Lizing (Ijara)

  Ijara is a form of leasing. It involves a contract where the bank buys and then leases an item - perhaps a consumer durable, for example - to a customer for a specified rental over a specific period. The duration of the lease, as well as the basis for rental, are set and agreed in advance.


  Ijara-wa-iktana is similar to Ijara, except that included in the contract is a promise from the customer to buy the equipment at the end of the lease period, at a pre-agreed price. Rentals paid during the period of the lease constitute part of the purchase price. Often, as a result, the final sale will be for a token sum.

Ijara with diminishing Musharaka

  The principle of Ijara with diminishing Musharaka can be used for home-buying services. Diminishing Musharaka means that we reduce our equity in an asset with any additional capital payment you make, over and above your rental payments. Your ownership in the asset increases and ours decreases by a similar amount each time you make an additional capital payment. Ultimately, we transfer ownership of the asset entirely over to you.


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