08:30:00 – 09:00:00
Registration & Coffee

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

10:30:00 – 11:00:00
Coffee

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

13:00:00 – 14:00:00
Lunch & Prayer Break

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

15:30:00 – 15:45:00
Coffee

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