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Islamic Leasing Leading to Ownership (Al-Ijarah Tantahi Bi Al-Tamleek)

In: Islamic Financial Products

Author

Listed:
  • Mohd Ma’Sum Billah

    (King Abdulaziz University)

Abstract

The chapter aims at analysing al-Ijara wa al-Iqtina’ (Leasing leading to ownership), and it’s relationship with takaful, as well as the implications of this principle to socio-economic reality. Besides that, this chapter will discuss about the different practice practices by different banks. After several studies made, it was found that, Ijarah wa Iqtina is a long term contract, whereby, the lessee ask the banks to purchase assets that he require and banks will act as lesser and lease out the assets to the lessee for certain period of time with certain monthly installments. Besides that, we found that there are several reasons why Islam recognizes this principles and why profit from this financing technique is halal.

Suggested Citation

  • Mohd Ma’Sum Billah, 2019. "Islamic Leasing Leading to Ownership (Al-Ijarah Tantahi Bi Al-Tamleek)," Springer Books, in: Islamic Financial Products, chapter 0, pages 243-254, Springer.
    • Handle: RePEc:spr:sprchp:978-3-030-17624-2_18
    DOI: 10.1007/978-3-030-17624-2_18
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