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MODES
OF LEASING
Said
one of the (damsels)
"O
my (dear) father! Engage Him on wages: truly
the best of men for thee to employ is The
(man) who is strong and trusty
Al-Gasas
26
The Prophet (PBUH) said:
"Whoever
hires a worker must inform him of his wage".
Bayhaghi
Characteristic
Traits of Modes of Leasing
Lease is the employment of money in operations
other than sale
and purchase operations. That is the subject if
the operation
is the sale of the benefit of the asset not the
asset itself.
These operations aim at obtaining the rentals and
the proceeds
by receiving the benefits of the asset through
time.
The
most important traits of lease operations:
*
They basically enable the lessee to possess and
use the assets
it needs without pumping large amounts of money.
*
Lease operations do not transfer the ownership of
the assets,
they only transfer the ownership of the benefits.
*
Profit is independent from the corresponding value
of the asset
it is a rental that accrues from the renewal of
benefit.
*
Lease operations are usually not immediate but
medium term
operations.
Divisions of
Modes of Leasing
The
jurists divide Lease operations into two kinds:
Lease for the benefits:
It
is a contract on assets. That is to deliver an
asset under possession
to whoever can use it for a specific recompense.
This type of lease
contract can be drawn on two kinds of assets.
*
Lease of movable assets, such as clothes, jewelry
or appliances.
*
Lease of fixed assets such as houses, office
buildings, etc.
"Ijara"
for labour:
The subject of the contract is a specific
piece of work for a certain
wage. This kind of Ijara takes two forms:
*
Private worker: It is he who works with one person
for a specific
wage and he is not allowed to work for others.
*
Public worker: It is he who works for the public.
The
Islamic banks use the lease for the benefits as an
instrument of
financing. they purchase possessions and fixed
assets to let, where
the assets are pub at the disposal of the customer
to utilize in return of rental.
The banks use the
two modes of Ijara.
*
Operation Lease
*
Lease - Purchase
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