An ijarah
transaction is based upon the transfer of benefit, rather than ownership, of
good. The principles governing ijarah are, in essence, the same as those of
sale and purchase. The only difference lies in the object transaction. In a
sale and purchase transaction the object is a product item; in an ajarah
transaction, it can be a product or service.
Basically, ijarah
is defined as the right to utilize a
product or service by means of paying certain compensation. According to a
fatwa by the National Sharia Board, ijarah is a contract for transferring the benefitof a product or service for a
certain period of time by means of payment of a lease fee or wage, without a necessity to follow it
with a transfer of ownership of the object of lease. In this ligh, there is
no transfer of ownership under an ijarah contract, except a mere transfer of
benefit from the lessor to the lessee.
The Scheme and Types of Ijarah
Financing
1.
Scheme
of Ijarah Financing
Description :
a.
A
client proposes an ijarah financing to an Islamic bank
b. The
bank purchases/leases the item that the client wants (as the object of ijarah),
from a supplier/seller/owner
c. After
an agreement is entered into by client and the bank regarding the object,
tariff, and period of ijarah as well as the maintenance cost, the ijarah
financing contact is signed. The client is bound to submit collateral that he
or she owns.
d. The
bank delivers the ijarah object to the client as stipulated in the agreed-upon
contract. Once the ijarah period ends, the client returns the object of ijarah
to the bank.
e. In the
case that the bank procured the object of ijarah through a purchase (al-bai’
wal ijarah), after the ijarah period is over the object remains to be kept by
the bank as a re-leaseable
In
the case that bank procured the object of ijarah through leasing (parallel
al-ijarah wal ijarah), after the ijarah period is over the bank should return
the object to the supplier/seller/owner.
2.
Types
of Leaseable Goods or Service
a.
Capital
goods : fixed assets, such as buildings, constructions, offices, ruko (small
offices plus residence), et cetera;
b.
Production
goods: machinery, heavy duty equipment, et cetera;
c.
Transportations
goods: for land, marine and air transportations;
d.
Services
to pay for costs of:
- School/ campus tuition;
- Contruction workers;
- Hotel;
- Means of Transport, et cetera.
(Rif'atul Machmudah 11220027)
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