Research Guide – I-FIKR https://ifikr.my Central Repository for Islamic Finance Knowledge Wed, 04 Nov 2026 08:42:52 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0.4 https://ifikr.my/wp-content/uploads/2025/12/cropped-splash-1-32x32.png Research Guide – I-FIKR https://ifikr.my 32 32 Murabahah: A Topic-Based Guide to Institutional Fatwa Resources https://ifikr.my/insights/murabahah/ Wed, 04 Nov 2026 08:19:26 +0000 https://ifikr.my/?post_type=insight&p=32881

Murabahah is a cost-plus sale in which the seller discloses the acquisition cost and agreed profit. For researchers, the next question is often not what Murabahah means, but which institutional sources address a particular Shariah or operational issue.

This I-FIKR guide groups relevant records by nine research areas and 31 subtopics, from purchase promises and asset possession to fees, currency, guarantees and early settlement. Each resource title links to its I-FIKR record.

Key Takeaways

  • Find resources by issue: Nine research areas and 31 subtopics.
  • Go to primary records: Each linked title opens its I-FIKR resource page.
  • Read titles carefully: A fatwa title identifies a question, not its ruling.
  • Free and Premium research path: Start with free standards and scholarship, then investigate specific Premium Fatwa records.
  • Check scope: Classical Murabahah and MPO; Tawarruq structures and Sukuk are separate.

How to Use This Murabahah Research Directory

  1. Begin with a free reference below to understand the relevant framework.
  2. Choose a research area and subtopic from the index.
  3. Open the listed institutional Fatwa records for the specific question you are researching.
  4. Confirm the issuing body, access conditions, full text and applicable standard before citing any Shariah conclusion.

Scope: The directory focuses on classical Murabahah, including Murabahah to the Purchase Orderer (MPO). It excludes records explicitly about Commodity Murabahah/Tawarruq and Murabahah Sukuk. A record mentioning a commodity is not automatically a Tawarruq record.

Free Research Starting Points

Start with the free and publicly available references below. These resources provide regulatory or scholarly context, but do not replace a full institutional Fatwa when assessing a specific transaction.

Starting resource

Resource type

Best used for

AAOIFI Shari’ah Standard No. 8: Murabahah

Regulation & Resolution (Free on I-FIKR)

Purchase undertakings, agency, ownership, costs and payment questions where this standard is applicable.

BNM Murabahah Policy Document (BNM/RH/STD 028-4)

Regulation & Resolution (Free on I-FIKR)

Malaysian Murabahah requirements and practical terminology; confirm current applicability and amendments.

Islamic Banks’ Profit and Violations in Murābaḥah Financing (Madbash, 2024)

English Journal (Free on I-FIKR)

Academic discussion of Murabahah financing, bank profitability and potential compliance issues.

Keeping a Promise and Murābaḥah to the Purchase Orderer (IIFA Resolution Nos. 40–41)

Official institutional resolution (external website)

The Academy’s published text on purchase promises and MPO.

Browse Murabahah Research Topics

Infographic showing nine Murabahah research areas, including contracts, ownership, pricing, currency, guarantees and settlement.

Research area

What you can investigate

1. Contract foundations and Murabahah to the Purchase Orderer

General conditions and contract procedures, binding promises and purchase undertakings, prior agreements with suppliers

2. Ownership, possession and pre-delivery risk

Acquisition and actual or constructive possession, damage, loss and delayed delivery, registration and legal title

3. Asset eligibility, specification and trade documents

Asset identification and inspection, bills of lading and shipping documentation, real estate, vehicles and equipment

4. Acquisition costs, charges and fees

Storage and demurrage, commissions and banking fees, insurance and takaful costs

5. Profit, price disclosure and supplier discounts

Profit margins and sale-price calculations, supplier discounts and incentives, price disclosure and revisions

6. Foreign currency and international trade

Exchange rates and transaction currencies, imports and documentary credits, asset revaluation

7. Commodity soundness and payment security

Commodity soundness and defects, kafalah, collateral and guarantees, purchase deposits and earnest money

8. Late payment and debt rescheduling

Default, delays and penalties, rescheduling and instalments

9. Early settlement, cancellation and returns

Early settlement and ibra’, cancellation and termination, returns and subsequent transactions

Explore Institutional Murabahah Fatwas
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1. Contract foundations and Murabahah to the Purchase Orderer

Begin here for general contract procedures, the customer’s promise and the bank’s purchase arrangement. These records show how institutions frame the transaction before any Murabahah sale is concluded.

Read openly first: IIFA Resolutions 40–41 on promises and MPO (official public resolution), then compare the relevant Premium Fatwa questions below.

How to read the resource lists: The names in italics after each linked title are the authors or institutions listed on each I-FIKR record. Some records list more than one institution. They identify a source, not a verified Shariah ruling.

Research map of Murabahah to the Purchase Orderer covering purchase promises, supplier agreements, agency and contract amendments.

General conditions and contract procedures

Foundational documentation and process questions.

Related I-FIKR Fatwas (Premium access):

Binding promises and purchase undertakings

Questions on the customer’s undertaking and the nature of a binding promise.

Related I-FIKR Fatwas (Premium access):

Prior agreements with suppliers

Cases where the prospective buyer may already have a relationship or contract with the original seller.

Related I-FIKR Fatwas (Premium access):

Agency and purchase authorisation

Whether and how customers or other agents take part in acquiring the asset.

Related I-FIKR Fatwas (Premium access):

MPO frameworks and contract amendments

Titles tracing changes to Murabahah to the Purchase Orderer (MPO) frameworks.

Related I-FIKR Fatwas (Premium access):

Master agreements and other contract structures

General amendments and master or repeat contract arrangements.

Related I-FIKR Fatwas (Premium access):

2. Ownership, possession and pre-delivery risk

These sources help researchers locate questions about whether the bank acquired and possessed the asset, and which party faced risk before delivery. The titles are research questions, not determinations that a specific document or arrangement is sufficient.

Free reference: AAOIFI Shari’ah Standard No. 8 provides a starting framework for asset possession and risk where adopted.

Acquisition and actual or constructive possession

Holding or controlling goods before a Murabahah resale.

Related I-FIKR Fatwas (Premium access):

Damage, loss and delayed delivery

Damage to goods or loss while the asset is being acquired or delivered.

Related I-FIKR Fatwas (Premium access):

Registration and legal title

Questions concerning the registration of an asset in the bank’s name.

Related I-FIKR Fatwas (Premium access):

3. Asset eligibility, specification and trade documents

Choose this area when researching what may be sold, how clearly it must be described, and which documents accompany the transaction.

Asset identification and inspection

Specification and inspection issues where the asset is not sufficiently described.

Related I-FIKR Fatwas (Premium access):

Bills of lading and shipping documentation

Imports, document arrival and evidence associated with possession or delivery.

Related I-FIKR Fatwas (Premium access):

Real estate, vehicles and equipment

Asset-specific examples involving land, buildings and vehicles.

Related I-FIKR Fatwas (Premium access):

Shares, services and other asset types

Records on shares, services and other asset types.

Related I-FIKR Fatwas (Premium access):

Exploring Shariah questions beyond Murabahah? Browse I-FIKR’s Fatwa collection for institutional fatwa records across Islamic finance contracts.

4. Acquisition costs, charges and fees

This group focuses on what the selling institution may include in its disclosed acquisition cost. 

Free reference: BNM’s Murabahah Policy Document offers Malaysian policy context for costs and price disclosure. The Premium records below raise specific operational questions.

Infographic showing Murabahah research questions about storage charges, demurrage, banking commissions, insurance and acquisition costs.

Storage and demurrage

Charges associated with storing goods or delays in clearing or collecting them.

Related I-FIKR Fatwas (Premium access):

Commissions and banking fees

Departmental commissions, agency fees and documentary-credit charges.

Related I-FIKR Fatwas (Premium access):

Insurance and takaful costs

Insurance relating to the asset and allocation of charges in Murabahah transactions.

Related I-FIKR Fatwas (Premium access):

Other acquisition and post-contract costs

Staff charges, assembly costs and expenses appearing after the contract.

Related I-FIKR Fatwas (Premium access):

5. Profit, price disclosure and supplier discounts

Use this area to investigate profit calculation, cost transparency and price adjustments. The content of individual rulings requires access to the actual record.

Profit margins and sale-price calculations

How the sale price, margin or profit is determined and recorded.

Related I-FIKR Fatwas (Premium access):

Supplier discounts and incentives

Supplier reductions received by the bank and questions about who benefits.

Related I-FIKR Fatwas (Premium access):

Price disclosure and revisions

Questions concerning revising margins or the price stated in the contract.

Related I-FIKR Fatwas (Premium access):

6. Foreign currency and international trade

This section brings together cross-border Murabahah questions, including exchange rates, documentary credits and revaluation.

Exchange rates and transaction currencies

Which currency or exchange rate is relevant to a transaction.

Related I-FIKR Fatwas (Premium access):

Imports and documentary credits

Import and export transactions, including letters of credit and related procedures.

Related I-FIKR Fatwas (Premium access):

Asset revaluation

Questions about reassessing an asset’s recorded value.

Related I-FIKR Fatwas (Premium access):

7. Commodity soundness and payment security

These are two different research questions: asset quality and defects concern the item being sold; security and guarantees concern contractual commitments or the debt.

Commodity soundness and defects

Quality, supplier performance and damaged goods.

Related I-FIKR Fatwas (Premium access):

Kafalah, collateral and guarantees

Third-party guarantees, pledges and security over assets or deposits.

Related I-FIKR Fatwas (Premium access):

Purchase deposits and earnest money

Advance payments, deposits and related purchase undertakings.

Related I-FIKR Fatwas (Premium access):

8. Late payment and debt rescheduling

This research trail separates late-payment problems from restructuring or changing payment schedules.

Free reference: BNM’s Murabahah Policy Document provides a Malaysian policy starting point. Specific Fatwa conclusions must still be checked in their full text.

Default, delays and penalties

Cases involving arrears, delayed payment and penalty clauses.

Related I-FIKR Fatwas (Premium access):

Rescheduling and instalments

Extending Murabahah periods or settling amounts in instalments.

Related I-FIKR Fatwas (Premium access):

9. Early settlement, cancellation and returns

Find records about rebates (ibra’), termination and what happens when the goods or transaction are returned or changed.

Free reference: AAOIFI Shari’ah Standard No. 8 provides a starting point for studying settlement provisions where adopted. The cases below concern particular questions.

Early settlement and ibra'

Rebates or discounts connected with early payment.

Related I-FIKR Fatwas (Premium access):

Cancellation and termination

Costs, entitlements and procedures if a Murabahah agreement is cancelled.

Related I-FIKR Fatwas (Premium access):

Returns and subsequent transactions

Returning sold goods and subsequent contractual arrangements.

Related I-FIKR Fatwas (Premium access):

Standards, policy documents and further research

For a quick free reading path, see Free Research Starting Points above. The references below are grouped by source type. Standards, academic research and institutional Fatwas do not carry the same authority.

Comparison infographic showing the roles of institutional fatwas, Shariah standards and policy documents, and academic research in Murabahah studies.

Shariah standards and Malaysian policy

Academic literature and related research

Explore the source collections: Find additional publications in I-FIKR’s English Journal collection and Research Paper collection. These collections cover a wider range of Islamic finance topics, not just Murabahah. To browse books, articles, industry reports and other categories, use All Resources.

Looking for the policy and Shariah standards behind these research questions? Explore I-FIKR’s Regulation & Resolution collection for related primary reference documents.

Why Use I-FIKR for Islamic Finance Research?

I-FIKR brings authoritative Shariah and Islamic finance references together in one platform.

  • Institutionally curated: Content is curated by ISRA Institute and INCEIF University, not crowdsourced.
  • Regulatory sources in one place: Documents from Bank Negara Malaysia (BNM), the Securities Commission Malaysia (SC) and AAOIFI sit alongside fatwas, journals and industry reports.
  • Arabic made accessible: Selected Arabic materials are translated into English.
  • Start free: Registration costs nothing, and new accounts get a three-day Premium trial with no payment card.
  • Access for teams: The Corporate Plan offers institutional accounts, onboarding and usage reports on request.
Explore Institutional Murabahah Fatwas
Go beyond the research guide. Access Premium fatwa records on I-FIKR with a 3-day trial.
Start free trial

Frequently Asked Questions

What is murabahah in Islamic banking?

Murabahah (also spelt murabaha) is a sale with disclosed acquisition cost and mark-up (BNM 028-4, para 10.1). In MPO, a bank acquires an asset at a customer’s request before selling it to that customer on Murabahah terms.

BNM/RH/STD 028-4, issued on 23 December 2013 and effective from 1 January 2014, superseded the 2009 Shariah Parameter Reference 1 on Murabahah (para 7.1). Research citing the earlier document should take account of the later policy document and verify its current applicability.

In Murabahah, the seller discloses acquisition cost and mark-up. In musawamah, the parties agree on a price without requiring disclosure of the seller’s cost, as State Bank of Pakistan’s guidance on Islamic modes of finance explains.

Kuwait Finance House also has a record on the difference between musawamah and murabahah.

Commodity Murabahah used for tawarruq involves a separate arrangement and is outside this guide. The article’s focus is classical Murabahah, including MPO.

Researchers studying Tawarruq should consult a separate resource collection rather than treat the two structures as interchangeable.

Visitors can view record titles and issuer details. The fatwas linked in this guide are Premium, while selected standards and research materials are publicly accessible.

The listed Premium fatwas can be accessed through the platform’s three-day trial or a Premium subscription, subject to the current access terms.

]]> Tawarruq: Institutional Positions, Resolutions and Supporting Literature https://ifikr.my/insights/tawarruq/ Fri, 23 Oct 2026 07:20:19 +0000 https://ifikr.my/?post_type=insight&p=30685

Tawarruq is a two-sale arrangement used in Islamic finance to obtain cash through a commodity transaction, and published positions differ over its organised form, in which the financier arranges the resale.

This research guide sets out those positions in date order and connects them to bank fatwas, Malaysian regulatory documents and supporting literature held on I-FIKR.

The foundational records, including Bank Negara Malaysia’s 2018 policy document and a 2020 survey of Shariah non-compliance events in Malaysian tawarruq financing, are free to read on I-FIKR.

Key Takeaways

  • Who this is for: researchers and Shariah reviewers citing primary documents, not readers comparing tawarruq financing products.
  • IIFA: the International Islamic Fiqh Academy’s Resolution 179 (5/19), April 2009, permits classical tawarruq and prohibits organised and reverse tawarruq.
  • AAOIFI: Shari’ah Standard No. 30 (2006) of the Accounting and Auditing Organization for Islamic Financial Institutions permits monetisation under controls on agency.
  • BNM: BNM/RH/PD 028-8 (2018) permits tawarruq, including agency and dual agency under conditions.
  • Research: the studies on I-FIKR examine contract sequencing, agency, the commodity platform and hiyal.

What Is Tawarruq and How Does It Work?

Under paragraph 9.1 of Bank Negara Malaysia’s 2018 Tawarruq Policy Document, a tawarruq consists of two sale and purchase contracts:

  1. A seller sells an asset to a purchaser on a deferred basis.
  2. The purchaser sells the same asset to a third party on a cash and spot basis.

Paragraph 11.2 adds that the seller in the first sale may not be the purchaser in the second.

The literature distinguishes two forms by who handles that resale:

  • Classical tawarruq: the purchaser conducts the resale independently.
  • Organised tawarruq (al-tawarruq al-munazzam): a financial institution arranges or coordinates the resale.

How each body treats the arrangement depends on its own instrument, and the terms are not used consistently across standards.

Where Do the Standard-Setting Bodies Stand on Tawarruq?

IIFA expressly permits classical tawarruq where sale conditions are met and prohibits the structured and inverse forms defined in its 2009 resolution.

AAOIFI and BNM address similar transactions through different standards, with materially different conditions on agency and resale.

The table compares what each institution published, not whether any institution is correct.

The distinction between classical, organised and reverse tawarruq is drawn in IIFA Resolution 179 (5/19), whose English text uses the terms “classic”, “structured” and “inverse” tawarruq.

In the reverse form, the institution rather than the client is the party seeking cash. Bank Negara Malaysia’s policy document does not use these categories.

BodyInstrumentYearClient resells
independently		Resale arranged by institution or its agentWhere to read it
Islamic Fiqh Council, Muslim World League (MWL)15th and 17th session resolutions, Makkah1998; 2003Permitted (1998)Organised tawarruq as practised by banks declared impermissible (2003)Dates cited in Ali and Hassan (2020), free
AAOIFIShari’ah Standard No. 30, Monetization (Tawarruq)2006Permitted subject to the standard’s conditionsClient may not appoint the institution or its agent to resell, except where regulations permit no other route and only after receipt (4/7); institution may not arrange a third-party proxy to sell for the client (4/8)I-FIKR (free); AAOIFI e-standards (online access)
Dubai Islamic BankFatwa: Prohibition of Al-Tawarruq Al-Munazzam in 20072007 appears in titleNot established by the titleRecord title refers to prohibition; scope needs full-text reviewI-FIKR (Premium)
International Islamic Fiqh AcademyResolution 179 (5/19), 19th session, Sharjah, 26 to 30 April 20092009Permitted where the conditions of sale are metOrganised and reverse tawarruq prohibitedI-FIKR (Premium); the Academy’s published text
Bank Negara MalaysiaTawarruq policy document, BNM/RH/PD 028-82018Permitted (two-sale definition, paragraph 9.1)Agency and dual agency permitted under conditionsI-FIKR (free); BNM

AAOIFI Shari’ah Standard No. 30 addresses monetisation without adopting IIFA’s classical, organised and reverse categories. Two clauses govern who may conduct the resale:

  • Clause 4/7: the client may not authorise the selling institution or its agent to conduct the resale. A narrow exception applies where regulations leave no other route and the client has first received the commodity.
  • Clause 4/8: the institution may not arrange a third party to resell the commodity for the client.

Researchers can consult the I-FIKR standard record and AAOIFI’s official standards portal.

Three points matter when citing the table:

  • Dubai Islamic Bank (2007): I-FIKR catalogues the fatwa Prohibition of Al-Tawarruq Al-Munazzam in 2007 (Premium). Its title should not be used to infer the full scope or conditions of the bank’s position without the underlying text.
  • IIFA and the MWL: the IIFA Council reviewed the MWL resolutions before adopting Resolution 179 (5/19) in 2009.
  • Malaysia and IIFA: the Malaysian policy takes a different approach from IIFA’s 2009 classification, which matters when a researcher compares rulings from separate jurisdictions or studies an individual bank’s Shariah approval.

The issuing bodies publish their own instruments. I-FIKR allows researchers to move between those instruments, bank fatwa records and related academic literature without treating any repository summary as a substitute for the original ruling.

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How Have Bank Shariah Boards Applied Tawarruq in Their Fatwas?

I-FIKR catalogues tawarruq-related fatwa records attributed to Shariah boards at institutions including Kuwait Finance House (KFH), Arab Banking Corporation and Dubai Islamic Bank.

Most address a single operational question: which commodity may be used, who may resell it, which counterparties are acceptable, and what the cash may be used for.

The table compares what each institution published, not whether any institution is correct.

Question addressed Record Issuer Access
Choice of commodity Tawarruq Using Cement as the Commodity Kuwait Finance House Premium
The resale Tawarruq When the Bank Does Not Involve Itself in the Customer’s Resale of the Good Kuwait Finance House Premium
Counterparty Tawarruq With a Conventional Bank Arab Banking Corporation Premium
Counterparty Commodity Murabahah (Tawarruq) Frameworks to Be Used with Selected International Banks and Financial Institutions Kuwait Finance House Premium
Purpose of the cash Is it permissible to conduct Tawarruq procedure for a company that intends to settle a previous interest-based debt? Kuwait Finance House Premium

Notes on reading these records:

  • The resale (KFH): the record concerns the bank’s non-involvement in the client’s second sale, the step on which the instruments in the table above differ.
  • Counterparties: the KFH frameworks record concerns arrangements with international counterparties, while the Arab Banking Corporation record addresses tawarruq with a conventional bank.
  • AAOIFI clause 3/2: separately restricts monetisation involving conventional banks when the funds would be used for interest-based lending; this does not establish the outcome of the Arab Banking Corporation fatwa.

A fatwa’s catalogue title identifies the question examined, but does not necessarily disclose the full reasoning, conditions or scope of the Shariah board’s ruling. Researchers should read each Premium record before citing a bank’s substantive position.

Need the regulator’s own text rather than a bank’s application of it? I-FIKR’s Regulation & Resolution collection holds BNM policy documents, AAOIFI Shari’ah Standards and compiled Shariah Advisory Council resolutions.

What Governs Tawarruq in Malaysian Islamic Banking?

For Malaysian Islamic financial institutions, the governing instrument is BNM/RH/PD 028-8. The provisions most relevant to researchers:

  • Status: issued and effective on 28 December 2018; sets Shariah requirements and operational expectations for Malaysian Islamic financial institutions.
  • Contract form (paragraph 10.3): the sale and purchase contract within a tawarruq may take the form of murabahah or musawamah.
  • Agency (paragraphs 16 and 17): wakalah (agency) and dual agency may be used, subject to the document’s transaction-sequencing and other conditions.

Commodity murabahah is the market name commonly used for tawarruq in Malaysia, though the terms are not identical.

The Bursa Suq Al-Sila’ commodity platform is a further focus of Malaysian scholarship. Research examines whether documented commodity ownership, possession, resale and agency arrangements address the concerns raised about organised tawarruq in Islamic banking.

What Does the Research on Tawarruq Practice Examine?

I-FIKR’s research records examine the legal arguments surrounding IIFA’s 2009 decision, the operation of commodity platforms and the application of tawarruq in Islamic banking products.

These papers also distinguish a transaction’s formal contractual design from the way its sales and agency steps are executed.

Researchers who need the complete Premium fatwas and research papers can explore the collection through I-FIKR’s three-day free trial; the platform states that new users do not need a payment card to activate it.

What Alternatives to Tawarruq and Transition Paths Have Been Discussed?

Two instruments name alternatives:

  • IIFA Resolution 179 (5/19) recommends that Islamic financial institutions consider establishing special qard hasan funds, so that those who need cash are not forced into prohibited tawarruq.
  • AAOIFI Shari’ah Standard No. 30, clause 5/1, states that monetisation is not a mode of investment or financing. It points institutions to modes such as mudarabah, investment agency, sukuk and investment funds, and allows monetisation for their own liquidity only when a shortage threatens to interrupt operations. The full standard is free on I-FIKR.
I-FIKR also catalogues the 2024 Muzakarah Cendekiawan Syariah Nusantara masterclass on Tawarruq: Alternative Solutions and Transition Process. Its collection identifies four Premium recordings: an introduction and Sessions 1, 2 and 3. These materials provide a further research path for questions about alternatives and transition, although the full recordings should be consulted before attributing particular proposals to a speaker.

Why Use I-FIKR for Islamic Finance Research?

I-FIKR brings authoritative Shariah and Islamic finance references together in one platform.

  • Institutionally curated: Content is curated by ISRA Institute and INCEIF University, not crowdsourced.
  • Regulatory sources in one place: Documents from Bank Negara Malaysia (BNM), the Securities Commission Malaysia (SC) and AAOIFI sit alongside fatwas, journals and industry reports.
  • Arabic made accessible: Selected Arabic materials are translated into English.
  • Start free: Registration costs nothing, and new accounts get a three-day Premium trial with no payment card.
  • Access for teams: The Corporate Plan offers institutional accounts, onboarding and usage reports on request.
Read the Full Tawarruq Records
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Frequently Asked Questions

How does tawarruq differ from bay al-inah?

Clause 4/5 of AAOIFI Shari’ah Standard No. 30 requires the cash sale in monetisation to go to someone other than the original seller. Bay al-inah sells the commodity back to the party it was bought from.

Not exactly.In Malaysian banking, commodity murabahah is often used as a label for tawarruq-based transactions, while BNM notes in paragraph 10.3 of its 2018 policy that the sale contract within a tawarruq

IIFA Resolution 179 (5/19), adopted in Sharjah in April 2009, permits classical tawarruq that meets the conditions of sale, prohibits organised and reverse tawarruq, and recommends qard hasan funds.

Not in those terms. AAOIFI Shari’ah Standard No. 30 (2006) does not use IIFA’s classification; it permits monetisation under controls, including clauses 4/7 and 4/8 on who may sell for the client. The 2009 prohibition of organised tawarruq is IIFA’s.
BNM/RH/PD 028-8, issued and effective on 28 December 2018, sets the Shariah and operational requirements for applicable Malaysian Islamic financial institutions. Paragraph 7.1 explicitly supersedes the Tawarruq policy issued on 17 November 2015.
Bursa Suq Al-Sila’ is Bursa Malaysia’s Shariah-compliant commodity trading platform, launched in 2009 and formerly called the Commodity Murabahah House. It facilitates commodity murabahah and tawarruq transactions; crude palm oil was its launch commodity.

I-FIKR lists the BNM 2018 policy and AAOIFI Shari’ah Standard No. 30 as free resources, while its IIFA Resolution 179 record is labelled Premium. The IIFA resolution is also publicly available from the issuing Academy, and AAOIFI provides online access to its standards through its official portal.

I-FIKR hosts these materials, with English translations of selected Arabic records, and does not issue Shariah rulings. Readers should consult the issuing body’s own publication for the authoritative text.

Shariah review and compliance teams that need shared access can arrange institutional accounts, with onboarding and usage reports on request, through the I-FIKR Corporate Plan.

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