What is the Sharīʿah ruling on the loans offered by the Saudi British Bank under the name of Tawārruq?

"Tawarruq is the act of purchasing a commodity for a deferred price, then selling it for cash to another party at a lower price to obtain money. The majority of scholars deem tawarruq permissible, citing the general permissibility of selling and the hadith (definition) regarding the sale of mixed dates for dirhams and then purchasing fresh dates.

As for tawarruq conducted through banks, it takes several forms: 1. Permissible: The bank genuinely purchases the commodity, then sells it to the client in installments, and the client then sells it to a third party for cash. 2. Forbidden: The bank does not purchase the commodity; instead, it pays the price to the client in exchange for recovering a higher amount in installments (a trick to circumvent usury). Organized banking tawarruq, where the bank sells the commodity to the client in installments without the bank or the client taking possession or even seeing the commodity, and the client authorizes the bank to sell it. This form is forbidden due to the lack of possession and control over the commodity, and the Islamic Fiqh Academy has issued a ruling against its permissibility."