IJARAH
Name: Ahmad Nur Aiman Bin Che
Kamarudin (PPB 20029)
Subject: Seminar Kewangan Dan
Perbankan Islam (BIF4183)
Lecturer: Maslina Binti Mohamed
Content:
Introduction
Elements
Types
Modus Operandi
Ujrah
Issue
Conclusion
Reference
INTRODUCTION
Ijarah is defined as a sale of the use of another
property.
The property rented belong to the lesser
The lessor has the right to repossess the property
on default of the Lessor
Only the benefit of using the asset is guaranteed
but not the asset.
ELEMENT
1) Lessor And Lessee: They must not be prohibited
from dealing with their properties (they are not
declared bankrupts or prodigal.
2) Property : It must be owned by the lessor.
3) Benefit (use or usufruct) : It must be permissible .
4) Rental : It must be in absolute amount.
5) Contract : The offer and acceptance must be made
at one and the same meeting.
Types
A. Ijarah Munthahia Bit Tamleek (IMBT):
A form of lease contract that offers the lessee
an option to own the asset at the end of the
lease period.
Transfer of ownership can be in forms:
1.Transfer of ownership through gift (the transfer
of legal title for no consideration)
2.Transfer of ownership through gradual transfer
of legal title of the leased asset.
B. IJARAH THUMMA AL- BAY'
(AITAB)
A lease contract with the transfer of the
legal title of the leased asset to the lessee at
the conclusion of the lease arrangement.
The transfer can be in the form of a sale
(bay') or a gift (hibah) of the asset to the
lessee.
Consists of two different contracts:
1. Contract Of Leasing Or Ijarah
2. Contract Of Sale Or Bay'
MODUS OPERANDI
A. IJARAH MUNTHAHIA BIT TAMLEEK
(IMBT)
B. IJARAH THUMMA BAY' (AITAB)
) ) ) ) ) ) ) ) )
) ) ) ) ) ) ) ) )
UJRAH
Rental or fees for usage of labour and
benefits ( salaries, wages, commision).
In Islamic Finance, Ujrah has been applied for
Islamic credit card.
Service provider in Islamic credit card is the
card issuer who provides card facilities to the
cardholder.
Cardholder will pay service fee (Ujrah) to the
card issue
ISSUES
1. Financing sources:
Today’s lease structures are leverage-driven. accordingly, leasing
companies must secure steady sources of funds to maintain growth.
Such challenge is usually magnified in the first years of operation,
given the lessor’s limited track record.
The situation becomes trickier for Ijarah companies operating within
a conventional banking setting; as the only allowed funds must
come from Shariah compliant channels.
2. Defining the competition:
In today’s leasing practices, more
often than not, leasing is a
complementary channel to banks.
As
such,
management
must
understand how leasing fits within
its financial markets, and drive the
company’s strategy appropriately.
Being a Muslim is our duty to avoid all those activities that are
prohibited in Islam interest is one of them in our society people don’t
know what actually Islam says about transactions.
Shariah give us a facility of Islamic mode of finances our objective is
to define how financial organization like Islamic Banks implements
on it and facilitate their customers.
Reference
1.
3.
Mohd Herwan Sukri, IBFIM (2011).
Understanding
Shari'ah
And
Its
Application In Islamic Finance
Mahsuri Mustaffa, IBFIM (2014).
Structuring Islamic Financing
Facilities:
A
Guide
For
The
Practitioner
2.
Mohd. Nasir Mohd. Yatim, Pearson
Fourth Edition (2008). The Principles
And Practice Of Islamic Banking &
Finance
4.
Muhammad
Ibrahim
Khan,
International Review of Management
and Business Research Vol. 6 Issue.4
(2017). Issues in The Use of Ijara as
Islamic Mode of Financing