Term	Description
Concept	Tawarruq
Selling price	Fixed and Known Upfront
Takaful Protection	Highly encouraged
Choices Mode of Payment	Salary Deduction / Salary Transfer / Standing Instruction / Pension Transfer
Wasiat/Will Writing	Optional
Structure of Product	Muamalat Personal Financing-i (Tawarruq) is a financing facility that is designed to provide cash financing to the customers for personal consumption/ use which does not contravene with the Shariah principles.Generally, this product is based on Tawarruq as its underlying Shariah concept for provision of financing. The financing structure under the Tawarruq arrangement involves the combination of Wa’d Mulzim, Murabahah, Wakalah and Bai’ Wadhi’ah contracts.
Shariah Concepts	Tawarruq consists of two sale and purchase contracts where the first involves the sale of an asset by a seller to a purchaser on a deferred basis. Subsequently, the purchaser of the first sale will sell the same asset to a third party on a cash basis. Murabahah refers to a sale and purchase of an asset where the acquisition cost and the mark-up are disclosed to the purchaser. Wakalah refers to a contract where a party, as principal (muwakkil) authorizes another party as his agent (wakil) to perform a particular task on matters that may be delegated, with or without imposition of a fee. Wa’d is a unilateral promise which refers to an expression of commitment given by one party to another to perform certain action(s) in the future. Bai’ Wadhi’ah is a sale contract whereby the asset / commodity is sold at lower price than the cost incurred by the Customer.