09:00:00 – 10:30:00
Session 1: Overview & Application of Tawarruq in Islamic Financial Institutions
- Tawarruq phenomenon in IFIs
- Overview of Tawarruq Concept
- Contemporary Shariah resolution on Tawarruq
- Application of Tawarruq in IFIs
11:00:00 – 13:00:00
Session 2: Shariah & Operational Requirements of Tawarruq
- Structure of BNM’s Policy Document on Tawarruq
- Shariah Requirements
- Arrangement of Tawarruq with other contracts/concepts
- Wakalah
- Dual agency
- Wa’d
- Ibra’
- Ta’widh and gharamah
- Operational Requirements
14:00:00 – 15:30:00
Session 3: Legal Documentation & Shariah Non-Compliance Risk in Tawarruq
- Legal documentation in Tawarruq
- Common pitfall in Tawarruq legal documentation
- Shariah non-compliance risk in Tawarruq
- Dealing with Shariah non-compliance incidents in Tawarruq
15:45:00 – 17:00:00
Session 4: Criticisms over the Practice of Tawarruq and its Alternatives
- Criticisms over the practice of Tawarruq
- Exploring alternative concepts of Tawarruq:
- Moving beyond CASA Tawarruq – CASA-based Salam
- Moving beyond Tawarruq personal financing: Case study of education financing based on Ijarah al-khadamat
- Moving beyond Tawarruq home financing
- Moving beyond Tawarruq-based corporate financing