معاصر اسلامی بینکاری میں "تورق" کا تصور اور شرعی حیثیت

The Concept and Shariah Status of 'Tawarruq' in Contemporary Islamic Banking

Abstract

This study examines the mechanism of Tawarruq (monetization) and its Shariah status within the framework of contemporary Islamic banking. In modern Islamic finance, liquidity management and providing instant cash to customers pose significant challenges. To meet these demands, many Islamic financial institutions heavily rely on Organized Tawarruq. While it serves as a practical tool for generating immediate cash without resorting to conventional interest-based loans, its extensive usage has sparked intense debate among classical and contemporary Muslim jurists (fuqaha). Critics argue that organized Tawarruq often mirrors conventional financing and risks compromising the higher objectives of Islamic law (Maqasid al-Shariah), potentially reducing Islamic finance to mere legal stratagems (hiyal). Conversely, proponents view it as a necessary jurisprudential concession (rukhsah) to facilitate economic activity in a dominant conventional market. Utilizing a qualitative and analytical approach, this paper investigates the legal rulings of major international Shariah boards, analyzes the operational modalities of Tawarruq in modern banks, and explores viable, asset-backed alternatives that align more closely with the ethical spirit of Islamic economics.