The event, held at the BFX offices, attracted over 50 key players from the Islamic financial markets and was graced with the attendance of three of the most eminent Shari'ah scholars within the industry. Dr. Mohd Ali Elgari, Sheikh Nizam Yaqubi and Dr. Aznan Hasan participated with the objective of providing insights and expert opinion on the concept of Tawarruq and its application and practices to facilitate Islamic liquidity management and financing.
Raja Teh Maimunah Raja Abdul Aziz, the Global Head of Islamic Markets, Bursa Malaysia, who was also the moderator for the panel discussion commented, "The use of Tawarruq and its role in money markets and risk management is important in further developing the industry and through discourses such as this, we hope to provide industry participants with greater understanding of the concept from a Shari'ah perspective as well as its commercial importance."
The event also introduced a newly developed regulated Islamic commodity trading platform to industry participants specifically designed to facilitate Islamic financing and liquidity management aimed at tightening the application and enhancing integrity of Tawarruq practices.
Tawarruq is a sale of an asset to a purchaser on deferred payment with an onward sale by the purchaser to a third party on cash.
Arshad Khan, Board Director of the BFX, highlighted the importance of this event, "It gives me great pleasure to host such a high profile panel and audience from the Islamic finance community. I am confident I can say from all involved, that this was an extremely informative and thought provoking discussion with the practitioner community. I thank Dr Elgari, Sheikh Nizam and Dr Hasan for all their efforts and contributions in making this event a great success."