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Saturday, September 24, 2011

Ijarah (Leasing)

Definition

A sale of the use of another‘s property. The property rented belongs to Lessor. The Lessor has the right to repossess the property when the Lessee defaults.

Modus Operandi

Checklist

1. Essential Elements
  • Lessor
  • Lessee
  • Asset / Equipment
  • Benefit or Usufruct
  • Price / Rent
  • Contract (Offer & Acceptance)
 2. Necessary Conditions

Lessor & Lessee
  • Able to carry out responsibilities
-Aqil (of sound mind)
-Baligh (attains the age of puberty)
-Rusyd (intelligent)
  • Not restricted in dealing with business transaction
-Not a muflis (bankrupt)
-Not a safih (extraordinary extravagant)

Asset / Equipment
  • Owned by the Lessor
  • Known and has been identified by both Lessor & Lessee
  • Can be delivered to the Lessee for usage & remain with the Lessee throughout the duration of the lease
  • Can be used by the Lessee for the intended usage
Benefit or Usage
  • Can be valued with money
  • Must not be in the form of any material thing
  • Usage for purposes not contradicting to Shariah
  • Benefit is known and has been identified
  • Lessee is able to fully utilize the benefit/usage
Price / Rent
  • Rental shall be known in amount
  • Type of currency is specified
  • Rental can be collected in advance
Contract (Offer & Acceptance)
  • In definite and decisive language
  • Acceptance must be consistent with offer
  • Offer and acceptance must be made at the one and the same meeting
Application
  • Short to medium term financing to lease the following types of assets: Equipment, machineries, consumer goods, computers, motor vehicles, and other suitable assets.
  • Syndicated financing (Ijarah Munthahiah Bit Tamlik)
Sources: Sources:  Islamic Banking Handbook, First Edition April 2010, Institut Bank-Bank Malaysia,pp. 67-68.

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