Application of Tawarruq in Islamic Banking in Malaysia: Towards Smart Tawarruq
Application of Tawarruq in Islamic Banking in Malaysia: Towards Smart Tawarruq
Author(s): Muhammad Faruq Roslan, Omar Bamahriz, Aishath Muneeza, JinZi Chu, Zakariya Mustapha, Mohamad Zabidi AhmadSubject(s): Business Economy / Management, Islam studies, Social development, Economic development, Financial Markets, ICT Information and Communications Technologies, Sharia Law
Published by: New Millennium Discoveries Ltd
Keywords: Fintech; Islamic Banking; Smart Contract; Blockchain; Tawarruq;
Summary/Abstract: The objective of the paper is to discuss the application of tawarruq in Islamic banking generally. The modus operandi of tawarruq in Islamic banking is an essential discussion in jurisdiction like Malaysia, where most Islamic banks use tawarruq to structure Islamic banking products. This paper employs a systematic literature review on best practice models and mechanism of current tawarruq application. The outcome of the research helps to understand the modus operandi of tawarruq transactions practically with a view towards understanding its future prospects in the era of Fintech. It is envisaged that this research will assist the growing understanding of the existing application of tawarruq in Islamic banking as well as its future development using technology.
Journal: International Journal of Management and Applied Research
- Issue Year: 7/2020
- Issue No: 2
- Page Range: 104-119
- Page Count: 18
- Language: English