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CoursePaidIslamic banking

Tawarruq Quest

Turn a commodity trade into cash the right way, and spot when it goes wrong

Intermediate · 6 hours · 11 lessons · Language: English and Arabic · ID: IFS-COU-0081

Shari'ah approved by Mufti Syed Zahid Siraj, Chief Shari'ah Advisor

USD 15Original price USD 30

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Included in the annual membership.

No expiry

Turn a commodity trade into cash the right way, and spot when it goes wrong. This gamified course takes bank staff in personal finance, treasury and Shari'ah compliance beyond the basics of tawarruq and AAOIFI standards, through five interactive missions built on realistic bank situations, figures and controls. In each one you flip learning cards, make decisions in short scenarios, race through true-or-false rounds, match terms, put steps in order, sort what is allowed from what is not, and finish with a final challenge where you have three lives. You earn XP, keep streaks, collect stars and unlock a badge for every mission.

The missions:

  1. Buying to sell for cash
  2. The conditions of a sound tawarruq
  3. Tawarruq across the bank
  4. Red flags and controls
  5. Limits, alternatives and consequences

After each mission a short recap sums up what you unlocked, with the references. When all five badges are yours, take the final exam: 30 questions in 60 minutes, 70% to pass.

This course is independent educational material written by ifSPACE in its own words. It does not reproduce AAOIFI texts, is not affiliated with AAOIFI and is not a fatwa.

What you will learn

  • Explain how tawarruq differs from 'inah and from murabahah, and present fairly the debate on classical and organised tawarruq.
  • Apply the conditions of AAOIFI Shari'ah Standard No. 30 to a tawarruq trade, from the identified commodity to the customer's independent sale.
  • Work out the cost price, profit, deferred price and cash received in personal, corporate, interbank and deposit tawarruq.
  • Recognise the red flags of a tawarruq stream and describe the evidence a Shari'ah auditor checks.
  • Decide when tawarruq should give way to murabahah, ijarah or musharakah, and how a bank treats and reports a trade that was not properly executed.

Syllabus

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  1. 1.Mission 1: Buying to sell for cash

    • How this quest worksFree preview5 min
    • Mission 1: Buying to sell for cashFree preview25 min
    • Recap: Buying to sell for cash10 min

  2. 2.Mission 2: The conditions of a sound tawarruq

    • Mission 2: The conditions of a sound tawarruq25 min
    • Recap: The conditions of a sound tawarruq10 min

  3. 3.Mission 3: Tawarruq across the bank

    • Mission 3: Tawarruq across the bank25 min
    • Recap: Tawarruq across the bank10 min

  4. 4.Mission 4: Red flags and controls

    • Mission 4: Red flags and controls25 min
    • Recap: Red flags and controls10 min

  5. 5.Mission 5: Limits, alternatives and consequences

    • Mission 5: Limits, alternatives and consequences25 min
    • Recap: Limits, alternatives and consequences10 min