Ijara ( Arabic إجارة ) - in Muslim economic law , a lease and lease agreement under the terms of which, one party (the lessor) acquires and leases to the other party (the lessee) a certain property (both movable and immovable) for a certain period, for which he receives remuneration in the form of rental payments, the amount of which is agreed by the parties in advance. Ownership of the thing that is the subject of leasing remains with the lessor. If, after the expiration of the contract, the lessee does not want to roll over the contract, the bank may enter into a new contract with another client.
The ijara mechanism is spread in the operations of Islamic banks, including such an international organization as the Islamic Development Bank .
Content
Idzhar contract differs from traditional leasing contract
The difference between the Ijara contract and the traditional leasing contract is that the latter is a consensual contract and is considered to have entered into force from the moment it is signed. At the same time, the Ijara contract is one of the real contracts and is considered concluded at the time of the transfer of the property that is the subject of leasing. The lessee in the Ijara contract is not obliged to pay the full amount of the agreed lease payments if the leased asset becomes unusable. The Islamic bank, acting as the lessee, is obliged to insure the leased object and pay insurance premiums, while the value of the lease payments remains unchanged throughout the duration of the Ijara contract.
Ijara Va Iktin
Idjara wa iktin (leasing with subsequent redemption) is encountered as a type of ijara mechanism in the practice of Islamic banks. The main difference from simple leasing is that there is an obligation on the client’s side to buy equipment, a building, etc., by the end of the rental period (that is, when the amount paid by the client reaches the level corresponding to the agreed sale price).
Leasing with subsequent repurchase is often used to purchase expensive equipment (factories, machinery), as well as housing finance.
Legitima of ijara from the point of view of Shari'ah
The ijara transaction is legal in accordance with the Qur'an and Sunnah.
The Quran says: "One of them said:" My father, hire him (for a fee) " and " If you wanted, you would receive a reward for it . " In the Sunnah, the legitimacy of ijara is confirmed by the words of the Prophet Mohammed that whoever hired a worker must inform him about the salary and that it is necessary to pay the salary to the worker until the sweat dries .
Literature
- Islamic economic model and modernity / R. I. Bekkin; Establishment of the Russian Acad. Sciences In-t African Academy of Sciences. - 2nd ed., Corr. and add. - M .: Mardzhani Publishing House, 2010. - 352 p. - ISBN 978-5-903715-32-9
- Quran / trans. with an arab. and comments. B. Ya. Shidfar. - M .: Izd. Marjani House, 2012. - 608 p. - ISBN 978-5-903715-75-6