What is the ruling on financing a Tawarruq transaction from the British Bank (SAB)? And is this financing considered permissible (halal) or forbidden (haram) based on the information provided, and what are the implications if it is forbidden, given that the amount has already been spent?

Permissible tawarruq is buying a commodity from a merchant in installments and selling it for cash to another party. As for impermissible tawarruq, it has two forms: The first is Bay’ al-Inah (credit sale), which is selling the commodity back to the one from whom it was initially purchased. The second is organized tawarruq, which involves buying goods from a bank in installments and then authorizing the bank to sell them for cash. This has been prohibited by the Islamic Fiqh Academy. If you entered into this transaction without knowing it was prohibited, then there is no sin upon you, Allah willing, and you may benefit from the money received.