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The Effect of ‘Motive’ on Characterising Organised Tawarruq

In: Arab Law Quarterly
Authors:
Suhaib Walid Sharaiyra College of Law, Al-Ain University of Science and Technology, Abu Dhabi, UAE

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Maher Haswa College of Law, Al-Ain University of Science and Technology, Abu Dhabi, UAE

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Abstract

This article aims to discuss the effect of motive of organised tawarruq parties on its permissibility and to shed light on the importance of considering the overall objectives and goals of Sharīʿah when conducting transactions. An analytical and deductive approach is used to examine the reality of organised tawarruq (al-tawarruq al-munaẓẓam) and the motive behind it as well as the validity of reference to and conception of the texts used in support thereof. The discussion concludes the presence of misinterpretations of the Sharīʿah texts referred to in support of organised tawarruq, as well as obvious overlooking of the motives behind it, which should have led to the exclusion of organised tawarruq from the permissible modes of Islamic finance. This article provides a comprehensive view of organised tawarruq, in terms of its motive, form and substance, in order to assist in reviewing the capability of its use as a financing tool.

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