The ruling on borrowing from the bank through the commodity of rice (tawarruq)
Machine translationRead the Arabic original
Question:
He says that he took a loan from the bank, and that it was bags of rice, O Shaykh, a commodity of rice.
Answer:
This is not a loan; this is not a loan. This is the issue of tawarruq (a commodity sale used to obtain cash). One buys a commodity from the bank, intending to sell it in the market and benefit from its price, and then repays the bank later. This is the issue of tawarruq, not a loan. Calling it a loan is incorrect. Yes.
The presenter:
May Allah reward you, O Shaykh.
He says that he took a loan from the bank, and that it was bags of rice, O Shaykh, a commodity of rice.
Answer:
This is not a loan; this is not a loan. This is the issue of tawarruq (a commodity sale used to obtain cash). One buys a commodity from the bank, intending to sell it in the market and benefit from its price, and then repays the bank later. This is the issue of tawarruq, not a loan. Calling it a loan is incorrect. Yes.
The presenter:
May Allah reward you, O Shaykh.
Source
قناة «مكة و المدينة»، 03 فتاوى على الهواء - 03 02 1433هـ _ الشيخ صالح الفوزان — youtube.com (28:22)
The Arabic text is a machine transcription of the audio recording.