What is the ruling on bank loans currently called tawarruq?
Machine translationRead the Arabic original
Question:
Honorable Shaykh, may Allah grant you success. He says: What is the ruling on bank loans currently called tawarruq by them?
Answer:
These are not loans. This is a sale. He buys an existing commodity from them, takes possession of it, moves it from their place, and sells it elsewhere, benefiting from its price. When the term arrives, he repays the debt he owes them. There is nothing wrong with this debt. This is a sale. Yes, it is not a loan. They call it a loan now, and that is a mistake. It is not a loan; it is a sale. Yes.
Honorable Shaykh, may Allah grant you success. He says: What is the ruling on bank loans currently called tawarruq by them?
Answer:
These are not loans. This is a sale. He buys an existing commodity from them, takes possession of it, moves it from their place, and sells it elsewhere, benefiting from its price. When the term arrives, he repays the debt he owes them. There is nothing wrong with this debt. This is a sale. Yes, it is not a loan. They call it a loan now, and that is a mistake. It is not a loan; it is a sale. Yes.
Source
قناة «العلامة الدكتور صالح الفوزان»، [1709 -3022] ما حكم القروض البنكية التي تسمى حالياً بالتورق؟ - الشيخ صالح الفوزان — youtube.com
The Arabic text is a machine transcription of the audio recording.