What is the ruling on obtaining a loan from an Islamic bank through a contract of buying and selling precious goods that is completed in minutes without seeing or possessing the item?

The financial transaction known as organized or banking Tawarruq has been deemed impermissible by the majority of contemporary scholars. A resolution prohibiting it was issued by the International Islamic Fiqh Academy due to the fact that the bank carries out a standardized process in which a commodity is arranged to be sold at a deferred price to the mustawriq (the one seeking Tawarruq), on the condition that the bank undertakes, on his behalf, to sell it at a spot price. Therefore, it is not permissible to engage in this transaction.