Tawarruq or transfer from the bank.

Question:
I need financing from a bank, so I went and applied for tawarruq or Islamic financing from Al-Jazira Bank. They told me the type of financing is the purchase of a commodity, and one of the types of commodity is rice. So I do not know its ruling, O Shaykh, may Allah reward you?

Answer:
Answer: If they own the commodity, whether it is rice, fabrics, or cars, and they purchase it and own it before they contract with you, then they sell it to you after they have owned it and taken possession of it, and then you purchase it and sell it to meet your need, and when the term arrives you pay them the price of this commodity, this is the issue of tawarruq, and it is permissible according to the majority of scholars for the sake of the pressing need of those who do not find anyone to lend them a good loan.