1) The following are not meanings of Tawarruq except a) Forward sale b) Sale and buy back c) Cash Financing d) Lease 2) How many essential elements of Tawarruq and what are they? a) 4 consist of contracting parties, offer & acceptance, subject matter and price. b) 4 consist of contracting parties, period, asset, and qabd. c) 2 consist of buyers and subject matter only d) 2 consist of ribawi item and good 3) Which one above is the characteristic of Tawarruq Al-Fardh (Individual)? a) Mutawarriq receives the cash from the original seller b) The cash was taken by the mutawarriq directly from the final buyer without the seller involved c) The original seller act as an intermediary by selling the commodity for cash d) The seller must own the commodity and need to be on the spot. 4) The following above, what is the statement related to Tawarruq Al-Munazzam (organised). a) Original seller might agree beforehand with the final buyer that he will purchase the commodity b) Original seller does not play any role in the resale of the commodity c) Rejected by the majority of jurists but accepted to be practised by fiqh scholars and IFI Shariah Advisory Council. d) The cash was taken by the mutawarriq directly from the final buyer without the seller involved 5) What is one of the famous instruments that are based on tawarruq under financing ? a) Bursa Malaysia Suq Al Sila , islamic accepted bills and project financing facilities b) home financing , working capital financing and project financing facilities c) asset financing , personal financing and home financing d) home financing , islamic accepted bills and project financing facilities 6) Which parties are accepting Tawarruq Al-Munazzam (organised) to be practised? a) IFI Shariah Advisory Council b) The jurists (Hanafi, Maliki and Hanbali) c) Majma’ al Fiqh al Islami d) Fiqh scholars 7) Can you identify which statement supports Tawarruq Al-Fardh (Individual)? a) The original seller has no information about the final buyer b) The original seller act as an intermediary by selling the commodity for cash on behalf of the mutawarriq c) Original seller has no relation with the final buyer d) Rejected by the majority of jurists but accepted to be practised by fiqh scholars and IFI Shariah Advisory Council. 8) What are the parties involved in Tawarruq modus operandi? a) Customer, Bank, Commodity Seller, Commodity Buyer b) Bank, Financing Customer, Owner of Asset c) Customer,Bank d) Bank, Customer, Manufacture 9) "The process by which cash is acquired for the mutawarriq (the seeker of cash)" refer to a) Banking tawarruq ( tawarruq masrafi ) b) Tawarruq on an individual basis ( tawarruq fardi ) c) Organized tawarruq ( tawarruq munazzam) 10) The original seller of Tawarruq Al-Munazzam (organised) acts as………….. by selling the commodity for cash. a) Operator b) Intermediary c) Connector d) Distributor

Tawarruq Contract

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