Beruflich Dokumente
Kultur Dokumente
NAME
Faiza illyas
ROLL NO
BC12-486
Ijarah
Definition of Ijarah:
Literally means:
To give something on rent.
It is defined as:
to
transfer the usage of a nonconsumable asset by the owner (the
lessor) to another person (the lessee) for
an agreed period, at an agreed price
(rent).
Rules of Ijarah
Rules of Ijarah
Transferring of usufruct not ownership
Rent should be charged after the
delivery of the leased asset
Repairs & maintenance are the
responsibility of lessor.
Ijara payments should be stopped if
asset is out of order.
Rules of Ijarah
No hidden registration / tax related
expenses and fees
No hidden takaful (Insurance) payment
Subject matter of Lease should be
Valuable, Identified and Quantified.
The period of Lease must be
determined in clear terms.
Process of Ijarah
Ijarah
Transfer of Title
VENDOR
ISLAMIC BANK
Agreement-1
CUSTOMER
VENDOR
Transfer of Title
ISLAMIC BANK
Agreement-2
CUSTOMER
Summary
In first step an agreement is signed by
two parties one is bank and second is
customer.
The bank is agreed upon to lease a car
for his customer named as Malik
Mustazar Ali.
Mr Malik required a Fontan car.
Cost of vehicle
1450000
It includes
all facility detail
of asset
Down payment
217500
as follow;
MBL financing
1232500
Tenure
5 years
Summary
After the necessary documentation, the
bank will provide a described payment
schedule.
On which all instalments will be paid by
the customer