Tawarruq via the bank and differences in fatwas concerning it from fiqh councils and banks’ scholars

Amaanah personal financing through HSBC is based on tawarruq via the bank (al-tawarruq al-masrafi) as is clearly stated on the bank’s website in English.
See: <a href="http://www.hsbcamanah.com/1/2/hsbc-amanah/personal/personal-finance"> http://www.hsbcamanah.com/1/2/hsbc-amanah/personal/personal-finance</a>
This is a haraam transaction, because it involves a trick to circumvent the rulings on riba.&nbsp;
The Islamic Fiqh Council has issued a statement ruling that organized tawarruq done via the bank is haraam. We have quoted the text of this statement in the answer to question no. <a href="/en/answers/98124" class="LinkFatwa">98124</a>.
And Allaah knows best.

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Amaanah financing from HSBC

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