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What is tawarruq?

 
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shiewhero
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Joined: 06 Dec 2009
Posts: 36
Location: Trinidad
PostPosted: Wed Feb 03, 2010 1:00 pm    Post subject: What is tawarruq? Reply with quote
What is tawarruq?
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jerrys1960
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Joined: 23 Aug 2009
Posts: 256
Location: Philippines
PostPosted: Sun Feb 07, 2010 6:03 pm    Post subject: Reply with quote
Tawarruq is where the financial institution (or person), either directly or indirectly, will buy an asset and immediately sell it to a customer on a deferred payment basis.

The customer then sells the same asset to a third party for immediate delivery and payment, the end result being that the customer receives a cash amount and has a deferred payment obligation for the marked-up price to the financial institution.
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