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...It is this multiple-step transaction, known as a “tawarruq”, that is especially controversial....
...More recently, Goldman Sachs’ sukuk was heavily criticised on several grounds by religious scholars, one of which was its use of a concept known as Tawarruq....
...Tawarruq loans split scholars One Islamic financial product, the popular tawarruq, has been caught up in controversy this year....
...But even prior to the shakeout in the emirate, certain types of structures — notably tawarruq and tawarruq munazzam — had been criticised by scholars as essentially “un-Islamic”....
...Last April, the International Islamic Fiqh Academy, an influential group of scholars and clerics, ruled that a popular instrument known as tawarruq was also being misused....
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