What is the ruling on tawarruq?

Question:
There is a transaction in banks called tawarruq, where the bank buys a type of metal for you, then you appoint the bank as your agent to sell it without you seeing the metal. This is a lie; it is not valid. They do not have any metal, but they deceive people by saying, "We have metal and we will sell it to you." Where is it? In Bahrain, or I do not know where. They say, "We will sell it to you, take the price, and give it to you." It is a sale of money for money, but they mention iron as a ruse, when there is no iron and nothing at all. This is lying and deceiving regarding riba (usury or interest), and throwing dust in people's eyes, as they say, meaning they are deceiving people to this extent. This is not permissible, and the one who issued a fatwa on this is mistaken, and there are scholars who have addressed this. So people should fear Allah in these matters. Yes.

Answer:
In Bahrain, or I don't know where it is, and we all sell it to you and take its price and give it to you. It is a sale of money for money, but they mention iron as a means of evasion, or there is no iron or anything. This is lying and deceiving people regarding riba (usury or interest), and throwing dust in people's eyes, as they say, meaning they are deceiving people to this extent. This is not permissible, and the one who issued this fatwa is mistaken, and he has [criticism] from the scholars. So people should fear Allah in these matters. Yes.