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Ijarah-Wal-Iqtina A contract Under which an Islamic bank provides equipment, building, or other assets to the client against an agreed rental. Parties enter into contracts that come into effect serially, to form a complete lease / buyback transaction.
Ijarah-Wal-Iqtina A contract Under which an Islamic bank provides equipment, building, or other assets to the client against an agreed rental. Parties enter into contracts that come into effect serially, to form a complete lease / buyback transaction.
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Ijarah-Wal-Iqtina A contract Under which an Islamic bank provides equipment, building, or other assets to the client against an agreed rental. Parties enter into contracts that come into effect serially, to form a complete lease / buyback transaction.
Droits d'auteur :
Attribution Non-Commercial (BY-NC)
Formats disponibles
Téléchargez comme PPT, PDF, TXT ou lisez en ligne sur Scribd
Generally, Ijarah concept means selling benefit or use or service for a fixed price or wage. Under this concept, the Bank makes available to the customer the use of service of assets / equipments such as plant, office automation, motor vehicle for a fixed period and price. Ijarah-Wal-Iqtina A contract u nder which an Islamic bank provides equipment, building, or other assets to the client against an agreed rental together with a unilateral undertaking by the bank or the client that at the end of the lease period, the ownership in the asset would be transferred . to the lessee. The undertaking or the promise does not become an integral part of the lease contract to make it conditional. The rentals as well as the purchase price are fixed in such manner that the bank gets back its principal sum along with profit over the period of lease Ijarah Thumma Al Bai' (Hire Purchase)
Parties enter into contracts that come
into effect serially, to form a complete lease/ buyback transaction. The first contract is an Ijarah that outlines the terms for leasing or renting over a fixed period, and the second contract is a Bai that triggers a sale or purchase once the term of the Ijarah is complete. For example, in a car financing facility, a customer enters into the first contract and leases the car from the owner (bank) at an agreed amount over a specific period. When the lease period expires, the second contract comes into effect, which enables the customer to purchase the car at an agreed to price. Malaysia Starting off with Bank Islam Malaysia in 1983, Malaysia now has separate Islamic legislation and banking regulations that co-exist with those for the conventional banking system.
Malaysian banks currently
offer more than 100 of Islamic financial products and services that use various Islamic concepts - such as Mudharabah, Musharakah, Murabahah, Bai' Bithaman Ajil (Bai' Muajjal), Ijarah, Qard, Istisna' and Ijarah Thumma Bai' -- alongside the Islamic Interbank Money Market. Advantages of Ijarah • Ijarah conserves the Lessee' • All payments towards Ijarah capital since it allows up to 100% contracts are treated as operating financing. expenses and are therefore fully • Ijarah gives the Lessee the right to tax-deductible. Leasing thus offers access the equipment on payment tax-advantages to for-profit of the first installment. This is operations. important as it is the access and • Many types of equipment (i.e use (and not ownership) of computers) become obsolete equipment that generates income. before the end of their actual • Ijarah arrangements aid corporate economic life. Ijarah contracts planning and budgeting by allow the transfer of risk from the allowing the negotiation of flexible Lesse to the Lessor in exchange terms for a higher lease rate. This higher • rate can be viewed as insurance Ijarah is not considered Debt against obsolescence. Financing so it does not appear on the Lessee' Balance Sheet as a • If the equipment is used for a Liability. This method of " relatively short period of time, it off-balance-sheet" financing may be more profitable to lease means that it is not included in the than to buy. Debt Ratios used by bankers to • If the equipment is used for a short determine financing limits. This period but has a very poor resale allows the Lessee to enter into value, leasing avoids having to other lease financing account for and depreciate the arrangements without equipment under normal impacting his overall debt accounting principles. rating.