What is the ruling on the tawarruq practiced in banks and elsewhere?

Question:
Honorable Shaykh, may Allah grant you success, he says: What is the ruling on the tawarruq practiced in banks and elsewhere?

Answer:
The issue of tawarruq is a matter of scholarly disagreement, but the majority have permitted it due to people’s need for it. This is done by purchasing a commodity from a bank or other entity that the seller owns before the sale; you buy it from him for a deferred price, then take possession of it and move it from one place to another, and sell it to another person.
For a spot price, from which you benefit and with which you satisfy your current need. When the deferred period arrives, you pay him the value of the commodity. This is permissible due to need. What do people do now? The majority of scholars have permitted it. Yes.
However, Shaykh al-Islam Ibn Taymiyyah does not permit the issue of tawarruq, saying that it is a stratagem to reach riba (usury or interest). Yes.