ijarah

What are the contracts involved in AITAB

• marriage contract

• sales contract

• lease and purchase contract

• rental contact

which of the following are the types of ijarah

• al-aql

• al-amal

• al-ayn

• al-mal

the following are the condition of ijarah except

• There must be a period of the Ijarah agreement agreed upon by both parties at the beginning of the contract.

• only one of the lessor or lessee is sufficient to agree and determine early rent contract.

• the lessor and the lessee must meet the conditions of the contracting parties

• Offer and acceptance of Ijarah arrangements between parties.

Reorder the following of operating of ijarah:

i)The bank buys the car from the dealer and gets full possession of it

ii)The client goes to the bank to finance an automobile

iii)The client selects a car from the dealership that he wants to lease

iv)the bank and the client sign an IJARAH contract

• ii,iii,i,iv

• iii,ii,i,iv

• ii,iii,iv,i

• i,ii,iii,iv

Hire purchase offered by conventional banking...

• Use one contract to lease and buy an asset

• Use different contracts to lease and buy assets

Technically, Ijarah is

• the lump-sum payment done to own an asset

• to lend an asset to someone

• to buy an asset through instalment basis

• the right to the benefit to use an asset for a consideration

The following are the elements of Ijarah thumma al bai' except

• Lessor & Lessee

• 2 witnesses

• Offer & Acceptance

• asset

For Al- Ijarah Thumma Al-Bai, the Sell/ Purchase agreement is executed

• upon settlement of the hire rentals

• after one year of the hire agreement done

• during the hire period

• before the hire agreement done

What additional agreement does the client make with the bank regarding ownership of the vehicle?

• Purchase agreement

• Partnership agreement

• Loan agreement

• Gift agreement

What distinguishes ijarah from conventional leasing?

• Interest-based payments

• Fixed duration

• Ownership transfer