Working Capital 73use ofsalamfor WCF-2 does not share such controversy, especially given
that it may be reasonably argued that the very raison d’eˆtre forsalamis to
fulfil the need of providingliquidity to producers.
In practical terms, as with so many products, with regards to WCF
requirements too we find differences in the products on offer across
jurisdictions. For instance, in the Middle East we find thatmurabahais
used most often for WCF-1 needs, andtawarruqfor WCF-2, though not
widely. In contrast, in Pakistan diminishingmusharakahas also been used
for WCF-1, and perhaps most notably, the runningmusharakaaccount
(which meets both WCF needs) is available, although only with one bank at
the moment. In Sudan,salamis often used for WCF-2.
By bringing together the different possibilities for addressing WCF needs,
including both the products which are in operation, as well as those which
are theoretically workable (even if not being applied anywhere at present),
the aim has been to provide a useful overview on existing Shari’a-compliant
solutions for WCF needs. It is hoped that there can be a move away from
predominantly usingmurabahaandtawarruqfor WCF, given the substan-
tial range of products that can be adopted tofulfil most working capital
requirements in line with the Shari’a.