the iron. (This would be the equivalent of borrowing $900 for a year at an interest rate of 11 percent.) While tawarruq strongly resembles a cash loan—something forbidden under orthodox Islamic law—and its greater complexity (like bai' al inah mentioned above) mean higher costs than a conventional bank loan, proponents argue the tangible assets that underlie the transactions give it sharia compliance. However, the contract is controversial with some (also like bai' al inah). Because the buying and selling of the commodities in Tawarruq served no functional purpose, banks/financiers are strongly tempted to forgo it. Islamic scholars have noticed that while there have been "billions of dollars of commodity-based tawarruq transactions" there have not been a matching value of commodity being traded. In December 2003, the Fiqh Academy of the Muslim World League forbade tawarruq "as practiced by Islamic banks today". In 2009 another prominent juristic council, the Fiqh Academy of the OIC, ruled that "organized Tawarruq" is impermissible. Noted clerics who have ruled against it include Ibn Qayyim Al-Jawziyya and Ibn Taymiyya. On the other hand, Faleel Jamaldeen notes that Islamic banks using Tawarruq as of 2012 include the United Arab Bank, QNB Al Islamic, Standard Chartered of United Arab Emirates, and Bank Muamalat Malaysia. Charitable lending Taqi Usmani insists that "role of loans" (as opposed to investment or finance) in a truly Islamic society is "very limited", and that Shariah law permits loans not as an ordinary occurrence", but only in cases of dire need". Qardh-ul Hasan A shariah-compliant loan is known as Qardh-ul Hasan, (also Qard Hasan, literally: "benevolent loan" or "beneficence loan"). It is often described as an interest-free loan extended to needy people. Such loans are often made by private parties, social service agencies, or by a firm as a benefit to employees, rather than Islamic banks. Quoting hadith, some sources insist that in addition to not "charg[ing] interest or any premium above the actual loan amount", the lender may also not gain "any advantage or benefits" from the loan, even "riding the borrower’s mule, eating at his table, or even taking advantage of the shade of his wall'". However, other sources state that the borrower is allowed pay an extra if the extra is optional and not stipulated by contract. Some financial institutions offer products called qardh-ul hasan to lenders which charge no interest but do charge an additional management fee. There are also