The study closed with the numerous outcomes the most important of which that the monetization (al-Tawarruq al-Fardi) is permissible according to the majority of the Islamic fiqh jurisprudence, and the main cause of originated the permissibility of monetization is depend on the basic principles of Sharia such as achievement of the public interest of individual (Maslahah Mursalah), and to satisfy the people needs, moreover there is a shortcoming in the Sudanese Civil Transaction Act 1984 when it doesn't covering the ruler of monetization in it provisions beside the other modern instruments such as Ijarah , also the study reached to that organized monetization is not compliance with the Sharia standards. The study recommended that The Shariah board and Directors' of Sudanese Islamic banking should effective the implementation of Tawarruq, beside the management unit in banks should take specific issues to resolve any difficulties face the application of monetization, The Sudanese legislature should adapt the definition and criterion of monetization laid down by the Islamic Fiqh Academy and AAIOFI, also The application of monetization in Islamic bank should supervised by the authorize body to ensure that it conformity with Sharia rules.
Publisher
مركز جيل البحث العلمي
Subject
