Развитие сотрудничества в области туризма между странами

© Kimyo International University in Tashkent. By Javohir Gofurov
KIMYO INTERNATIONAL UNIVERSITY IN TASHKENT
DEPARTMENT OF BANKING AND ACCOUNTING
Subject “Islamic Finance”
TOPIC 7. Ijara Contract
Teacher: Gofurov Javohir

Plan:

1. Introduction to Ijara Contract.

2. Implementation procedure of the Ijara Contract.

3. The features of Ijara Contract.

The term Ijara is derived from the root word ‘ajr’, which means reward or wages for work done or services rendered. In the financial world, Ijara is a bilateral contract involving transfer of the use of an asset for an agreed period for a consideration. It involves two parties: the lessor or Muajir, who is the owner of the asset and the lessee or Mustajir, who uses the asset.

• The term Ijara is derived from the root word ‘ajr’, which means reward or wages for work done or services rendered. In the financial world, Ijara is a bilateral contract involving transfer of the use of an asset for an agreed period for a consideration. It involves two parties: the lessor or Muajir, who is the owner of the asset and the lessee or Mustajir, who uses the asset.

1. Introduction to Ijara Contract

Ijara is very similar to a conventional lease. The majority of Islamic scholars consider Ijara as a Shariah-compliant financial instrument if the object in consideration has beneficial use and is Halal. Not every object or asset is suitable for Ijara or leasing. It needs to be tangible, non-perishable, valuable, identifiable and quantifiable. For example, perishable items like food, fuel, etc. cannot be leased, neither can money be leased.

• Ijara is very similar to a conventional lease. The majority of Islamic scholars consider Ijara as a Shariah-compliant financial instrument if the object in consideration has beneficial use and is Halal. Not every object or asset is suitable for Ijara or leasing. It needs to be tangible, non-perishable, valuable, identifiable and quantifiable. For example, perishable items like food, fuel, etc. cannot be leased, neither can money be leased.