16.09.2010 - Tawarruq in Islamic banking is usury: IDB

From Emirates247.com: Islamic banks which enforce Tawarruq in their financial and investment operations are involved in usury, which is prohibited in Islam, a senior scholar from the Islamic Development Bank (IDB) has said. Sheikh Mohammed Mukhtar Al Salami, Head of the Sharia (Islamic) Panel in the Jeddah-based IDB, said many Islamic banks have been involved in such an investment tool in the Islamic banking industry..............................................Full Article: Source

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